Tags: Caesars | Entertainment | Loss | Gambler

Caesars Entertainment's Loss Widens as Bad Debts Rise

Monday, 10 Nov 2014 04:40 PM

Caesars Entertainment Corp., the U.S. casino owner trying to restructure billions of dollars in debt, said its third-quarter loss widened as players won more at the tables and bad debt rose.

The net loss for the quarter grew to $908.1 million, or $6.29 a share, the Las Vegas-based company said Monday in a statement. Revenue grew 6 percent to $2.21 billion.

Caesars has struggled since a 2008 leveraged buyout to cope with a slow recovery in gambling nationwide and borrowings that exceed $24 billion. The company is in talks with some of its creditors over how to restructure debt at its largest unit, Caesars Entertainment Operating Co.

In the past year, the company has closed casinos in Mississippi and New Jersey due to increased competition for players, while opening the Horseshoe Casino in Baltimore with partners. Caesars also introduced the High Roller, a Ferris wheel just off the Las Vegas Strip. The company is pursuing new casinos in New York as well as overseas.

Caesars shares sank after the news, which was reported after regular stock market trading ended Monday. Shortly before 5 p.m. in New York, the shares were down 7 percent at $10.73, after falling 4.6 percent to end the regular session at $11.54. Based on the closing price, Caesars shares are down 46 percent this year.

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Caesars Entertainment Corp., the U.S. casino owner trying to restructure billions of dollars in debt, said its third-quarter loss widened as players won more at the tables and bad debt rose.
Caesars, Entertainment, Loss, Gambler
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2014-40-10
Monday, 10 Nov 2014 04:40 PM
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