Online Gambling Operations A Bright Spot In Caesar's Third Quarter

ONLINE GAMBLING OPERATIONS A BRIGHT SPOT IN CAESAR'S THIRD QUARTER

30th October, 2013 at 04:08:41
Source: http://www.azonlinecasinos.com

But including corporate expenses in the category results in a significant operating loss.

The super-debt of US land gambling giant Caesars Entertainment, currently at around $23.8 billion, continued to weigh heavily on the group's third quarter results released this week.

The group posted a $761.4 million loss in the quarter, with debt servicing gobbling up $563 million from revenues that were just 0.7% up at $2.18 billion. Net [land] casino revenue sank 7.1% to $1.12 billion.

What could have been a bright spot was the interactive division of the company, but by dumping corporate expenses into that category the group turned this into an operating loss of $105 million.

The CIE category includes operations like the World Series of Poker and recent social gaming acquisitions like Buffalo Studios (see previous reports) which appeared to perform well, delivering revenues up 18.5% at $240.1 million.

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