American casino operator, Caesars Entertainment Corporation, has released its unaudited financial results for 2018 showing that it had experienced a 2.7% increase year-on-year in enterprise-wide net revenues to around $8.39 billion.
Indiana sensation:
The casino giant used an official Thursday press release to reveal that it had collected some $224 million in improved annual enterprise-wide net revenues as a direct result of its purchase last summer of Indiana operator, Centaur Holdings. The firm explained that its operations in Las Vegas had recorded a 2.5% rise year-on-year in takings to slightly over $3.75 billion while its remaining businesses in the United States had chalked up a comparable 4.2% swell to about $4.04 billion.
Growing challenges:
However, the Nevada behemoth stated that its United States enterprise-wide net revenues for 2018 had actually dropped by 1.6% year-on-year when results from Centaur Holdings and Las Vegas were excluded. It declared that this had arisen primarily as a result of ‘increased competition in Atlantic City and other regions’ subsequent to detailing a 5% diminution year-on-year in twelve-month takings from its ‘all other’ category to $591 million.
Quadruple success:
Mark Frissora, the outgoing President and Chief Executive Officer for Caesars Entertainment, proclaimed that the results for 2018 represented a fourth straight year of higher net revenues, margins and adjusted earnings before interest, taxes, depreciation, amortization and restructuring or rent costs (EBITDAR).
Frissora’s statement read…
“Caesars Entertainment Corporation’s solid performance is due in part to further labor productivity improvements and, in 2018, over $140 million of marketing efficiencies. Our casino properties, including in Las Vegas and Indiana, performed well, partially offset by the impact of new competition in Atlantic City.”
Regarding income from operations, Las Vegas-headquartered Caesars Entertainment, proclaimed that its 2018 reckoning of $739 million had represented a year-on-year boost of 37.6% while the year’s adjusted EBITDAR of almost $2.31 billion had been an improvement of some 69.6%.
Back in black:
The firm stated that all of this had left it with a net income for the twelve-month period of $303 million, which had represented a considerable improvement on the $368 million deficit it had chalked up for 2017.
Frissora’s statement read…
“This year, Caesars Entertainment Corporation will implement more efficiency and growth initiatives including expanded sportsbetting. While we will be making additional value-added investments in the business this year including the Caesars Forum meeting center on the Las Vegas Strip, our financial priority over the next few years is to further de-lever the balance sheet.”