Caesars posts larger loss but Vegas a bright spot

Published on NewsOK Modified: May 7, 2014 at 6:25 pm •  Published: May 7, 2014
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LAS VEGAS (AP) — Caesars Entertainment on Wednesday reported a wider first-quarter loss as gambling revenue fell and the company's casinos outside of Las Vegas faced stiffer competition and bad weather.

The Las Vegas-based company, which runs the Caesars, Harrah's, and Horseshoe brands, has struggled since the recession, and has not posted a profit since 2009. It's hobbled by its lack of a presence in the Chinese gambling enclave of Macau, which has been the center of the gambling world for years.

The Las Vegas-based company lost $386.4 million, or $2.82 cents per share in the period ending March 31. A year earlier it lost $217.6 million, or $1.74 cent per share.

Revenue fell 2 percent to $2.1 billion.

Rivals Wynn Resorts Ltd., MGM Resorts and Las Vegas Sands all posted big quarterly gains, helped by their lucrative Macau resorts.

Caesars announced late Tuesday that it was restructuring its $23 billion in long-term debt to eliminate more than $1 billion in obligations that were coming due in 2015. Its shares jumped more than 14 percent Wednesday.

In Las Vegas, Caesars is in the final stages of transforming Bill's Gamblin' Hall & Saloon into a boutique hotel dubbed The Cromwell. It saw visitor numbers grow this spring after opening its $550 million LINQ development, an entertainment district featuring the world's tallest Ferris wheel.

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