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Caesars takes 4Q loss following impairment charge

Published on NewsOK Modified: February 25, 2013 at 6:27 pm •  Published: February 25, 2013

Revenue from the Las Vegas region, where the company runs nine casinos including Caesars Palace, fell 3 percent to $742.6 million. The company also reported less revenue from Iowa and Missouri, and Illinois and Indiana, and virtually flat revenue in Louisiana and Mississippi.

For the full year, Caesars took a loss of $1.5 billion, or $11.95 per share, after losing $687.6 million, or $5.50 per share, in 2011. Revenue edged up less than 1 percent to $8.59 billion from $8.57 billion.

Caesars added that trips to its Atlantic City properties fell 10 percent compared to 2011.

Loveman was optimistic about the company's ability to take advantage of new markets as states legalize online wagering.

"With the World Series of Poker, the Caesars brand and the quality of the offerings we already have online around the world, I like our chances for market share," he said.

Nevada Gov. Brian Sandoval signed a bill last week paving the way for interstate Internet gambling based in the Silver State. New Jersey's Gov. Chris Christie is expected to sign similar legislation in the coming weeks.

Loveman said it "wouldn't be a bad thing" if the two states could team up with Delaware, which has also legalized online gambling, to form the core of a national market.

While major casino companies like Las Vegas Sands Corp. and MGM Resorts International carve up the lucrative market in Macau, Caesars, frozen out of the Chinese gambling enclave, has touted a possible expansion into South Korea.

Loveman said the company submitted its proposal to the Korean government last month.