\u201cWe currently expect to complete the restructuring of CEOC and the merger of Caesars Entertainment and Caesars Acquisition in the first week of October, which will allow us increased flexibility to prudently invest in growth,” said Frissora, during Thursday\u2019s earnings call.<\/p><\/blockquote>\n
The entire process will reorganize about $10 billion of the group\u2019s debt and help alleviate some of its staggering interest payments.<\/p>\n
The bankruptcy plan has been approved by the group\u2019s shareholders and creditors but must still withstand the scrutiny of gaming regulators in Nevada, Louisiana, and Missouri.<\/p>\n
Lucky Baccarat Players<\/h2>\n
Frissora told analysts and investors that despite \u201cstronger gaming fundamentals across most of our properties,\u201d Q2 revenues had been dented year-over-year by lucky gamblers, particularly in baccarat.<\/p>\n
\n
Above-average baccarat play resulted in a downturn of $41 million compared with the previous year, Caesars\u2019 Chief Financial Officer Eric Heisson said.\u00a0\u00a0<\/strong><\/p>\n<\/div>\nAnother factor hurting revenues has been widespread renovations across multiple Caesars properties. The company has about 6,000 room renovations that will be completed by the end of the year, Frissora said, but that work has taken those rooms off the market.<\/p>\n
“Despite these second-quarter headwinds, we have seen improved performance in the third quarter and believe we are on track to surpass our\u00a0initially disclosed 2017 full-year EBITDA projections by at least $40 million,\u201d Frissora added.<\/p>\n
Frissora said that as the company emerges from bankruptcy, it will launch a strategy to strengthen its loyalty program, and plans to make further investments in infrastructure with an eye toward long-term growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
Caesars Entertainment lost \u201conly\u201d $1.4 billion in the second quarter of 2017. That figure represents a $617 million improvement compared to last year\u2019s Q2 losses of $2.1 billion. Revenue for the period ticked up by 1 percent, to just over $1 billion. Caesars has struggled with industry-high debt since January 2008, when a group of […]<\/p>\n","protected":false},"author":42,"featured_media":55952,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\n
Debt-Riddled Caesars Reports $1.4 Billion Loss for Q2 as Bright Sign<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n