{"id":55950,"date":"2017-08-04T13:00:22","date_gmt":"2017-08-04T20:00:22","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=55950"},"modified":"2017-08-04T13:52:31","modified_gmt":"2017-08-04T20:52:31","slug":"debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/","title":{"rendered":"Debt-Riddled Caesars Reports $1.4 Billion Loss for Q2 as Sign of Bright Future"},"content":{"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.<\/p>\n

Revenue for the period ticked up by 1 percent, to just over $1 billion.<\/p>\n

\"Mark
Caesars CEO Mark Frissora\u2019s told investors that Q2 revenues were marginally up, while operating losses were significantly down. (Image: Alchetron)<\/figcaption><\/figure>\n

Caesars has struggled with industry-high debt since January 2008, when a group of venture capitalists bought the company in a highly leveraged takeover that saddled the company with $25.1 billion in liabilities just as the global recession kicked in.<\/p>\n

The casino giant declared bankruptcy in 2015.<\/p>\n

Emerging from Chapter 11<\/h2>\n

Caesars main operating unit, Caesars Entertainment Operating Co (CEOC), is due to emerge from bankruptcy<\/a> in early October, CEO Mark Frissora<\/a> said in an earnings call this week. The unit will be spun off into a real-estate investment trust, while parent company Caesars Entertainment (CEC) will merge with another subsidiary, Caesars Acquisition Co (CACQ.O<\/a>), with a view toward regrouping all its casinos and hotels together.<\/p>\n

\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>\n

Another 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":"\nDebt-Riddled Caesars Reports $1.4 Billion Loss for Q2 as Bright Sign<\/title>\n<meta name=\"description\" content=\"Caesars\u2019 Q2 revenues are up compared to last year, and losses are down, but the company\u2019s still struggling as it emerges from bankruptcy.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt-Riddled Caesars Reports $1.4 Billion Loss for Q2 as Bright Sign\" \/>\n<meta property=\"og:description\" content=\"Caesars\u2019 Q2 revenues are up compared to last year, and losses are down, but the company\u2019s still struggling as it emerges from bankruptcy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-04T20:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-08-04T20:52:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/frissora.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"628\" \/>\n\t<meta property=\"og:image:height\" content=\"419\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/\",\"url\":\"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/\",\"name\":\"Debt-Riddled Caesars Reports $1.4 Billion Loss for Q2 as Bright Sign\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/frissora.jpg\",\"datePublished\":\"2017-08-04T20:00:22+00:00\",\"dateModified\":\"2017-08-04T20:52:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Caesars\u2019 Q2 revenues are up compared to last year, and losses are down, but the company\u2019s still struggling as it emerges from bankruptcy.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/debt-riddled-caesars-reports-1-4-billion-loss-for-q2-as-bright-sign\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/frissora.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/08\/frissora.jpg\",\"width\":628,\"height\":419,\"caption\":\"Caesars CEO Mark Frissora\u2019s told investors that Q2 revenues are marginally up, while operating losses are down. 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