Caesars Loses $217 Million in the First Quarter

Caesars Loses $217 Million in the First Quarter

Caesars Entertainment Corp posted their financial figures for the first quarter of March on Thursday, and the statistics reveal that the company lost $217 million in the first three months this year.

Though the company managed to post a revenue increase to the tune of $143m, up 7.3 percent when compared to the same period last year – thanks to the $84 chipped in by the two recently opened casinos in Indiana – the company posted an overall loss.

In its statement releasing the financial figures for the first quarter, Caesars has said that they have incurred a loss of 32 cents per share.

Earlier, Wall Street analysts had predicted that Caesars shares might fall by 19 cents per share, but according to the company’s results of the first quarter, it is clear that the gambling giant has underperformed.

Caesars operations in Las Vegas grossed $955 million in revenues which was up 5.8 percent for the same period the previous year.

Caesars’ share prices have seen an uplift this year as it has increased by 34 percent this year, but it is still 22 percent less than what it used to be a year ago.

Earlier this year, activist investor Carl Icahn increased his stakes in the company and became the single largest investor. He has been vocal about Caesars’ merger as he thinks it is the only way forward for the company.

Also, this week operations began at Caesar’s new casino in Northern California.

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