Caesars Entertainment shaved 5 million from its third-quarter loss compared with a year ago while holding steady on total revenues.
A 10.4 percent improvement in gaming revenue at Caesars Palace helped shore up the top line, which came in at $986 million for the 12 weeks ended September 30, even with last year’s third quarter.
But earnings were battered by $472 million in costs associated with the corporate-wide restructuring tied to the recent emergence of Caesars’ largest resort subsidiary from Chapter 11 protection. The result was a loss of $468 million, or $3.14 a share. But that’s a sizable improvement over Q3 2016’s loss of $643 million. In addition, annual fixed charges have been reduced by $1.6 billion a year, annual interest obligations by about $290 million a year and the cost of debt to 4.5 percent.
The company also has $2 billion in cash to reinvest in its existing resort portfolio and pursue new developments.
“We’re actively working on deals that are core to our strategy and to look for opportunities domestically,” said President and CEO Mark Frissora.
