Caesars Entertainment Operating Co. reported a .4 million net loss in the second quarter, a 0,000 improvement over the same period last year when the company was in the thick of negotiations with creditors to reorganize its finances under the protection of U.S. Bankruptcy Court.
The loss was recorded on $1 billion in revenue, which was down slightly from last year due primarily to lower-than-expected baccarat hold in Las Vegas and a company-wide hotel refurbishment, Caesars said.
Cash flow was $289 million, unchanged from Q2 2016.
CEOC, the largest of Caesars Entertainment’s gaming subsidiaries, is set to emerge from bankruptcy protection in the next several weeks under the terms of a reorganization plan approved by a federal judge in January.
The settlement provides for the elimination of some $10 billion in long-term debt and places lenders in majority control of a real estate investment trust that will own CEOC’s 18 resorts and an operating company that will run them.
