Caesars Entertainment sees 7.5pc casino revenue fall

Caesars Entertainment sees 7.5pc casino revenue fall

Tuesday, July 30, 2013

Caesars Entertainment saw overall casino revenue decline by $116.8m, or 7.5pc, in the second quarter. Gaming revenue in its Las Vegas properties fell 15.5pc, although food and beverage revenue rose 8.9pc causing CEO Gary Loveman to comment that food and beverage sales may ultimately replace the falling dollars.

“Food and beverage revenues were up very meaningfully in a year when gaming revenues were weak, and we do think that trend is with us for a long time to come,” he said during a conference call with analysts and investors. “We have visitors that are coming to Las Vegas principally for nongaming activities, though they may gamble a little while they’re here.”

Loveman attributed the drop in gambling income to fewer patrons, and also pointed to increased competition in regional markets, as states open the door to commercial gambling, and the elimination of some less profitable marketing strategies.

Caesars said that its net loss for the three months ended June shrank 12pc, to $212.2m from $241.7m, last year. It added that it is in the process of setting up an online gambling site for players in Nevada, and is taking steps to spin off its online gambling venture into a separate company.

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