Caesars Entertainment Loss Widens on Atlantic City Writedown

Tuesday, 29 Oct 2013 07:48 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Caesars Entertainment Corp., the largest owner of casinos in the U.S., said its net loss widened to $761.4 million as the company wrote down properties in Atlantic City and gambling revenue fell.

The loss totaled $6.03 a share, including $930.9 million in impairment charges, the Las Vegas-based company said Tuesday in a statement.

Competition in Atlantic City hurt casino revenue, the company said. A weak regional market in the U.S. and the loss of sales after Caesars sold part of its holding in a Uruguay casino also contributed to a 7.1 percent drop in casino revenue.

Caesars was expected to lose $1.28 per share, the average of seven analysts’ estimates. Third-quarter revenue fell 0.7 percent to $2.18, missing the $2.24 billion average estimate.

Caesars shares fell 0.9 percent to $18.40 at the close in New York. The shares have advanced 166 percent this year.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved