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No Turnover by Caesars’ Company from H1 Revenue Growth in 2019

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Caesars Entertainment Corporation (formerly The Promus Companies and Harrah’s Entertainment), is an American gaming hotel and casino corporation founded in Reno, Nevada and based in Paradise, Nevada that operates and owns seven golf courses under several brands. In 2013, it was the fourth largest gaming company in the world. Nevada, has stated a net loss of $532m (£437.0m/€474.9m) for the first six months of 2019, despite also experiencing a year-on-year rise in net profits.

The US gaming club giant made returns of $4.34bn from January to June 30, up from $4.09bn in the equivalent period in 2018.
Caesars’ casino actions in the Las Vegas market persisted by far the major source of profits in the first six months of 2019, with profits rising from $2.04bn 2018 to $2.21bn.

There was also increase in profits across all areas of Caesars’ business, with food and drinks revenue raising from $774m to $805m and rooms profit from $755m to $793m.

Still, Caesars informed an upsurge in operating expenditures in the first six months of 2019, as it used up a total of $3.83bn during the first of 2019. Direct casino costs were up from $1.13bn to $1.25bn, whereas property, administrative, general and other costs shot from $883m to $927m.

Caesars also stated an added charge of $50m in relation to the loss of incorporeal assets, although it did see devaluation and payback costs drop from $548m to $488m.

Revenue from operations raised from $407m to $509m, but higher losses in certain areas of the Caesars market meant net loss jumped from just $5m from January 2018-June 2018 to $532m.

Source: https://europeangaming.eu/portal/latest-news/2019/08/07/52164/caesars-does-not-gain-profit-from-h1-revenue-growth-in-2019/

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Seema Waqar

Seema Waqar

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