Caesars Entertainment (CZR) Reports Q2 Loss of $14.25/Share, Revenues Rise 7.8%
Caesars Entertainment (NASDAQ: CZR) reported Q2 EPS of ($14.25), versus $0.10 reported last year. Revenue for the quarter came rose 7.8% to $1.23 billion versus the consensus estimate of $1.14 billion.
"We delivered solid operating performance in the second quarter, including an 8% increase in net revenue and strong income and margin results, excluding the impact of bankruptcy-related charges and CIE stock compensation expense," said Mark Frissora, President and Chief Executive Officer of Caesars Entertainment. "Our second-quarter performance was driven by strong results in Las Vegas lodging, exemplified by a 6.5% increase in RevPAR, as well as entertainment and continued strength in the social and mobile games business."
"Additionally, our productivity efforts have improved our revenue per employee and marketing efficiency, as we drive further margin improvement and cash flow while maintaining high levels of employee and customer satisfaction," concluded Frissora.
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