The press release:
finance.yahoo.com
Caesars Entertainment 4Q loss widens, revenue up Caesars Entertainment 4th-quarter loss widens on interest expense; revenue higher
By The Associated Press
Associated Press
February 29, 2012
Caesars Entertainment Corp.'s fourth-quarter loss widened on increased interest expense, while the prior-year period benefited from a one-time gain related to repurchasing some loans.
The casino operator lost $220.6 million, or $1.76 per share, for the period ended Dec. 31. A year earlier it lost $196.7 million, or $1.71 per share.
Caesars went public earlier in February with an initial public offering of 1.8 million shares, just 1.4 percent of the Las Vegas company. Apollo Management Group and Texas Pacific Group took the company private in 2007 for $17.1 billion, with $12.4 billion in debt. It was known as Harrah's Entertainment at the time.
Interest expense climbed 32 percent to $164.2 million in the quarter. The year-ago period included a $66.9 million gain related to repurchasing some loans.
Revenue rose 2 percent to $2.17 billion from $2.12 billion, benefiting from strength in overseas resorts and in Las Vegas.
Caesars said gambling by international visitors in Las Vegas propelled results there. Room and occupancy rates rose.
The company said some of its other U.S. properties didn't fare as well, however, because of fewer visitors and increased competition.
Caesars owns or manages more than 50 casinos, most of them in the U.S. and the U.K. It has properties in Las Vegas and Atlantic City, as well as Indiana, Louisiana and several other states.
Caesars said it made cost cuts that saved it $63.3 million during the quarter. The company said that it believes it can save an additional $198.3 million every year once all of its cost-cutting efforts are in place.
For the year, Caesars lost $687.6 million, or $5.50 per share. It lost $831.1 million, or $8.37 per share, in 2010. Annual revenue was almost unchanged at $8.83 billion from $8.82 billion.
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