May 5, 2016 - 5:21 pm
Caesars Entertainment Corp. on Thursday posted a first-quarter loss, reversing year-earlier income.
In a statement, the casino operator, which operates casinos under the Caesars, Harrah’s and Horseshoe brands, said it had a net loss of $308 million, or $2.12 per share, for the three months ended March 31, compared with earnings of $6.77 billion, or $46.81 a share, a year earlier.
Revenue rose 6 percent to $1.17 billion from $1.1 billion.
Caesars Entertainment Corp. shares have fallen 13 percent so far in 2016. The shares fell 1 cent, or 0.15 percent, Thursday to close at $6.74.
Meanwhile, Caesars Acquisition Co. posted first-quarter earnings of $9.2 million, or 7 cents per share.
The business, 58 percent owned by Caesars Entertainment, includes The Cromwell, The Linq, Bally’s Las Vegas, Planet Hollywood Resort, Harrah’s New Orleans, a 41 percent interest in Horseshoe Baltimore and Caesars Interactive Entertainment.
Mark Frissora took over as CEO of the casino giant in 2015. Frissora is a former top executive with automobile and equipment rental car company Hertz Global Holdings.