weather icon Partly Cloudy

Caesars Entertainment posts quarterly loss

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.

Don't miss the big stories. Like us on Facebook.
Wynn Resorts to do away with valet parking fees

Wynn Resorts Ltd. will soon offer free valet parking at Wynn Las Vegas and Encore — a move experts say could help the company attract visitors within driving distance of Las Vegas.

New Jersey casinos woo bettors with new sportsbooks

Now in its second year of allowing sports betting, the state has seen sports wagering surpass expectations, and Atlantic City casinos are upping their game with new sportsbooks.