Caesars reports quarterly loss due to support of bankrupt unit
The exterior of Caesars Palace hotel-casino is shown in Las Vegas on Wednesday, May 18, 2016. (Chase Stevens/Las Vegas Review-Journal) Follow @csstevensphoto
Caesars Entertainment Corp. on Tuesday reported a second-quarter loss of $2.08 billion, after reporting a profit in the same period a year earlier.
The Las Vegas-based company said it had a loss of $14.25 per share. However, the loss is due to accrual of $2 billion related to Caesars Entertainment’s estimate to support restructuring of its bankrupt Caesars Entertainment Operating Co. That unit declared bankruptcy in January 2015 with the goal of restructuring $18 billion in debt.
The casino operator posted revenue of $1.23 billion in the period.
Caesars shares have risen slightly since the beginning of the year. On Tuesday, shares closed at $7.94, a rise of about 46 percent in the last 12 months.
