Caesars unit records $24.9 million in net income in May
Caesars Entertainment Corp.’s bankrupt operating division recorded a net income of $24.9 million during May, according to a securities filing.
Caesars Entertainment Operating Co., which filed Chapter 11 bankruptcy in January in Chicago, said in the division had $339.6 million in total revenue during the month, which included $246 million in casino revenue, according to the filing with the Securities and Exchange Commission.
CEOC controls Caesars Palace, Caesars Atlantic City, Harrah’s Reno and more than a dozen regional properties.
Because of CEOC’s bankruptcy reorganization, the division has to file monthly operating results.
“The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment, which may be material, and reconciliation,” the company said in the SEC filing.
In April, CEOC reported a net income of $53 million.
Caesars Entertainment has a gaming industry high $22.8 billion in long-term debt, of which $18.4 billion is attached to CEOC. Through bankruptcy, the company hopes to eliminate almost $10 billion of the division’s debt and convert CEOC into a real state investment trust.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find @howardstutz on Twitter.