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Caesars Entertainment financial results for Q1 2019

George Miller

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Caesars Entertainment financial results for Q1 2019
Photo Source: lasvegas.se
Reading Time: 2 minutes

 

Caesars Entertainment Corporation reported first quarter of 2019 results, highlights certain GAAP and non-GAAP financial measures on a consolidated basis.

 

First quarter highlights included:

Net revenues increased 7.3% to $2.12 billion.
Income from operations increased 92% to $240 million.
Net loss attributable to Caesars was $217 million. Basic loss per share totaled $0.32.
Non-GAAP hold adjusted net revenues increased 5.6% to $2.11 billion.
Non-GAAP adjusted EBITDAR increased 8.5% to $562 million.
Non-GAAP hold adjusted EBITDAR increased 2.8% to $558 million.

“Caesars delivered another solid quarter of revenue and EBITDAR growth, as well as margin improvement,” said Eric Hession, Executive Vice President and Chief Financial Officer. “We realized strong contributions from the Las Vegas gaming and hotel businesses, and Centaur, in addition to further operating and corporate efficiencies. These results were partially offset by the impact of competition in Atlantic City, and weather-related property closures. In addition, we generated strong cash flow from operations, which allowed us to pay off our $100 million revolver balance.”

Additional Developments

On 16 April 2019, Caesars announced that its Board of Directors had named Anthony (Tony) Rodio as Chief Executive Officer. Mr. Rodio, who is currently CEO of Affinity Gaming, will transition to his new role at Caesars within the next thirty days. He will join the Company’s Board of Directors and be based in Las Vegas. The Board of Directors also announced the creation of a Transaction Committee to oversee the Company’s evaluation of ongoing efforts to create additional shareholder value.

On 29 April 2019, Harrah’s Northern California opened for business, which represents the fourth active tribal management agreement in the Company’s portfolio. Harrah’s Northern California is a state-of-the art, 71,000 square-foot entertainment destination nestled in the scenic foothills of Amador County, California.

On 25 February 2019, Caesars announced that it had entered into a multi-state agreement with DraftKings, the leading sports-tech entertainment brand in the U.S., under which Caesars offers DraftKings market access for its online gaming products, subject to passage of applicable laws and the parties securing applicable gaming licenses. DraftKings’ market access is exclusive to Caesars across certain states in which Caesars operates casino properties.

Basis of Presentation

Certain additional non-GAAP financial measures have been added to highlight the results of the Company. On 16 July 2018, Caesars completed the acquisition of Centaur Holdings, LLC (“Centaur”). “2018 Data Excluding Centaur” removes the post-acquisition results of Centaur from Caesars’ consolidated results. “Hold adjusted” results are adjusted to reflect the hold we achieved compared to the hold we expected. See the tables at the end of this press release for the reconciliation of non-GAAP to GAAP presentations.

Financial Results

Caesars views each property as an operating segment and aggregate such properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S. and (iii) All Other, which is consistent with how Caesars manages the business. The results of each reportable segment presented below are consistent with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between reportable segments within Caesars. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. “All Other” includes managed, international and other properties as well as parent and other adjustments to reconcile to consolidated Caesars results.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

GLI University’s Mid-Year Regional Gaming Regulators’ Seminar to Co-Locate with NCLGS Summer Meeting, in Minneapolis

Niji Narayan

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GLI University's Mid-Year Regional Gaming Regulators' Seminar to Co-Locate with NCLGS Summer Meeting, in Minneapolis
Reading Time: 1 minute

 

The Mid-Year Regional Gaming Regulators’ Seminar of GLI University will be held in conjunction with the Summer Meeting of the National Council of Legislators from Gaming States. The venue will be the Radisson Blu Downtown in Minneapolis. Regulators participating GLI Mid-Year Seminar are invited to join dozens of state legislators and hundreds of industry professionals at the NCLGS Summer Meeting.

“As the number of states considering and adopting sports betting laws continue to increase at a pace much faster than anticipated, the GLI Regulators Seminar and NCLGS offer the ideal forum for the discussion of policy choices facing legislators and regulators. GLI’s partnership with NCLGS has resulted in record attendance at both gatherings by attracting the leading policy makers and regulators in the country. It is truly a unique opportunity to meet with those shaping gaming policy and the regulatory environment in the U.S,” Kevin Mullally, GLI Vice President of Government Relations and General Counsel said.

NCLGS is the only organization of state lawmakers that meets on a regular basis to discuss issues relating to gaming. Members of NCLGS serve as chairpersons or members of state legislative committees responsible for the regulation of gaming in their state legislative houses.

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Gambling in the USA

Guest from Missouri Wins Grand Prize of $1 Million in Slot Tournament at M Resort

Niji Narayan

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Guest from Missouri Wins Grand Prize of $1 Million in Slot Tournament at M Resort
Photo Source: booking.com
Reading Time: 1 minute

 

John E, a lucky guest from Hollywood Casino – St. Louis in Missouri, has won the grand prize of $1 million during the 2019 mychoice Millionaire Slot Tournament at M Resort. After three rounds of the tournament play, John E ended up with the highest cumulative score to become the winner of $1 million.

“Out of over 300 players that participated in the 2019 mychoice Millionaire Slot Tournament, we are beyond thrilled that John E. won the grand prize of $1 million. M Resort is a fantastic place to stay and play, especially as our all-new mychoice program ramps up this summer with some really great promotions,” Patrick Durkin, VP of Marketing at M Resort Spa Casino.

During the tournament weekend, guests enjoyed not only exciting gaming action, but also took advantage of M Resort’s unparalleled selection of food and beverage offerings and entertainment. $10,000 in Free SlotPlay and comps were also awarded to lucky mychoice Millionaire attendees throughout the tournament.

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Gambling in the USA

Republican Senator Says Anti-Loot Box Bill Mainly Focus on Children

Niji Narayan

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Republican Senator Says Anti-Loot Box Bill Mainly Focus on Children
Photo Source: politico.com
Reading Time: 1 minute

 

Josh Hawley, the Republican senator, has made waves with his proposal “Protecting Children from Abusive Games Act.” The bill would ban loot boxes and microtransactions in games “designed for children.” According to Hawley, children are the main focus of the bill.

Hawley revealed that the idea for the bill came from “being a parent of two little boys,” as well as “talking to a lot of parents.” He also mentioned that he has heard from “lots of gamers” about their worries about the increasing volume of microtransactions in all kinds of games. Hawley also said that his children do not currently play games at all.

According to Hawley, children may not “know the nature of these microtransactions.” Comparing them to casinos, which of course minors aren’t legally able to enter, he noted that this bill falls in line with other efforts to “regulate what our children are exposed to.”

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