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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.

Gambling in the USA

Global Gaming Expo Announces Las Vegas Event Cancellation

George Miller

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Global Gaming Expo Announces Las Vegas Event Cancellation
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Global Travel Restrictions, Uncertain Guidance Prompt Show Organizers to Eliminate All In-Person Elements

The American Gaming Association (AGA), with partner Reed Exhibitions, formally announced the cancellation of the Global Gaming Expo (G2E), the gaming industry’s top global event. The show’s organizers are committed to facilitating economic, education, and networking opportunities for the global gaming industry through a series of virtual G2E events throughout the rest of the year to better reflect the current environment. G2E was scheduled to take place October 5-8, 2020; the next in-person edition of the Global Gaming Expo (G2E) will take place October 4-7, 2021 at the Sands Expo and Convention Center.

“In light of continued uncertainty around a viable marketplace at a physical G2E show, global travel restrictions, and currently unknown guidance on large public gatherings this fall, we have come to the unfortunate conclusion that we simply cannot hold an in-person G2E this year,” said AGA President and CEO Bill Miller. “Health and safety have always been our top priority and the uncertainty created by the ongoing pandemic makes this the prudent decision ahead of critical deadlines for exhibitors planning to participate.”

For 20 years, G2E has welcomed nearly 30,000 attendees annually from across the globe, including executives representing key industry partners such as the Association of Gaming Equipment Manufacturers, as well as the world’s top casino operators, sports betting companies, and FinTech and digital payments facilitators, among others.

“We arrived at this decision after thoughtfully engaging with national, state, and local public health authorities, as well as exhibitors and buyers who have shared industry observations and priorities. Ultimately, it became clear that proceeding with an in-person gathering simply was not feasible,” said Hervé Sedky, Reed Exhibitions Americas President.

“It is our commitment to use G2E’s platform, as the leading convener of the global gaming community, to continue to deliver unparalleled education content, inspiring collaboration, and innovative ideas as the industry readies for continued growth,” added Sedky.

“As the country works to reopen, the American gaming industry continues to adapt and provide the safest possible experience for our employees and customers while continuing to support the communities in which we operate. We look forward to the moment when we can convene together again with our colleagues from across the world and celebrate the resilience that our industry is known for,” concluded Miller.

The event organizers will announce plans for virtual events and education in the near future.

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Gambling in the USA

FlowPlay Crosses $250,000 Milestone in Funds Raised for American Cancer Society

George Miller

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FlowPlay Crosses $250,000 Milestone in Funds Raised for American Cancer Society
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FlowPlay, creator of one of the most powerful immersive gaming platforms, announced that its Vegas World in-game fundraisers have surpassed $250,000 raised for the American Cancer Society (ACS). This news comes on the heels of FlowPlay’s most recent campaign, which generated $55,000 for ACS Hope Lodge facilities. This year’s momentum has built upon FlowPlay’s record fundraising year in 2019, when its players helped raise upwards of $100,000 for ACS’s Road To Recovery and Reach To Recovery programs and also extended support to local organizations Crooked Trails and the Seattle Theatre Group.

During the month of May, 2020, FlowPlay offered a virtual ACS Hope Lodge-branded charm in the company’s flagship connected game, Vegas World, which was available for players to purchase. The funds raised helped ACS open the doors of Hope Lodge facilities which had been temporarily closed due to COVID-19 to frontline health care workers. As Hope Lodge communities prepare for reopening to cancer patients and caregivers, additional safety precautions must be instituted. Building modifications, increased cleaning processes, and new necessary supplies such as PPE are adding one-time costs of approximately $350,000 making funding for these facilities especially critical during this unprecedented time.

“I’m always blown away by the ongoing generosity and support our Vegas World community has for the American Cancer Society,” said Derrick Morton, CEO, FlowPlay. “Today marks a major milestone for FlowPlay and ACS, but the needs continue to grow. As our players keep showing up to help those who need it most, I’m hopeful we can continue to make a major impact both in our own backyard and beyond.”

“We are extremely grateful to Vegas World players and FlowPlay for their generosity helping the American Cancer Society to continue to save lives,” said Howard Heino, American Cancer Society Vice President, Hope Lodge Operations & Facilities Management. “Like many organizations, the Society is facing unimaginable challenges to its fundraising. Without companies and individuals stepping forward to help, more lives will be lost to this disease that one in three people will face throughout their lives. Thank you for your critical support.”

To donate to the American Cancer Society, please visit: http://cancer.org/donatelocal.

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Gambling in the USA

Royal River Casino selects Table Trac’s Table Games Management System

George Miller

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Royal River Casino selects Table Trac's Table Games Management System
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Table Trac, Inc., a developer and provider of casino information and management systems that automate and monitor the operations of casinos, announced it will provide its Table Games Management System for the Royal River Casino located in Flandreau South Dakota.

“Our property is excited to partner with Table Trac to continue to improve our operations. We identified a clear need to upgrade our player tracking and accounting capabilities in our table games department.  Accordingly, after reviewing the majority of the systems available, CasinoTrac was a clear winner for our property,” said Tim Morrissey, Senior Director or Operations at Royal River Casino & Hotel. “Our Executive Team was extremely impressed with the ease of operation for the front-end user of the system. We also see future value in the dynamic nature of the CasinoTrac System to integrate with our current systems while leaving the door open to add additional module in the future.” Morrissey added that “In addition to the CasinoTrac system providing the functionality the property was looking for, the CasinoTrac Team approached the property as a partner, looking to solve our problem and be part of the long-term success of the property, something we are always looking for in our vendors.”

“Royal River Casino had a unique set of requirements.  They communicated exactly how they wanted to approach the solution, we listened and were able to demonstrate how they could utilize features in the CasinoTrac system to accomplish those objectives,” said Table Trac’s Chief Executive Officer, Chad Hoehne who added, “Table Trac, Inc. is happy to be partnering with Royal River for these system solutions.”

Table Trac will provide the Royal River Casino with a complete suite of table games management products that assists casinos in driving player revenues and creating player loyalty, which are included standard with every Table Trac Table Games Management System.

 

SOURCE Table Trac, Inc.

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