From the Las Vegas Sun: Entertainment Corp. today reported its fourth-quarter earnings, announcing a stunning loss of $1.756 billion.
Revenue: $2.078 billion (up 3.2 percent from the fourth quarter of 2012). Casino revenues declined $75.3 million, or 5.1%, compared to the previous year.
Earnings: The company lost $1.75 billion, a major hit compared to the $435 million loss Caesars suffered in the same quarter a year earlier.
What it means: The company attributed the bulk of its losses to deteriorating Atlantic City market, where Caesars had to deal with impairments of about $2 billion.
Casinos revenues also declined due to continued weakness in Atlantic City, which has suffered from increased regional competition. Softness of consumer spending in the domestic gaming markets outside Nevada also negatively impacted casino revenues. http://vegasinc.com/business/gaming/2014/mar/11/caesars-reports-4th-quarter-losses-top-17-billion/?_ga=1.5890675.1365956267.1384496354
To lost $1,750,000,000 in 1 quarter is not good news. Even if the money was lost in Atlantic City, it will trickle down to Las Vegas, where Caesar's headquarters are located.
Look for job losses and a cut back in spending.
The Las Vegas Badger is about politics, humor, sports, reality shows in Las Vegas, especially Pawn Stars and anything else interesting. While I live in Las Vegas, my heart is still in Wisconsin. Thanks for visiting the blog and feel free to browse the web site.
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