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Caesars Entertainment financial results for Q1 2019
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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.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Caesars Entertainment financial results for Q1 2019
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Revenant XSpark Beat S8UL To Become Champions Of The Pokémon UNITE Winter Tournament, Qualify For Finals In Japan
Hosted by Skyesports, Revenant XSpark cruised through the competition to join GodLike Esports as the Indian representatives in the finals in Japan.
The Pokémon UNITE Winter Tournament 2025 – India, an open-for-all esports competition for the mobile game by The Pokémon Company and executed by Skyesports, has concluded. After an intense round of qualifiers, group stage, and playoffs, Revenant XSpark edged out S8UL Esports in the grand final to emerge as champions.
Revenant XSpark will now join GodLike Esports as the two Indian teams set to represent the region at the Pokémon UNITE Asia Champions League Finals in Japan, scheduled for March 29 and 30.
Revenant XSpark were in red-hot form throughout the Pokémon UNITE Winter Tournament India 2025. They won all three of their group-stage matches before a dominant run through the upper bracket in the playoffs.
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For Revenant XSpark, this victory marks redemption after a hugely disappointing loss in the Pokémon UNITE ACL India League Finals. The India League, which concluded on Jan. 26, 2025, was the top level of competitive Pokémon UNITE esports in the region, while the Winter Tournament provided an open platform for all players to participate.
Revenant XSpark was among the eight invited teams to the Pokémon UNITE ACL India League 2025. After dominating the group stage and securing a direct spot in the Grand Finals, their championship dreams were shattered as GodLike Esports staged a spectacular run – winning 7 back-to-back series – to claim the title.
The two teams will now carry India’s hopes at the Pokémon UNITE Asia Champions League 2025 Finals in Japan, where they will be among 16 top squads from across the region competing for glory.
The post Revenant XSpark Beat S8UL To Become Champions Of The Pokémon UNITE Winter Tournament, Qualify For Finals In Japan appeared first on European Gaming Industry News.
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The 2025 edition of the ICE Landmark Awards, the initiative which celebrates milestone achievements and successes in international gaming, took place on the middle day of ICE Barcelona. Presented on the show floor during the world’s biggest ever gathering of gambling industry professionals, the Landmark Awards recognised watershed events, milestone achievements and contributions from a cross-section of progressive organisations and individuals.
Explaining the background to the Awards, Stuart Hunter, Managing Director of Clarion Gaming said: “We felt that there was a place for a totally original Awards program which was accessible, open to everyone in the industry and which recognised a very significant milestone or achievement.
“The first edition of the Landmarks to be held in Barcelona represents a stellar line-up of winners all of whom have made a major contribution to the industry. I am delighted to confirm that the 2025 Landmark Award winners are: EvenBet Gaming (20th Anniversary); Win Systems Group(30th Anniversary); International Betting Integrity Association (20th Anniversary); Novomatic Group (45th Anniversary); Aristidis Tsikouras, CEO of GeWeTe (25-years of service with the MERKUR Group); Pieter Remmers, founder-chairman of Assissa G4 (35-years dedicated to responsible gambling); Tracy Cohen, director of marketing at TCSJOHNHUXLEY (30-years’ service to the industry) and Jan Jones Blackhurst, board member at Caesars Entertainment and CEO-in-residence at the International Gaming Institute, University of Nevada Las Vegas (Pioneering leadership in gaming, politics and philanthropy).
Reflecting on his Landmark, Pieter Remmers confirmed: “I’m very happy to receive this award. I’ve been in this business a very long time. When you look at my resumé, it seems like my career has been dedicated to responsible gambling, so it’s very gratifying to have my work recognised in this way.”
Jason Foley-Train, head of International Development at the International Betting Integrity Association added: “We’re delighted to receive this prestigious Landmark Award from Clarion Gaming. ICE is a cornerstone of the gaming industry, and it’s an honour to be recognised by an event with such a rich history and enduring impact.”
Since their introduction in 2019 over 50 individuals and organisations have been recognised with an ICE Landmark Award. Recipients have included the innovators, developers, entrepreneurs, pioneers and personalities who make the international gambling industry truly unique.
The post Trailblazers recognised at ICE Barcelona as Landmark Award winners announced appeared first on European Gaming Industry News.
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The post Fall in Love with Nature’s Greatest Romantics This Valentine’s Day at Springbok Casino and Claim 25 Free Spins appeared first on European Gaming Industry News.
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