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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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MOVEMBER X BLAST PREMIER OFFICIAL MENTAL HEALTH PARTNER PRESS RELEASE
Movember and BLAST Premier partner to improve mental health in esports
Movember will become the official mental health partner of BLAST Premier, a global Counter-Strike tournament series, in an exciting initiative to support the mental health of esports players and communities. Global men’s health charity Movember will work with the global esports entertainment company to develop awareness and support for mental health challenges, create psychologically safe spaces, deliver evidence-informed mental health workshops and undertake research to develop Mental Health Guidelines for the wider industry.
The partnership will see Movember and BLAST Premier commit to working together to promote good mental health and prevent ill-health amongst esports players and viewers/spectators alike, encouraging the community to take action and better support themselves and each other, officially launching at the BLAST Premier World Final in Singapore from 30 October – 2 November.
The World Final 2024 will see the biggest and best esports and Counter-Strike teams compete in Singapore across five days of competition for a sizable total prize pool of $1,000,000.
Ahead of the World Final, Movember joined BLAST Premier at September’s Fall Final to spend time talking to fans, players and teams. Movember hosted special mental health workshops in the lead up to the tournament with players and talent to better understand the challenges the wider industry faces with mental health. The iconic Movember barber shop was also made available for fans in the arena to get haircuts, while having an open and honest chat.
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Director, Global Innovations at Movember, Dan Cooper said: “This partnership between Movember and BLAST Premier is a significant step in highlighting the health challenges facing those in the esports community. We plan to do that in part by collaboratively building guidelines that will act as a set of foundational principles to protect esports players and support the creation of psychologically safe spaces.”
“The influence of esports is growing, our aim is to help transform how the community engages and prioritises mental health and in doing so takes proactive steps in Levelling Up, not only in performance but also positive health outcomes”
Faye Marlborough, Director of Growth at BLAST, said: “Esports has a huge influence on people all over the world, and through this new partnership we have already started to have industry-led discussions about mental health and deliver interventions in settings where esports players and the community spend their time.”
“We hope this partnership will help leverage Movember’s experience to equip our fans and community with best practices and approaches to dealing with mental health.”
The post MOVEMBER X BLAST PREMIER OFFICIAL MENTAL HEALTH PARTNER PRESS RELEASE appeared first on European Gaming Industry News.
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Plaza Hotel & Casino announces first-ever New Year’s Eve Super Bingo event
Super Bingo participants can play and stay 5 nights for just $400!
Home to downtown Las Vegas’ only bingo room, the Plaza Hotel & Casino will hold Las Vegas’ first-ever New Year’s Eve Super Bingo event, Tuesday, Dec. 31 and Wednesday, Jan. 1.
For this inaugural New Year’s Eve $160,000 Super Bingo, participants can play and enjoy a 5-night stay from Sunday, Dec. 29 through Thursday, Jan. 2 for just $400, with no resort fees. Super Bingo players also receive as a bonus $20 in free slot play.
Upcoming Super Bingo event dates in 2025 are Feb. 3-5, March 3-5, April 7-9, May 5-7, and June 2-4.
Held in the Plaza’s ballroom, Super Bingo draws nearly 1,000 people from across the country and as far away as Hawaii and Canada for the opportunity to win big playing fun-filled games of bingo over two days, with a $50,000 super coverall both days while socializing with like-minded bingo players.
Rooms for the event are limited. Registration is available online at https://www.plazahotelcasino.com/bingo/super-bingo-registration/ or by phone at 702-386-2318.
All Super Bingo players receive one 6-on paper pack for both days, two daubers, free drinks via an open bar at all sessions, and boxed lunch both days.
The Plaza’s Bingo room offers six daily bingo sessions at 11 a.m., 1 p.m., 3 p.m., 5A group of people sitting at tables Description automatically generated.
The post Plaza Hotel & Casino announces first-ever New Year’s Eve Super Bingo event appeared first on European Gaming Industry News.
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The post Brazilian Ministry of Finance and IBIA sign sports betting integrity agreement appeared first on European Gaming Industry News.
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