The company noted net revenues for its continued operations, or Continuing CEC, increased 3 % year-on-year to US$ 949 million in 16Q4, while adjusted EBITDA for continuing CEC grew 10.6 % year-on-year to US$ 250 million in the quarter.
Net loss for Continuing CEC, before including the effect of noncontrolling interest, was US$ 435 million in 16Q4, compared to a net loss of US$ 39 million in 15Q4. The company said this was due mainly to a US$ 426 million accrual related to the restructuring of Caesars Entertainment Operating Company, Inc. (CEOC) in 2016.
"Caesars Entertainment delivered a second consecutive year of solid operational improvement and margin expansion driven by strong performance in Las Vegas, our largest market, and continued productivity improvements,” said Mark Frissora, president and chief executive officer of Caesars Entertainment.
"We also
generated record full year cash hotel revenues as we renovated over 8,000 rooms
domestically since 2014. This year, we intend to deliver additional cash flow
and margin improvements while completing CEOC's restructuring. These actions
will allow us to continue to generate more value for our stakeholders as we
execute against our long-term plan," he added.
Source: GMB / GGR Asia
