Caesars Posts Wider Losses Due to Weakness in Atlantic City
Today, Caesars Entertainment, the casino and resort giant based in Las Vegas reported its earnings for the second quarter.
The company reported wider losses for this quarter and attributed it to continual litheness in Atlantic City and regional markets where as the results remained strong for Las Vegas.
Caesars reported a loss of $3.24 a share or $466.4 million for the second-quarter as compared to the previous year's loss of $1.69 a share or a total of $212.2 million. The loss also widened for continuing operations from $1.65 a share to $3.06 per share.
The casino operator has fought back to fully recover from the great recession and has not been able to post a profit after the latter half of 2009.
Caesars runs casinos all over the United States with its hubs in Las Vegas and the Atlantic City. The company has been pulled down due to its load of long standing debt since the time of recession. Another factor that keeps the casino operator in difficulty is its disappointment to the fact of not being able to acquire a license for gambling in Macau. This fact has made it difficult for the company to compete with the rapidly growing market.
- Leading investment bank ‘unsure’ about upcoming Resorts World Las Vegas Casino’s success
- California Supreme Court ruling paves way for tribal casino near Madera
- Drew Las Vegas Casino arsonist sentenced to five years in federal prison
- Months-long Casino closures could impact New York State’s schools, cities with budget crisis
- More Younger People visiting Atlantic City Casinos during Covid-19 pandemic