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Caesars Horrible 3rd Quarter 2013 Results
Wednesday October 30,2013 : ONLINE GAMBLING OPERATIONS A BRIGHT SPOT IN CAESAR'S THIRD QUARTER
But including corporate expenses in the category results in a significant operating loss.
The super-debt of US land gambling giant Caesars Entertainment, currently at around $23.8 billion, continued to weigh heavily on the group's third quarter results released this week.
The group posted a $761.4 million loss in the quarter, with debt servicing gobbling up $563 million from revenues that were just 0.7 percent up at $2.18 billion. Net [land] casino revenue sank 7.1 percent to $1.12 billion.
What could have been a bright spot was the interactive division of the company, but by dumping corporate expenses into that category the group turned this into an operating loss of $105 million.
The CIE category includes operations like the World Series of Poker and recent social gaming acquisitions like Buffalo Studios which appeared to perform well, delivering revenues up 18.5 percent at $240.1 million.
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Daniel Sebag, the Amaya online gambling group's first and only chief financial officer with ten years’ service under his belt, has retired, according to a company announcement Friday.
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