Friday May 9,2014 : INTERACTIVE OPERATIONS THE BRIGHT SPOT IN CAESARS FIRST QUARTER
Net revenues for Q1-2014 up almost 50 percent y-o-y.
The overall Q1-2014 group results for US gambling giant Caesars Entertainment may have been less than stellar, but the company's Caesars Interactive Entertainment division led by Mitch Garber turned in a creditable performance, boosting net revenues by almost 50 percent year-on-year to $124.2 million.
Growth in social and mobile operations, along with the $90 million acquisition of Pacific Interactive made notable contributions to the company's results. Pacific Interactive joins other interactive firms in the CIE stable Playtika and Buffalo Studios.
Commenting on the results of Caesars Growth Partners – the corporate division under which CIE falls – Garber said:
“CIE closed its fourth social game acquisition in four years….we believe these additions to the business coupled with ongoing investments to expand the interactive business bode well for CGP’s future outlook.”
Garber said that Caesars will continue to expand in the social sector, and has hopes for further real-money online gambling breakthroughs in the United States as the legal situation evolves.