CEO praises interactive division's strong performance
Las Vegas gambling group Caesars Entertainment is the latest mainly land gambling operator to discover that online gambling is useful generator of revenues, especially when overall group returns are looking rather mediocre.
Caesars Q1-2012 results released this week showed a net increase in revenues of 4.3 percent to $2.27 billion…but the group's net loss still widened to $280.6 million from $147.5 million for the same period in 2011, whilst income from operations fell 65 percent to $75.5 million.
However, the group's online venture through Caesars Interactive Entertainment Incorporated saw its first-quarter revenues soar by 214.1 percent year-on-year to $64.7 million, which helped the total net revenues from its managed, international and iGaming operations rise 32.7 percent when compared with the same period in 2011 to $208.4 million.
In his Q1 report, group chief exec Gary Loveman applauded the strong performance of Caesars' online businesses.
“We continued to make progress on expanding our distribution network both on land and online, on leveraging our scale to drive efficiency and growth and on further strengthening our financial position,” he added.