Caesars Entertainment posts fourth-quarter net income of $2B

Caesars Entertainment posts fourth-quarter net income of $2B

March 08, 2018 9:12 AM

Las Vegas-based Caesars Entertainment Corp. (CZR) on Wednesday reported a fourth-quarter net income of $2 billion.

The casino operator would’ve posted a loss, however, a $2.03 billion tax benefit linked to the recent changes in the U.S. tax code, coupled with the company’s emergence from the bankruptcy of one of its units propelled the company out of the red and into the black. In the year-ago quarter, the company posted a loss of $463 million, or $3.15 per share.

The company said it had profit of $2.48 per share. Earnings, adjusted for pretax gains, were 14 cents per share. The casino operator posted revenue of $1.9 billion in the period.

The company, for the year, said that its loss narrowed to $375 million, or $1.35 per share. Revenue was reported as $4.85 billion. Caesars shares are down about 1 percent since the beginning of the year.