Caesars Entertainment reports first quarter net loss widens

May 7, 2012 7:50 PM

Taking a charge related to the halted construction of a Mississippi casino, Caesars Entertainment Corp. (CZR) reported its first quarter net loss widened when compared to last year.

The net loss was $280.6 million or $2.24 per share. Last year, the net loss was $147.5 million or $1.18 per share.

The impairment charge of $172 million reflected the company’s decision to abandon a casino project in Biloxi, Miss.

Revenues for the company’s 50 casinos nationwide rose 4 percent go $2.27 billion. The company explained revenues were up in Las Vegas and in its southern properties but were down in Atlantic City.

Also, the company said it noted more visitations to casinos by its customers but they ended up spending less per visit.

The company will soon open a casino in Ohio, in which it has a 20 percent ownership stake, and is working to receive one of three casino licenses to be granted in Massachusetts.