America’s largest gaming company with some 50 gambling halls either owned or managed throughout the North American continent experienced improved revenues during the fourth quarter that ended on Dec. 31, but, weighed down by huge impairment charges, Caesars Entertainment Corp. (CZR) reported a massive lost.
After applying some $2 billion in one-time charges, the company said it lost $1.76 billion or $12.83 per share. This compared to the previous year when the loss was $480.3 million or $3.84 per share.
Revenues, helped by improved numbers recorded on the Las Vegas Strip, moved higher by 3 percent to $2.08 billion from last year’s $2.01 billion.
Looking at the full fiscal year, the company said the loss was $2.9 billion from the previous $1.5 billion.
But all was not gloom and doom as company officials are looking forward to a major investment made in The Quad, across the street from its flagship, Caesars Palace, on the property formerly known as the Imperial Palace.
Featured in the develoment will be the Linq, a $550 million project that includes what the company describes as “the world’s largest Ferris Wheel.” The massive structure is expected to begin taking on passengers later this month.
Also opening later this year will be the luxury property called The Cromwell. This new property at the intersection of Las Vegas Boulevard and Flamingo was formerly known as Bill’s Gamblin’ Hall & Saloon.
Having missed joining its neighbors in seeking a casino license in what has become the most lucrative gaming venue in the world, Macau, officials at Caesars hope to make a successful bid for a casino license in Japan when, and if, that country opens the door to expanded gambling later this year.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].