Caesars Entertainment posts 3rd-quarter loss

Nov 6, 2019 3:00 AM

Ten days before Caesars Entertainment shareholders vote to approve the company’s $17.3 billion merger with Eldorado Resorts, the Las Vegas-based casino giant said Tuesday it lost $359 million in the third quarter, despite growing revenues 2.3 percent to $2.24 billion.

According to CDC Gaming Reports, the revenue increase was directly attributable to the company’s Las Vegas casinos, where overall revenues grew 6.9 percent to $973 million during the quarter that ended Sept. 30. Gaming revenues from the nine resorts, including Caesars Palace, Bally’s Las Vegas, Harrah’s Las Vegas and the Linq, increased 17.3 percent due to favorable hold and higher gaming volumes.

Revenues in the company’s other U.S. casinos declined less than 1 percent, which the company blamed on increased competition in Atlantic City and Southern Indiana.

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