Casino operator Caesars Entertainment Corporation released their Q3 financial results, ending 30 September 2016,on Monday. The results did not include revenue from Caesars Entertainment Operating Company (CEOC) or its subsidiaries. CEOC filed for reorganisation under Chapter 11 bankruptcy in January 2015. A restructuring plan was agreed upon with creditors in October 2016 which should conclude the bankruptcy case in 2017. After a $2bn second quarter loss, Caesars managed to gain net revenue of $986m in the third quarter, a 3% year-on-year increase. This was credited to the company’s Las Vegas market, which is their largest, performing strongly. Poor performance in the Atlantic City and New Orleans markets dampened the effect and casino revenue amounted to $542m for the quarter.
Property EBITDA was announced as $287m, a 9.5% year-on-year rise for the same period. The growth was attributed to increased revenue and efficiency initiatives. Mark Frissora, President and Chief Executive Officer of Caesars Entertainment commented: “We achieved another solid quarter of performance, with a 3 percent increase in revenues paced by strong results in Las Vegas, our largest market”