Caesar’s Entertainment Group And How It Operates
Founded in 1937, by William Fisk Harrah, in Reno NV, but now headquartered in, Las Vegas, NV., Caesars Entertainment Corporation is a company that basically engages in the casino-entertainment industry, as well as, hospitality services that operate through a variety of segments including…
• Harrah’s in Las Vegas
• Harrah’s in Laughlin
• Harrah’s in Atlantic City
• Flamingo in Las Vegas
• Paris in Las Vegas
• Rio All-Suites Hotel & Casino
• Harrah’s in New Orleans
• Bally’s in Las Vegas
• Horseshoe in Baltimore
• Planet Hollywood Resort & Casino
• CIE World Series of Poker and also Real-Money Online Gaming
• The LINQ Hotel and Casino
• The Cromwell
How Caesar’s Entertainment Group’s Restructuring Plan Brought Them From Minus To Plus
Caesar’s Entertainment Corporation group, previously found themselves, reportedly over $24 billion in debt. Because of this downfall, in January of 2015, the group had to file for Chapter 11 bankruptcy protection.
Then they came up with a restructuring plan, that included, Caesar’s Entertainment Corporation group, merging with Caesar’s Acquisition Co., to form a bigger firm called, “Caesar’s Entertainment Operating Company Inc.”, which was followed through with, on October 6th.
Caesar’s Cross-Over To The Plus Side
Not only did this clever restructuring plan help to pull Caesar’s Entertainment Corporation group out of the negative, but it also helped increase their revenue to the plus side, according to their recently released third-quarter report of 2017, which shows that their year-to-year net revenue, has increased by 3.8 percent, with $939 million, opposed to 2016’s net revenue of $905 million.
That’s not all. Caesar’s Entertainment Corporation group’s year-to-year operational income, rose over $137 million in 2017, as the third quarter (q3) of 2016 reports show a year-to-year loss of $44 million that rose to over $81 million by Q3 of 2017. And, the groups adjusted earnings (before taxes, interest, etc., are taken out) shot from $249 million in Q3 2016 to $293 million in Q3 2017, which is a 17.7 percent increase.
What The CEO Of Caesar’s Had To Say About The Increase In Revenue
According to Mark Frissora, president, and CEO of Caesar’s Entertainment Corporation, after the gaming revenue of Caesar’s Palace was improved by 10.4 percent, revenue began to grow hastily in the third quarter. And, although they were negative at first, The improvements they made, including the merger that took place that made it easier for them to focus more on other important initiatives, are the strategies that helped to grow and expand.
What The Future Looks Like For Caesar’s Entertainment Corporation
Frissora claims, Caesar’s is in a position to continue to grow, as they have a couple of billion in cash and more to use on improvement, which makes the future of Caesar’s Entertainment Corporation group, appear to be bright, and well balanced.