Caesars swings to Q2 profit as revenue doubles

Caesars Entertainment swung to a profit in Q2 as revenue doubled due to the inclusion of income from Caesars Entertainment Operating Company, which emerged from bankruptcy late last year.

Net revenue was $2.12 billion from $1.1 billion a year earlier. Net income was $29 million from a loss of $1,432 million, due to restructuring charges in the prior year.

“We delivered solid second quarter results, led by strong gaming and hospitality performance in Las Vegas, where we have completed renovating 60 percent of our 23,000 hotel rooms since 2014. The results also reflect balanced, robust cost management and growth strategies,” said Mark Frissora, president and CEO.

“Caesars remains positioned for sustained revenue and EBITDAR growth, and starting this quarter we begin to realize the benefits of the Centaur acquisition, which closed on July 16th, and new sports betting businesses in New Jersey and Mississippi.”