Caesars Entertainment reports financial results for Q1 2016

Highlights

- Net revenues for Continuing CEC increased 6.7% year-over-year to $1.2 billion primarily attributable to growth in Caesars Interactive Entertainment's ("CIE") social and mobile games business and strength in hospitality offerings.

- Adjusted EBITDA for Continuing CEC grew 15.9% year-over-year to $349 million.

- Net revenues for CIE increased 28.8% year-over-year to $228 million and adjusted EBITDA grew 41.3% to $89 million due to organic growth in social and mobile games resulting from greater monetization of monthly unique paying users.

- Cash ADR in Las Vegas rose 9.4% driven by increased resort fees, improved hotel yield and greater pricing power as a result of the recapitalization of room product.

"Enterprise-wide, including CEOC, we delivered all-time record adjusted EBITDA margins in the first quarter of 2016. Adjusted EBITDA margins improved over 200 basis points due to higher hospitality revenue growth, particularly in lodging, where we are investing in an upgraded room product, and increased average revenue per user in Caesars Interactive Entertainment. Additionally, we continue to demonstrate improved execution discipline and to deliver quantifiable savings on our efficiency initiatives," said Mark Frissora, President and CEO of Caesars Entertainment.

"Our focus on driving margin and cash flow improvements while maintaining high levels of customer satisfaction and employee engagement has enhanced our financial performance. As we continue to execute on our cornerstone initiatives, we believe this provides a solid foundation to create long-term value for our stakeholders," concluded Frissora.

For more details, go to http://investor.caesars.com/releasedetail.cfm?ReleaseID=969527