International edition
September 23, 2020

In Las Vegas and Atlantic City

Caesars Entertainment reported Q4 loss of US$196.7 million

(US) .- Caesars Entertainment, which in November scrapped a planned US$500 million initial public offering, reported a fourth-quarter loss as gambling demand in Las Vegas and Atlantic City remained lackluster.

T

he world's largest casino operator reported a net loss attributable to common shareholders of US$196.7 million, compared with net income of US$295.6 million a year earlier.    

 

Revenue rose to US$2.12 billion from US$2.09 billion last year. Caesars, which last year changed its name from Harrah's Entertainment, pulled its IPO plans after it became clear that there were too few buyers at the planned price range.    

 

The company is controlled by private equity firms Apollo Management and TPG Capital, which bought Harrah's in a US$31 billion leveraged buyout in early 2008.    

 

Caesars operates about 50 casinos, including eight Las Vegas resorts, mostly under the Caesars, Harrah's and Horseshoe brands. It also operates the World Series of Poker tournament and brand.

 

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