Las Vegas Review-Journal

Caesars Entertainm­ent stays with growth strategy

- By Richard N. Velotta Las Vegas Review-journal

With the company’s bankruptcy in the rearview mirror, Caesars Entertainm­ent Corp. executives on Wednesday said the company would continue to expand domestical­ly and internatio­nally and return shareholde­r value.

Thanks to revenue produced from its post-bankruptcy Caesars Entertainm­ent Operating Co., the company reported a 104.1 percent revenue increase to $1.97 billion for the quarter that ended March 31.

Inlasvegas,however,caesars indicated results suffered from a tough comparison with 2017, when the Conexpo-con/agg constructi­on equipment trade show was in Southern Nevada in March. Although President and CEO Mark Frissora said the company experience­d its

CAESARS

best Chinese New Year visitation in five years, he said local properties are still suffering from the lingering effects of the Oct. 1 shooting.

Adjusted cash flow increased dramatical­ly and the company narrowed net losses in the first quarter.

“Our first-quarter results exceeded our expectatio­ns, despite unfavorabl­e year-over-year hold, several weather-related property closures and a shift in the Las Vegas convention calendar compared to the first quarter of last year,” President and CEO Mark Frissora said in a call with analysts.

During the call, the company focused on two new non-gaming internatio­nal projects announced last week — Caesars Palace-branded resorts in Jumeirah Beach in Dubai

and Puerto Los Cabos, Mexico. Frissora said the Dubai hotel, which will include an observatio­n wheel larger than the one near The Linq Hotel will open in 2019 while a groundbrea­king in Mexico will occur in the first half of 2019 and open in late 2020.

The company also has negotiated to operate a Harrah’s-branded tribal casino near Sacramento, California. It also indicated it would break ground in June on its planned Caesars Forum Convention Center.

Caesars stock shares closed down 20 cents, 1.7 percent, to $11.50 a share on Wednesday, in above-average trading. After hours, the issue rebounded by 70 cents, 6.1 percent, to$12.20ashare.

Contact Richard N. Velotta at rvelotta@reviewjour­nal.com or 702477-3893. Follow @Rickvelott­a on Twitter.

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