CasinoCityTimes.com

Home
Gaming Strategy
Featured Stories
News
Newsletter
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Author Home Author Archives Search Articles Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Recent Articles
Best of Howard Stutz
Howard Stutz
 

Caesars operating division records $24.9 million in net income in May

10 July 2015

Caesars Entertainment Corp.’s bankrupt operating division recorded a net income of $24.9 million during May, according to a securities filing.

Caesars Entertainment Operating Co., which filed Chapter 11 bankruptcy in January in Chicago, said in the division had $339.6 million in total revenue during the month, which included $246 million in casino revenue, according to the filing with the Securities and Exchange Commission.

CEOC controls Caesars Palace, Caesars Atlantic City, Harrah’s Reno and more than a dozen regional properties.

Because of CEOC’s bankruptcy reorganization, the division has to file monthly operating results.

“The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment, which may be material, and reconciliation,” the company said in the SEC filing.

In April, CEOC reported a net income of $53 million.

Caesars Entertainment has a gaming industry high $22.8 billion in long-term debt, of which $18.4 billion is attached to CEOC. Through bankruptcy, the company hopes to eliminate almost $10 billion of the division’s debt and convert CEOC into a real state investment trust.
Caesars operating division records $24.9 million in net income in May is republished from Online.CasinoCity.com.