Loss Widens for Caesars Entertainment
Caesars Entertainment Inc., the biggest U.S. casino operator, said its fourth-quarter loss increased to $84 million after it wrote down the value of two properties and as profit from operations in Las Vegas and Atlantic City, N.J., fell.
The net loss increased to 28 cents a share, from $21 million, or 7 cents, a year ago, the Las Vegas-based company said in a statement. Revenue rose 1.1% to $1.06 billion from $1.05 billion. The company changed its name from Park Place Entertainment Inc. this month.
Caesars’ hold, or amount it won from gamblers, fell at Caesars Palace and Paris/Bally’s casinos in Las Vegas. Competition increased in Atlantic City.
The loss includes costs of $127 million to write down the value of Lake Tahoe and Laughlin, Nev., casinos.
Shares of Caesars fell 20 cents to $11.60 on the NYSE.
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