Caesars Entertainment Corporation (CEC) announced first quarter 2017 financial results, reporting net revenues for CEC increased 1.4% year-over-year to $963 million primarily attributable to strong growth in the Las Vegas region due to improved hotel performance. Net loss for CEC, before including the effect of non-controlling interest, was $524 million compared with a net loss of $274 million in the first quarter of 2016 mainly due to a $466 million accrual related to the restructuring of Caesars Entertainment Operating Company (CEOC), compared with an accrual of $237 million in the prior year period.
Adjusted EBITDA for CEC grew 5.0% year-over-year to $274 million. Subsequent to the end of the quarter, CEOC successfully priced $1.4 billion of senior secured credit facilities, marking another important milestone in the process to complete CEOC’s restructuring. The closing is expected to occur in connection with CEOC’s emergence from bankruptcy in the second half of the third quarter of 2017, subject to a number of conditions.
Mark Frissora, president and C.E.O. of CEC, comments, “The conclusion of CEOC’s restructuring is on track for the second half of the third quarter and represents an important milestone that will allow us to expand the range of growth opportunities available to us.”
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