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

10 Jul 2015

By Howard Stutz

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.

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	Caesars operating division records $24.9 million in net income in May 10 Jul 2015 By Howard Stutz <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> 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. Copyright GamingWire. All rights reserved.