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sabato 15 novembre 2014

Casino: Caesars Ent. posts $908.1 million loss

LAS VEGAS -- Caesars Entertainment Corporation lost $908.1 million in the third quarter despite a 6 percent increase in revenue, the casino company said Monday.

The financial results were somewhat overshadowed as Las Vegas-based Caesars said it was continuing formal negotiations with lenders and creditors aimed at reducing the company’s gaming industry high debt.

In the quarter that ended Sept. 30, Caesars said its debt was $22.88 billion, down from $24.2 billion at the end of June.

The company has been in private talks with banks and lenders since September with the hopes of restructuring a portion of the debt. Bloomberg News has reported the discussions cover $18.3 billion.

On a conference call with analysts Monday, Caesars Entertainment Chairman Gary Loveman said the casino operator wouldn’t provide any further information about the negotiations. He said the company was “keenly focused on deleveraging” the balance sheet.

“While it is premature to report on the details of these negotiations with creditors, it is fair to say that the talks have been constructive,” Loveman said. “Further, we are intensely focused on ensuring operating costs are aligned with the current environment to enhance (Caesars) profitability.”

Last month, Caesars said in a filing with the Securities and Exchange Commission that one of its lenders — reportedly a New York-based hedge fund — walked away from the talks.

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