Caesars Entertainment might have raised revenues by 3%, but its crippling debt is definitely making a dent. The company has $24.2 billion in debt after making interest repayments of $653.7. The debt combined with the cost of mergers and acquisitions has meant a loss for the Las Vegas casino operator of $466.02 million, more than double the debt for the same time last year.
CEO Gary Loveman state the solution lies in concentrating on areas with higher demand and closing down or reducing operations in slower areas. He stated, “For the second quarter, our business demonstrated continued strength in Las Vegas driven in part by our hospitality investments, which was offset by persistent softness in regional markets in Atlantic City.”
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Some measures that may be required include closing Harrah’s Tunica in Mississippi and the Showboat Atlantic City. This would mean that Caesar’s will only have three casinos left in Atlantic City.