Gambling industry giant Caesars Entertainment has released its first quarter 2012 financial results, highlighting mediocre performance in most sectors of its business but showcasing huge online growth.
Key financial indicators for the first quarter were:
- Net revenues up 4.3% to $2.27 billion
- Net losses up $280.6 million up from $147.5 million during the same period in 2011
- Income from operations down 65% to $75.5 million
However, the company's online business through Caesars Interactive Entertainment Incorporated had its revenues jump 214.1% over the same period last year to $64.7 million. International and iGaming operations rose 32.7% year over year to $208.4 million.
Commenting on his company's online results Group Chief Executive Gary Loveman said:
“We continued to make progress on expanding our distribution network both on land and online, on leveraging our scale to drive efficiency and growth and on further strengthening our financial position."