This week Caesars Acquisition Company announced their first half financials, with revenues up 15.3% to $1.3 billion.
Key financial indicators for the half ending June 30th, 2016 were:
- Total net revenues of $1.3 billion, up 15.3% from last year.
- Casino property revenues up 7.7% to $840 million.
- Caesars Interactive Entertainment revenues of $477.2 million, up 31.5% from last year.
- EBITDA of $407.9 million, up 32.3% from last year.
- Operation income down 32% to $206.2 million.
- Net income falling 66.2% to $61.2 million
In a statement, Caesars issued the following comments: "The increase in revenue for CIE was primarily driven by strong organic growth in CIE's social and mobile games operating unit due to the continued focus on conversion and monetization."
"The increase in revenues for casino properties and developments was primarily due to an increase in casino revenues at Horseshoe Baltimore, an increase in entertainment revenues at Planet Hollywood, and increases in all categories of revenues as a result of renovations at The LINQ Hotel & Casino."
"These increases were partially offset by lower revenues at Harrah's New Orleans as a result of the April 2015 smoking ban."