Caesars Entertainment has reported a net loss of $532m (\u00a3437.0m\/\u20ac474.9m) for the first half of 2019, despite also experiencing a year-on-year increase in net revenue.<\/p>\n
The US casino giant generated revenue of $4.34bn during the six months to June 30, up from $4.09bn in the corresponding period last year.<\/p>\n
Caesars\u2019 casino operations remained by far the biggest source of income during the first half, with revenue rising from $2.04bn last year to $2.21bn \u2013 driven by its operations in the Las Vegas market<\/p>\n
There was also revenue growth across all areas of Caesars\u2019 business, with food and beverage revenue climbing from $774m to $805m and rooms revenue from $755m to $793m.<\/p>\n
However, Caesars reported an increase in operating expenses in the first half, as it spent a total of $3.83bn during the period. Direct casino costs were up from $1.13bn to $1.25bn, while property, general, administrative and other expenses jumped from $883m to $927m.<\/p>\n
Caesars also noted an additional charge of $50m in relation to the impairment of intangible assets, although it did see depreciation and amortisation costs drop from $548m to $488m.<\/p>\n
Income from operations increased from $407m to $509m, but higher losses in certain areas of the business meant net loss jumped from just $5m in the first half of last year to $532m. Loss before tax also rocketed from $28m to $622m.<\/p>\n