Caesars Cuts Atlantic City Losses; Shares Gain 5%
Caesars Entertainment (NASDAQ: CZR) shares gained nearly five percent Friday after the company said it will cut its losses on an Atlantic City property because of persistent declines in business levels.
CEO Gary Loveman said revenue is off by more than $3 billion in Atlantic City since 2006, while competition has increased.
'The dynamic in Atlantic City has led us to the difficult but necessary decision to close Showboat to help stabilize our business there," Loveman said.
Caesars remains the largest operator in Atlantic City with properties there that include Harrah's and Bally's casinos.
Caesars traded recently at $13.10, up 4.5 percent.
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