Caesars Entertainment Conference Call Highlights
Caesars Entertainment (NASDAQ: CZR) reported its second quarter earnings on Tuesday. Shares of the company are down 11 percent.
Below are some key takeaways from its conference call:
• During the second quarter, we achieved several milestones in our strategy to expand and enhance our hospitality offerings.
• Key business indicators in Las Vegas increased in nearly every category. In gaming, slot and table volumes increased 2 percent and 7 percent respectively,
• Social and mobile games revenues increased 90 percent as the number of paying users grew to over 500,000 and average revenue per user grew to $0.26, up from $0.24 in the prior quarter.
• In New Jersey, we were pleased with the market share reported during the second quarter.
• Customers who are Total Rewards Visa cardholders have increased their trips to Caesars affiliated properties by 13 percent.
• On our gaming floors, we replaced 40 percent of our slot product in Las Vegas during the past 18 months.
• Second quarter consolidated net revenues were up 3 percent from the prior year to $2.2 billion as increases in social and mobile games.
• F&B revenue was up 1.6 percent year-over-year, due to the performance of several new restaurant openings last year including Nobu and multiple Gordon Ramsay venues.
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