Caesars Entertainment Co Conference Call Highlights

Caesars Entertainment Co

reported its second quarter earnings on Tuesday. Shares of the company are down ten 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% and 7% respectively, • Social and mobile games revenues increased 90% 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%. • On our gaming floors, we replaced 40% of our slot product in Las Vegas during the past 18 months. • Second quarter consolidated net revenues were up 3% from the prior year to $2.2 billion as increases in social and mobile games. • F&B revenue was up 1.6% year-over-year, due to the performance of several new restaurant openings last year including Nobu and multiple Gordon Ramsay venues.