Caesars Entertainment Co CZR 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.
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