Caesars Entertainment Q1 losses widen

Caesars Entertainment posted a larger than expected loss for the first quarter of 2014, the gambling giant that has not shown a profit since 2009 announced a loss of $386.4 million for the quarter ending March 31.

That is worse than the previous period in 2013 when the company lost $217.6 million for Q1, the losses again where put down to strong opposition for its properties outside of Las Vegas and the fact that Caesars missed out on a casino concession in the World’s largest Gambling hub, Macau. That fact has continued to haunt and damage the company ever since the recession hit in 2008 and the company has never recovered, unlike their competitors which have solid operations in Macau that help and support their US operations while times are bad.

Such as Wynn Resorts, Las Vegas Sands and MGM which all announced large Q1 profits largely down to their Macau businesses.

Although Ceasars revenues also fell 2% to $2.1 billion there was good news for the company as their Las Vegas operations showed growth in the period with the launch of its $550 million LINQ development, an entertainment district featuring the world’s tallest Ferris wheel.

The new attraction is seeing thousands of visitors a day and helping push up eventing and hospitality business.

“As additional assets come on line later this year and into 2015, we are excited about Caesars’ prospects in Las Vegas,” Caesars President and CEO Gary Loveman said in a statement. “We are also looking forward to developing an integrated resort in South Korea with our partners there, a promising market given its proximity to China.”