Results For Second Quarter 2019 Caesars Entertainment Corporation Will Report At The Beginning of August

What financial results Caesars Entertainment Corporation has accomplished for the second quarter of 2019 will be revealed at the very beginning of August. After the market closes on Monday, August 5, the company will release the results for this quarter.

It will also host a conference call on the same date at 5:00 p.m. Eastern Time, 2:00 p.m. Pacific Time, in order to discuss its second quarter 2019 results and other matters related to the company.

Reflection on the ing Quarter

The first quarter of 2019, wasn’t so bright for the brand. Not only was the expectation from the end of 2018 not reached, but the numbers were also way lower.

The casino industry giant suffered a net loss of $271 million during this year’s first quarter as Carl Icahn’s rising stakes acquisition pushed the company towards a sale. After the billionaire gained 15.53% of the gambling titan’s stakes, the brand’s stock value was raised 9.01%.

However…

…the financial picture isn’t so dark since the company’s revenues rose 7.3% on an annual level, to a total of $2.12 billion.

That achievement came through positive business results in the home state of Nevada, as well as purchases of Hoosier Park Racing and Casino and Indiana Grand Racing.

Two properties who were added to the Caesars empire both contributed to the brand’s wider US performance. Overall, that was its best-performing segment as it rose 9.1%, to $1.01 billion.

Its latest inquisition, the Harrah’s Northern California, opened its doors in May…

… boosting the revenues of all business segments.

The Historic Merger to Affect Second Quarter Results Considerably:

News that shook the gaming community, was the merger agreement between Eldorado Resorts and Caesars Entertainment.

Eldorado Resorts acquired the brand’s shares for a total of $17.3bn!

In addition to this, the operator assumed Caesars’ net debt, while the alignment is expected to make them the new market leader in the US gambling sector.

Considering that this is a very powerful alliance, it is easily doable.

“Eldorado’s combination with Caesars will create the largest owner and operator of US gaming assets and is a strategically, financially and operationally compelling opportunity that brings immediate and long-term value to stakeholders of both companies. Together, we will have an extremely powerful suite of iconic gaming and entertainment brands, as well as valuable strategic alliances with industry leaders in sports betting and online gaming,” said Eldorado’s chief executive, Tom Reeg, about the historic merger.

Following the deal’s completion, Eldorado expects to achieve around $500m in synergies, while its shareholders will have 51% of the combined entity’s outstanding shares.

Regarding all the operations, partnership deals, new properties, and this big merger, it will be really interesting to see financial results that Caesars Entertainment made for the second quarter of 2019.

Source:

“Caesars Entertainment Corporation to Report Second Quarter 2019 Results on August 5, 2019”, europeangaming.eu, July 24, 2019.