Interactive operations the bright spot in Caesars weak results
News on 3 May 2013
News on 3 May 2013
The lacklustre Q1-2013 from American land gambling giant Caesars Entertainment this week – company revenues sank a further 2.9 percent – formed the backdrop for one of the few bright spots in the report – improved performance from the group’s online division, Caesars Interactive Entertainment.
Whilst the parent group revenues sank to $2.14 billion, CIE turned in revenues of $81 million – a 25.2 percent increase over the same period last year.
Leading the charge in CIE was social and mobile games developer Buffalo Studios, acquired last year by CIE . The developer holds the rights to the Bingo Blitz and Bingo Rush products, and contributed much of CIE’s $16.3 million extra revenue.
As a group, Caesars reported EBITDA down by 9.8 percent year-on-year to $469.7 million. The group reported a net loss 22.5 percent better than the poor 2012 results to end Q1-2013 $217.6 million in red ink territory.
