Record Q2 Earnings For Caesars Interactive Entertainment
Caesars Entertainment Group has recorded record revenues for Q2 revenues. We reported on the “creative asset reshuffling” and renaming of the various Caesars entities which caused them a lot of headaches as critics accused them of grouping all the viable assets under separate groups in order to protect them from creditors. Revenues were up 31.3% to $576.2m in Q2 with profits soaring to $37m compared to the $10.5 in the same period last year.
The main sources of growth of CIE came from their social and mobile business which saw CIE revenues for the quarter rise by 28.8% to $188.2m, Mobile and social games were up 30.5% to $175m due to a push on player conversion and monetization. A major highlight for CIE was the average monthly unique payers which was up nearly 48% to $796k with average revenues increasing from 5c to 31c. While CIE’s social offering performed well their real money operation in New Jersey and Nevada is still limping along as revenues were up a mere 5.8% to just $10.8m.
Caesars Growth Partners which is another branch of the asset reshuffling has under its wing various brick and mortar casinos like the Horseshoe Baltimore and Las Vegas Bally reported increased revenues of $390.6m which is an increase of 32.6%.
All in all CEO of Caesars Entertainment Mark Frissora was delighted at their Q2 earnings and said,” Second quarter performance system-wide was strong, delivering the best quarterly EBITDA margins since 2007. These results demonstrate our ability to deliver growth while driving operational efficiencies. We are focused on growing the business, continually improving efficiency and expanding margins. To support further improvements in profitability, we plan to invest more in our hospitality assets across the system, which generate some of the highest capital returns across the Total Rewards network of properties.”