After what was a loss in revenues in its Q3 financial results last year, Caesars Entertainment Corporation today reported the financial results for the fourth quarter and year ending December 31, 2011. The release revealed increases in Net revenues as well as surges in Income from operations, and Property and Adjusted EBITDA.
Here’s a summary of the results:
- Net revenues increased 2.4% for the quarter and 0.2% for the year.
- Income from operations climbed 61.4% for the quarter and 64.5% for the year.
- Property EBITDA rose 7.6% for the quarter and 4.6% for the year.
- Adjusted EBITDA increased 5.9% for the quarter and 3.9% for the year.
Commenting on the results, Gary Loveman, chairman, president and chief executive officer of Caesars Entertainment, said: “We achieved revenue, income from operations and Property and Adjusted EBITDA growth in the fourth quarter, thanks to strong results in Las Vegas and from our international resorts and online activities. Those gains were partially offset by challenges in certain regional domestic markets.
“I’m confident that our overall operational performance, organizational streamlining, financial enhancements and growth projects already under way are positioning us for sustainable growth in the years ahead.”
Caesars Entertainment will also host a conference call today to review its fourth quarter results, a press release stated.