{"id":629,"date":"2020-03-05T11:17:20","date_gmt":"2020-03-05T11:17:20","guid":{"rendered":"https:\/\/www.casinosites.us\/news\/?p=629"},"modified":"2020-05-15T17:41:25","modified_gmt":"2020-05-15T17:41:25","slug":"caesars-entertainment-corporation-reports-1-20bn-net-loss-in-2019","status":"publish","type":"post","link":"https:\/\/www.casinosites.us\/news\/caesars-entertainment-corporation-reports-1-20bn-net-loss-in-2019\/","title":{"rendered":"Caesars Entertainment Corporation Reports $1.20bn Net Loss in 2019"},"content":{"rendered":"\n

Last week, Caesars Entertainment\nCorporation (CEC) <\/strong>reported its financial results through the 12 months\nfinishing on December 13. The company announced that it had turned a $1.20 billion\nnet loss over the period.<\/p>\n\n\n\n

Net revenue over the 12 months\nreached $8.74 billion or up 4.2% on the plus side. The positive developments in\nthe financial department had been occasioned by a strong performance in Las\nVegas, Nevada.<\/p>\n\n\n\n

Nevertheless, Caesars admitted\nthat interest in Atlantic City <\/strong>has fallen and that the New Jersey gaming\nhub was now less important to the company in terms of revenue, and even the\npotential to generate sufficient revenue. <\/p>\n\n\n\n

Net revenue increased throughout\nother states, however, Caesars said. A small positive sign for the company was\nthe fact that Q4, 2019 actually came along with a 2.6% year-over-year (YOY) increase in net\nrevenues<\/a>. <\/p>\n\n\n\n

Meanwhile, the Mississippi\nGaming Commission<\/strong> has given the green light for the acquisition deal\nbetween Eldorado Resorts and Caesars. The regulator joins other gaming watchdog\nin expressing its endorsement, including the Pennsylvania Gaming Control\nBoard (PGCB)<\/strong> and the Iowa Racing and Gaming Commission<\/strong>.   <\/p>\n\n\n\n

In Other news<\/h3>\n\n\n\n

Republican Senator Tom Cotton Tries to Curb Expansion of iGaming <\/h2>\n\n\n\n

Senator Tom Cotton<\/strong>, a\nmember of the Republican Party, has submitted a new bill to the U.S. Senate.\nEntitled S.3322, the bill will seek to curb the proliferation of online\ngambling, arguing that the use of smart devices to place online bets goes\nagainst the grain of the Unlawful Internet Gaming Enforcement Act (UIEGA)<\/strong>.<\/p>\n\n\n\n

Fairly unperturbed by UIEGA, many\nstates have adopted mobile betting and gambling solutions, which the Senate\nshould now study in detail, Senator Cotton<\/strong> argues. The Senator has also\nurged that themes such as fairy tales and cartoon characters should not play\npart in any gambling products as they could be misleading to children and\naffect them negatively. <\/p>\n\n\n\n

He also urged the Senate and\nCommissions established thereof to also pay attention to misleading marketing campaigns\nthat use mobile platforms to promote gambling products. Sen Cotton previously tried to overturn the\nObama Administration\u2019s Opinion of the Wire Act<\/strong><\/a>, something that was finally achieved in 2019. <\/p>\n\n\n\n

Galaxy Gaming Sets out to Acquire Progressive Games <\/h2>\n\n\n\n

Consolidation continues in iGaming\nwith Galaxy Gaming<\/strong> now vowing to pay up to $12.4 million to acquire Progressive\nGames<\/strong>, a rival developer studio. Galaxy will buy up 100% of the equity\ninterest in Progressive.<\/p>\n\n\n\n

The pair are hoping that by\nbringing their operations under the same roof, they will be able to explore new\nopportunities into the growing iGaming market in the United States. Online\ngambling is a key development in the future of both operations, Todd Cravens,\nGalaxy\u2019s Chief Executive and President said in the official press statement.<\/p>\n\n\n\n

Meanwhile, Chris Reynolds<\/strong>, PGP\nCEO has argued that Galaxy\u2019s games have been one of the biggest drivers of\nrevenue for the company and that it made sense to strengthen the relationship\nbetween the two companies by brining their businesses closer together. <\/p>\n\n\n\n

Churchill Downs Incorporated Sees Better Revenues in 2019<\/h2>\n\n\n\n

Churchill\nDowns\u2019<\/strong> results in 2019 saw one-third of\na year-over-year increase, occasioned by the expansion of real estate property\nand marketing the company\u2019s product in more states. Over the 12 months leading\nto December 31, the company posted $1.33 billion in net revenue, or up 33%. <\/p>\n\n\n\n

A number of casinos have been\nadding to the sterling results reported by CDI. The leading properties have\nbeen Presque Isle<\/strong> in Erie, PA, and Lady Luck Nemacolin<\/strong> in\nFarmington, PA.  Both properties were purchased in January,\n2019<\/a>, indicating the strength in the company of making adequate\nmarket-geared decisions that bring immediate results.<\/p>\n\n\n\n

CDI\u2019s Presque Isle was a great\nsuccess for both brands as the casino posted its strongest results to date. In\nplaces like Mississippi and Florida still kept steady results, although it took\na slight dip in Oxford Casino<\/strong> in Maine. Nevertheless, gaming remained\nstrong.<\/p>\n\n\n\n

In fact, even land-based\noperations seemed to do well, proving that it\u2019s fairly easy for a well-established\ncompany to continue pushing both its online and land-based segment\nside-by-side. <\/p>\n\n\n\n

MGM Springfield Casino Employment Rate Lower Than Expected <\/h2>\n\n\n\n

While iGaming has been making good\nstrides, the land-based segment has also been trying to keep its end of the\nbargain. With the US hosting hundreds of casinos, MGM Springfield Resort Casino\nhas failed to meet pre-set employment standards.<\/p>\n\n\n\n

According to the original\nprojections, the casino was supposed to provide employment for as many as 3,000\npeople, but as per the Q4 report the casino released last week, the current\nemployment level stood at 2,000 people. The report was submitted to the state\nregulator, the Massachusetts Gaming Commission<\/strong>.<\/p>\n\n\n\n

As per the official document,\n1,479 people are presently employed on a full-time position with another 525\npeople working part-time. Interestingly, a research presented at the Gaming\nCommission also indicated that the MGM Springfield casino was generating as\nmuch crime as \u201ca large mall,\u201d putting another potential issue in focus. <\/p>\n\n\n\n

Boston Appeals Court Says No to Mashpee Wampanoag Tribe Appeal<\/h2>\n\n\n\n

The U.S.\nCourt of Appeals in Boston<\/strong> has turned down the appeal by the Mashpee Wampanoag Tribe<\/strong><\/a>, which had sought permission to build a casino on what would have\nbeen its own sovereign land. <\/p>\n\n\n\n

However, the Court of Appeals had\ndecided that the law didn\u2019t apply to the Mashpee Wampanoag Tribe due to the\nnature of the Indian Reorganization Act law which only came into effect in\n1934. <\/p>\n\n\n\n

The tribe has described the ruling\nas a \u201cgrave injustice\u201d and stated members\u2019 determination to continue and pursue\nthe matter in court. Meanwhile, opponents of the proposed casino project have\nsaid that the ruling is justice served. <\/p>\n\n\n\n

However, the tribe reminded that\nthe ruling was a dangerous precedent, and the first time The Federal Government\nhas decided to take away land from Native Americans, setting a dangerous legal\nprecedent for the future.  <\/p>\n","protected":false},"excerpt":{"rendered":"Last week, Caesars Entertainment Corporation (CEC) reported its financial results through the 12 months finishing on December 13. The company announced that it had turned a $1.20 billion net loss over the period. Net revenue over the 12 months reached $8.74 billion or up 4.2% on the plus side. The positive developments in the financial […]","protected":false},"author":3,"featured_media":632,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[65,47,63,64],"class_list":["post-629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","tag-boston","tag-caesars-entertainment","tag-churchill-downs","tag-mgm-springfield"],"acf":[],"yoast_head":"\nCaesars Entertainment Reports Net Losses for 2019 | CasinoSite.us News<\/title>\n<meta name=\"description\" content=\"Caesars Entertainment Corporation Reports $1.20bn net loss for 2019. 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