Closing its full-year 2016 performance, the governance of Caesars Entertainment Corp (CEC) has posted net operating losses of $2.7 billion, with the gambling operator detailing that it had paid $5.7 billion in accruals for bankrupt division Caesars Entertainment Operating Company (CEOC).
CEC would record full-year 2016 corporate revenues of $3.9 billion, driven primarily by its Las Vegas portfolio. The company further detailed that ‘adjusted’ EBITDA for continued CEC assets had increased 8.6% to $1.1 billion.
Last January CEC governance was granted judicial clearance to restructure the $18 billion debt attached to bankrupt subsidiary CEOC, with the company ending its 2-year legal battle with creditors having finally agreed to bankruptcy restructuring terms.
Moving forward CEC plans to form a new business entity with Caesars Acquisition Company (CAC) in which it will operate its US casino and hotel properties. The restructure terms sees the company committed to paying $10 billion of CEOC retained debt.
Updating the market, Mark Frissora CEO of CEC stated that the US Nasdaq firm would now focus on delivering cash flow, growth and value for its investors, having moved forward as a separate business entity following the firm’s restructure.
This year, we intend to deliver additional cash flow and margin improvements while completing CEOC’s restructuring. These actions will allow us to continue to generate more value for our stakeholders as we execute against our long-term plan,” commented Frissora on CEC’s market update.