Caesars reports 3Q loss from cost of subsidiary's bankruptcy
LAS VEGAS (AP) — Caesars Entertainment Corp. on Monday reported a loss of $791 million in its third quarter largely due to costs associated with the restructuring of its bankrupt subsidiary.
The company no longer includes its operating subsidiary in its results after the unit filed for bankruptcy protection earlier this year. Caesars lists $935 million worth of costs associated with restructuring Caesars Entertainment Operating Co.
On a per-share basis, the Las Vegas-based company said it had a loss of $5.44.
Losses, adjusted for restructuring costs, were 30 cents per share.
As for income earned from operations, the company made $139 million.
The casino operator posted revenue of $1.14 billion in the period, an increase of 12.4 percent compared to a year ago.