Caesars To Make MGM-Like Cuts

Strip hotel business was strong, and the company played lucky, and the result was a $50 million jump in net revenues in Caesars’ core market of Las Vegas. On the down side, labor costs this year are headed for an $80 million increase, and management says deep cuts are in the offing.

Strong hotel occupancy combined with a run of good luck to help Caesars Entertainment boost net revenue in its core Las Vegas Strip market by 5.8 percent in the first quarter.

Regional revenues also increased as the acquisition of Centaur Gaming offset tougher competition in Atlantic City and the temporary closure of some Midwest casinos due to bad weather.

In all, corporate-wide net revenues compared to Q118 were up 7.3 percent to $2.12 billion, mainly on the strength of a $50 million surge in Las Vegas to $953 million

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