Caesars still in red

Caesars Entertainment Corp. released its second quarter results on Tuesday showing the company was still in red ink but improving from 2010.

Revenues in the second quarter were basically flat, inching up year-on-year only 0.4% to US$2.229 billion. The company posted an overall loss of US$155 million, up from a US$274 million loss in 2010 due to cost-cutting.

“Our second quarter results clearly indicate that the organizational and strategic changes we’ve made to meet the challenges of the recession are improving our performance and paving the way for accelerated growth when the economy improves,” said Gary Loveman, chairman, CEO and president of Caesars Entertainment. “Those activities accelerated as the recession deepened, resulting in substantial cost savings.”

Regardless of the red ink and cost-cutting, the company is continuing to move ahead with new developments such as the US$500 million Linq retail and dining area on the Las Vegas Strip.

A full report can be read here.