Caesars to launch in two states this year
CEO confident of Nevada and New Jersey prospects after double-digit interactive revenue growth
Caesars Interactive Entertainment expects to go live in both New Jersey and Nevada before the end of this year, group CEO Gary Loveman announced following the operator’s second-quarter financial results.
Both launches remain subject to regulatory approvals, however the Nevada-facing offering is already live for play-money and Loveman said the operator is “working closely with state regulators” in New Jersey following its application for an egaming licence.
The chief executive was speaking in an analyst call after revenues from Caesars’ ‘other’ division, which includes revenues from online arm Caesars Interactive Entertainment, grew 14.2% year-on-year to US$86.4m for the quarter.
Half-yearly revenues from the division came in at $167.2m, a 19.2% increase on H1 2012. The growth was predominantly attributed to last December’s acquisition of Buffalo Studios, and losses narrowed by 26.3% year-on-year to $55.2m.
The second-quarter results were the first since Caesars was given the green light by Nevada regulators to spin off selected assets, including CIE, into a new business, Caesars Growth Partners.
“The transaction is an important step in our efforts to strengthen our balance sheet and it positions the company to make strategic investments for our growth,” Loveman said today in a statement.
Group revenues for the period were flat at $2.16bn, while the company narrowed its net loss to $212.2m. “We are excited about our prospects in 2014 and beyond, particularly in light of the improving economic conditions and consumer sentiment, favorable underlying business trends and projects that are scheduled to come online,” Loveman said in a statement.