Caesars Posts Profit as Las Vegas Casinos Gain
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Caesars Entertainment Inc. had a fourth-quarter profit of $20 million as more gamblers visited its Las Vegas casinos.
Net income of 6 cents a share contrasted with a net loss of $84 million, or 28 cents, a year earlier when Caesars wrote down the value of two properties. Revenue rose 6.6% to $1.01 billion, the Las Vegas-based company said.
Caesars, which is being acquired by Harrah’s Entertainment Inc. for $5.18 billion, benefited from renovations at its Las Vegas Strip casinos and increased travel to the city, lifting hotel revenue and casino winnings.
Shares of Caesars rose 6 cents to $20.35 on the NYSE.
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