In recent news of late, Caesars Entertainment Corp is aggressively lobbying for a new law in Congress that would allow it to operate online poker websites in the U.S., which it sees as a big area for potential revenue. Ceasars unveiled a plan this past Tuesday to raise a small amount of money in an initial public offering. However, with unsuccessful attempts as of late to influence potential investor’s, due to the $21billion dollars debt the company was in as of last year, these investor’s didn’t see enough room for growth in Caesars’ core markets of Atlantic City and Las Vegas.
Caesars Entertainment Corp, owns and operates over 52 casinos, hotels, and seven golf courses under several brands, also owns the profitable and well known World Series of Poker brand. For the nine-month period ended Sept 30., Caesars reported its loss narrowed to $467 million from $634.4 million a year earlier as operating expenses declined 4.7%. Revenue also fell, down 0.5% at $6.66 billion.
Chairman Gary Loveman, added the World Series of Poker, which was expected to conclude its 2011 run Tuesday night at the Rio, paid out roughly $209 million in prize money to players. “That’s about $10 million more than the payroll of the New York Yankees,” Loveman said. “And a much better bang for the buck.” Loveman estimated the company would need “12 to 14 months” to get a U.S.-based Internet poker website up and operating, based on licensing procedures.
The company is planning modest new developments, as well as building two new casinos in Ohio through a joint-venture partnership and is the single bidder on a casino development in the Baltimore area.
Written by Maggie B.
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