CACQ Caesars Acquisition Company

Caesars Entertainment Corp., once the world's largest gambling company, swung to a $2 billion quarterly loss on charges tied to reorganizing its largest unit under bankruptcy protection.

Based in Las Vegas, Caesars is largely a holding company operating casino resorts under such brands as Caesars, Harrah's and Horseshoe. The company has been saddled with debt since an ill-timed leveraged buyout in 2008.

Over all, Caesars reported a loss of $2.08 billion, or $14.25 a share, compared with a profit of $15 million, or 10 cents a share, a year earlier. It was the company's forth straight quarterly loss.

The most recent results include a $2.03 billion loss from separating the results from Caesars Entertainment Operating Co., which filed for bankruptcy protection in January 2015.

Revenue rose 8% to $1.23 billion, largely driven by its gaming segment and hotel revenue in Las Vegas.

Casino revenue edged up 0.4% to $545 million, while interactive entertainment revenue surged 33% to $248 million.

Separately, Caesars Acquisition Co., through which the company owns stakes in properties such as Planet Hollywood and Bally's Las Vegas, reported a second-quarter profit of $8.5 million, up from $7.8 million a year earlier. On a per-share basis, profit was largely flat at 6 cents a share. Its loss from operations narrowed to $7.3 million, from $8.1 million a year earlier.

Caesars Acquisition's stock, up 54% this year, edged up 0.2% to $10.48 in after-hours trading.

Meanwhile, Caesars Entertainment's stock closed at $7.94 on Tuesday, up 0.6% this year.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

August 02, 2016 18:15 ET (22:15 GMT)

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