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Resort Fees Drive Vegas Gains for Caesars in Q3November 5, 2013 By: Newswire
Caesars Entertainment has reported its results for the third quarter of 2013, which include gains at its Las Vegas properties driven in large part by resort fees, the company reports.
Net revenues in Las Vegas increased $38.4 million, or 5.2 percent, in the third quarter 2013 compared to the third quarter 2012, primarily driven by increases in casino, rooms, and food and beverage revenues. Room revenues increased $10.2 million, or 5.4 percent, during the same period. The increase was largely driven by the introduction of resort fees beginning in March 2013 which contributed to an increase in cash average daily room rates from $87 in 2012 to $101 in 2013.
Partially offsetting this increase was a decline in the region's occupancy percentage of 3 percentage points from 95 percent in 2012 to 92 percent in 2013, primarily due to the disruption caused by construction activities related to the LINQ construction and renovation of the Quad and lower group business, the company reports.
The company faced expenses due to those construction activities, as well as the renovation-related closure of Bill's Gamblin' Hall & Saloon. Caesars estimated that these activities negatively impacted its third quarter 2013 revenues by $2 million to $5 million and reduced income from operations and Property EBITDA by approximately $1 million to $3 million.
Casino revenues increased $11.2 million, or 2.9 percent, in the third quarter 2013 compared with the third quarter 2012 due to favorable hold and an increase in table games volume, both driven by baccarat play.
Food and beverage revenues increased $10.5 million, or 5.3 percent, in the third quarter 2013 compared with the prior year quarter due to the addition of several new restaurant offerings such as Bacchanal Buffet, which opened in September 2012, and Nobu at Caesars Palace and Gordon Ramsay-branded restaurants at Caesars Palace, Paris, and Planet Hollywood.
"We made considerable progress on the execution of our strategy and achieved key milestones on many projects during the quarter, despite continued softness in the domestic gaming business," said Gary Loveman, chairman, chief executive officer and president of Caesars Entertainment Corporation. "Building on our momentum, we further enhanced our hospitality assets in Las Vegas and are particularly pleased with the improvements we've seen in hotel and F&B performance.