Tuesday March 3,2015 : FOURTH QUARTER LOSSES PERSIST FOR CAESARS INTERACTIVE
Revenues up almost 64 percent thanks to social and online gambling performance, but losses remain high.
Caesars Interactive Entertainment, the online arm of US land gambling giant Caesars Entertainment, has reported on its fourth quarter, with revenues rising 63.6 percent to $156.4 million following good performances in social gaming and New Jersey online gambling interests.
CIE adjusted earnings soared to $47.9 million, but the company’s net loss more than doubled at $18.7 million compared with the same period in 2013.
Social and mobile gaming delivered $147.7 million in revenues – up 63 percent and the main contributors to the company's performance, whilst online operations in New Jersey anmd the World Series of Poker produced significantly better revenues of $8.7 million.
Average daily active users rose 23 percent to 5.7 million mobile and social players, with monthly equivalents coming in at 17.8 million – a 12 percent increase. Average revenue per user rose 7 cents to 28 cents.
The fourth quarter capped a year in which CIE generated revenues of $586.8 million, with adjusted earnings of $21.3 million but a net loss of $20.9 million attributed to rising marketing costs in New Jersey, foreign currency exchange fluctuations, and the fourth quarter shutdown of a development facility in Minsk, Belarus.