Earlier this month Caesars Acquisition Company (NASDAQ CACQ)
announced its first quarter financial earnings results for Caesars
Growth Partners, LLC (“CGP LLC”); a joint venture between CACQ and
parent company, Caesars Entertainment Corporation (NASDAQ CZR).
Caesars Acquisition Co. revealed solid financial performance from CGP LLC in the Interactive Entertainment area posting strong revenues up 82.4% and Adjusted EBITDA up 42.9% YOY, wholly a result of record breaking performance from social and mobile games.
The Caesars Executive Team expressed their pleasure with the impressive first quarter report with the following statement from Chief Executive Officer of Caesars Acquisition Company Mitch Garber, shortly after the release of the financial data:
“Caesars Growth Partners delivered impressive results for the first quarter… Broad based strength across both segments of the business resulted in strong year over year growth in revenue and Adjusted EBITDA. The recent closing of the asset purchase adds three attractive and complementary properties to CGP’s existing portfolio, reinforcing the strategy of acquiring and developing high growth operating assets with strong value creation potential.
“The Cromwell successfully opened a few weeks ago to a welcoming crowd, and we are excited about the upcoming transformation of The Quad, which has the potential to drive higher operating performance at the property upon reopening. CIE closed its fourth social game acquisition in four years, and Horseshoe Baltimore is on-track to open in the coming months. We believe these additions to the business coupled with ongoing investments to expand the interactive business bode well for CGP’s future outlook.”- CEO Caesars Acquisition Co. Mitch Garber
CGP LLC Operating Results Overview
http://www.caesarsacquisitioncompany.com
http://www.caesars.com
http://www.caesarsinteractive.com
http://www.mitchgarber.com
Caesars Acquisition Co. revealed solid financial performance from CGP LLC in the Interactive Entertainment area posting strong revenues up 82.4% and Adjusted EBITDA up 42.9% YOY, wholly a result of record breaking performance from social and mobile games.
The Caesars Executive Team expressed their pleasure with the impressive first quarter report with the following statement from Chief Executive Officer of Caesars Acquisition Company Mitch Garber, shortly after the release of the financial data:
“Caesars Growth Partners delivered impressive results for the first quarter… Broad based strength across both segments of the business resulted in strong year over year growth in revenue and Adjusted EBITDA. The recent closing of the asset purchase adds three attractive and complementary properties to CGP’s existing portfolio, reinforcing the strategy of acquiring and developing high growth operating assets with strong value creation potential.
“The Cromwell successfully opened a few weeks ago to a welcoming crowd, and we are excited about the upcoming transformation of The Quad, which has the potential to drive higher operating performance at the property upon reopening. CIE closed its fourth social game acquisition in four years, and Horseshoe Baltimore is on-track to open in the coming months. We believe these additions to the business coupled with ongoing investments to expand the interactive business bode well for CGP’s future outlook.”- CEO Caesars Acquisition Co. Mitch Garber
CGP LLC Operating Results Overview
- The Casino Properties and Development segment produced equally impressive operating results with revenues up 23% and Adjusted EBITDA up 24.3% YOY
- Completed Pacific Interactive Acquisition, House of Fun slots creator, making this Caesar Interactive Entertainment’s fourth social game acquisition in a four year period
- Successfully closed on the purchase of major casino assets Bally’s Las Vegas, The Cromwell, The Quad resort & Casino in May of this year, diversifying the existing asset portfolio
- Initiated guest focused upgrades as part of the $223 million renovation of the Quad Resort & Casino
http://www.caesarsacquisitioncompany.com
http://www.caesars.com
http://www.caesarsinteractive.com
http://www.mitchgarber.com
No comments:
Post a Comment