Caesars boosted by sale of interactive division
Caesars Acquisition Company (CACQ) has cited the sale of its Caesars Interactive Entertainment (CIE) subsidiary as one of the key reasons behind profit growth during the three months to September 30.
The company completed the sale its social and mobile games arm on September 23 for $4.4 billion (€4 billion), recognising a gain of approximately $4.2 billion.
As a result, net income from discontinued operations in the third quarter came in at just over $4 billion, compared to $37.3 million in the corresponding period last year.
Net revenue at the firm amounted to $422.5 million, up from $417.7 million, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also increasing 5.7% year-on-year to $102.1 million.
However, income from operations dropped to a loss of $107.1 million, while net loss from continuing operations came in at $163.7 million.
CACQ said revenue for the year to the end of September now stands at $1.3 billion, 5.5% more than at the same point last year, while adjusted EBITDA is up 19.3% year-on-year to $324.2 million.
Net income from discontinued operations amounted to just under $4.1 billion, with income from operations at a loss of $20.3 million loss from continuing operations at $160.2 million.
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