As reported by: DailyBulletin.com
Strong performance at its Las Vegas and Atlantic City properties helped gambling giant Caesars Entertainment Inc. swing to a profit and post record fourth quarter earnings on Thursday, matching Wall Street expectations.

For the three months ending Dec. 31, Caesars earned $20 million, or 6 cents per share, up from a loss of 84 million, or 28 cents a share, a year ago.

Earnings included $4 million from five properties scheduled to be sold, an $8 million charge for the termination of a lease at Caesars Atlantic City and an $11 million gain from selling real estate in Atlantic City, N.J. They also include $16 million of expenses from the company's pending acquisition by Harrah's Entertainment Inc.

Year-ago earnings included a $57 million write-down of the book value of Flamingo Laughlin and a $38 million goodwill impairment at Caesars Tahoe.


Article By: DailyBulletin.com