Unlike Atlantic City, neither Mississippi nor Nevada requires operating profits and losses to be made public. Company-wide, net revenues decreased 2% in the first quarter of 2014, with the income from social-gaming applications (like Playtika) cushioning the blow. "Gaming volumes, including table and slot volumes, were down in all domestic regions other than Las Vegas," read Caesars’ SEC filing. Considering a net loss of $386 million, up from $218 million a year ago, it stands to reason that some of that is due to Las Vegas, not just Atlantic City and Tunica, although company spokesman Gary Thompson says "it’s safe to say our Strip casinos perform better than those in A.C. and Tunica."
Caesars itself, in its most recent SEC filing, conceded that "construction activities associated with the LINQ project and activities associated with the renovations of The Quad and The Cromwell unfavorably impacted the revenues in the region." A "slight decline" in casino revenues was partly offset by a 5% increase in food and beverage revs. More significant still, room revenue was up 21%, propelled in large part by everybody’s favorite thing – resort fees. Operational losses (not broken out by property) increased $24 million.
By contrast, net revenues fell 14% in Atlantic City in the same period. While casino winnings suffered only a "slight" decline in Las Vegas, they dropped 14% and operating losses rose $47 million. Midwest properties experienced a $74 million drop in operational income.
Anyway, yes, Caesars is losing money in Las Vegas. Given its heavy exposure to the market here, it could hardly do otherwise.
