Caesars Entertainment, owner of the esteemed World Series of Poker brand, saw a net loss of $761.4 million in the third quarter, according to reports this week. Revenue was $2.18 billion.
Those figures were worse than expected.
The casino firm said that competition for gamblers was a big reason for the performance.
Recently, Caesars ceased its pursuit of a new casino in Boston, after regulators there expressed concerns about the project. The move was surprising for many in the casino world.
Caesars has an industry leading amount of long-term debt (around $23.5 billion), but it has been making moves to reduce the figure.
The company recently saw its subsidiary launch real-money online poker in Nevada. The company will be involved with such activity in New Jersey as well, which kicks off games late next month. There is expected to be a Nevada-New Jersey partnership for web poker.
The Nevada-based gaming giant has dozens of casinos across the United States.
Some good news for the company: Ground was broken recently on its new casino in Baltimore and reports are that the construction process is going well.
In addition to stiffer casino competition, Caesars attributed the higher-than-expected third quarter loss to selling its piece of a casino in Uruguay
