Caesars Entertainment’s second-quarter loss widened 55% from a year earlier, primarily on a charge from a land concession in Macau and fewer tourist visits to Atlantic City casinos.
MGM Resorts International had a second-quarter loss of $145.4 million, compared with net income of $3.44 billion a year earlier, when the company had a $3.5 billion gain on the consolidation of its Macau operations.
Caesars said its loss widened to $241.7 million from $155.5 million a year earlier. Revenue was little changed at $2.17 billion.
Operating income from Caesars’ Atlantic City operations dropped 53% to $16.3 million largely from more competition in Atlantic City and the region. Atlantic City’s massive Revel hotel-casino opened in early April.
Caesars also took a $101 million noncash impairment charge related to a land concession in Macau.
Revenue at Caesars' Las Vegas properties fell 0.7% and operating income was down 13%, due to lower gambling spending. Room rates rose 4.5%, though occupancy shrunk by 2.6 percentage points.
Profit at MGM Resorts’ U.S. properties, excluding some one-time charges, rose 4% from a year earlier as revenue, excluding Macau, was little changed at $1.5 billion.
Revenue per available room at Las Vegas properties rose 5.1% to $124 solely on room-rate gains.
Follow Danny King on Twitter @dktravelweekly.