Caesars World Posts Gains for Quarter, Year
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Caesars World Inc., the casino and hotel concern, said its earnings were up by 16% for the fourth quarter and 29% for the year, primarily because of improved results in New Jersey.
The Los Angeles company said it netted $16.6 million on revenue of $187.7 million for the three months ended July 31. During the year-earlier period, it earned $12.6 million on revenue of $185.9 million.
For the full fiscal year, Caesars earned $41 million on revenue of $694.4 million, compared to 1985, when it had income of $31.8 million on revenue of $660.8 million.
The company said most of the gain for the year came from its Atlantic City, N.J., operation, where pretax income rose 48% to $27.1 million.
Caesars Tahoe in northern Nevada showed a fiscal 1986 pretax profit of $4.1 million, up from $374,000 in 1985--its first profitable year since opening in 1979.
Pretax income of its Las Vegas hotel-casino was relatively flat at $65.7 million for the year.
The company’s Pocono Resorts hotel operations in Pennsylvania showed an operating profit for the year of $10.1 million, compared to $7.3 million in 1985.
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