Monday, September 1, 2014
Inquirer Daily News

Caesars writes off $1.9 billion

A blackjack dealer at work at Caesars Atlantic City. If table games are approved in Pennsylvania, a state senator estimates more than 10,000 jobs would be created, including dealers, pit bosses, and security - also creating a mighty task for the state Gaming Control Board and casino operators.
A blackjack dealer at work at Caesars Atlantic City. If table games are approved in Pennsylvania, a state senator estimates more than 10,000 jobs would be created, including dealers, pit bosses, and security - also creating a mighty task for the state Gaming Control Board and casino operators.

Caesars Entertainment Corp. recorded a $1.89 billion asset impairment charge for its East Coast operations, most of which are in Atlantic City.

The Las Vegas company said that causes for the write-down were "deteriorating market conditions in Atlantic City and potential changes in the expected useful life of certain of our property assets."

Caesars, which teamed with Tropicana to buy the shuttered Atlantic Club in January, also said: "We continue to consider our participation strategies in this region to better align capacity with demand."

For the full year, Caesar's four casinos in Atlantic City plus Harrah's Philadelphia in Chester had cash earnings of $203.4 million, down 23 percent, the company reported. -- Harold Brubaker

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