July 26, 2017 11:43 PM ET

Hotels, Restaurants and Leisure

Company Overview of Caesars Growth Partners, LLC

Company Overview

Caesars Growth Partners, LLC operates as a casino asset and entertainment company. It acquires and develops online and mobile game portfolio. The company was founded in 2013 and is based in Las Vegas, Nevada. Caesars Growth Partners, LLC is a joint venture between Caesars Acquisition Company and Caesars Entertainment Corporation.

1 Caesars Palace Drive

Las Vegas, NV 89109-8969

United States

Founded in 2013

Phone:

702-407-6446

Key Executives for Caesars Growth Partners, LLC

Caesars Growth Partners, LLC does not have any Key Executives recorded.

Caesars Growth Partners, LLC Key Developments

Caesars Growth Partners, LLC Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016

Caesars Growth Partners, LLC reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, net revenues were $422.5 million against $417.7 million a year ago. Loss from operations was $107.1 million against income of $29.8 million a year ago. Loss from continuing operations before benefit from income taxes was $156.1 million against $15.3 million a year ago. Net loss from continuing operations was $163.7 million against $16.8 million a year ago. Net income attributable to Caesars Growth Partners, LLC was $3,888.9 million against $18.8 million a year ago. LBITDA was $59.8 million against EBITDA of $74.0 million a year ago. Adjusted EBITDA was $102.1 million against $96.6 million a year ago. For nine months, net revenues were $1,284.1 million against $1,217.4 million a year ago. Loss from operations was $20.3 million against income of $224.7 million a year ago. Loss from continuing operations before benefit from income taxes was $169.4 million against income of $83.4 million a year ago. Net loss from continuing operations was $160.2 million against income of $87.2 million a year ago. Net income attributable to Caesars Growth Partners, LLC was $3,943.3 million against $197.6 million a year ago. EBITDA was $109.2 million against $339.6 million a year ago. Adjusted EBITDA was $324.3 million against $271.9 million a year ago.

Caesars Growth Partners, LLC Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016

Caesars Growth Partners, LLC announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. Net revenues for the second quarter of 2016 were $673.6 million as compared to $576.2 million for the respective period in 2015, which was an increase of $97.4 million, or 16.9%. The increase in revenue for Caesars Interactive Entertainment Inc. was primarily driven by strong organic growth in the social and mobile games operating unit due to the continued focus on conversion and monetization. The increase in revenues for Casino Properties and Developments was primarily due to an increase in casino revenues at Horseshoe Baltimore, an increase in entertainment revenues at Planet Hollywood Resort and Casino and increases in all categories of revenues as a result of renovations at The LINQ Hotel & Casino which was substantially completed and available to guests in early May 2015. Income from operations for the second quarter of 2016 was $90.3 million as compared to $98.4 million for the same period in 2015, which was a decrease of $8.1 million, or 8.2%. The decrease in income from operations was primarily due to increased stock-based compensation expense at CIE offset by the income impact of year over year revenue growth at CIE and Horseshoe Baltimore and increased revenues as a result of renovations at The LINQ Hotel & Casino. Net income for the second quarter of 2016 was $24.3 million as compared to $37.0 million for the same period in 2015, which was a decrease of $12.7 million, or 34.3%. The decrease in net income was primarily due to the factors discussed for the decrease in income from operations as well as increases in interest expense and the provision for income taxes. Adjusted EBITDA for the second quarter of 2016 was $213.3 million as compared to $160.4 million for the same period in 2015, which is an increase of $52.9 million, or 33.0%, driven primarily by the income impact of increased revenues at CIE, Horseshoe Baltimore, Planet Hollywood, and The LINQ Hotel & Casino. Income from operations before provision for income taxes was $40.1 million against $50.8 million a year ago. Net income attributable to the company was $21.0 million against $34.6 million a year ago. EBITDA was $138.9 million against $144.3 million a year ago. Net revenues for the six months ended June 30, 2016 were $1,317.2 million as compared to $1,142.7 million for the respective period in 2015, which was an increase of $174.5 million, or 15.3%. The increase in revenue for CIE was primarily driven by strong organic growth in CIE's social and mobile games operating unit due to the continued focus on conversion and monetization. The increase in revenues for Casino Properties and Developments was primarily due to an increase in casino revenues at Horseshoe Baltimore, an increase in entertainment revenues at Planet Hollywood, and increases in all categories of revenues as a result of renovations at The LINQ Hotel & Casino. These increases were partially offset by lower revenues at Harrah's New Orleans as a result of the April 2015 smoking ban. Income from operations for the six months ended June 30, 2016 was $206.2 million as compared to $303.1 million for the same period in 2015, which was a decrease of $96.9 million, or 32.0%. The decrease in income from operations is primarily attributable to the change in the fair value of contingently issuable non-voting membership units recognized in the prior year with no comparable change recognized subsequent to December 31, 2015, and increased stock-based compensation expense at CIE. Excluding the impact of the change in fair value of contingently issuable non-voting membership units and the increase in stock-based compensation expense at CIE, income from operations for the six months ended June 30, 2016 increased by $92.0 million when compared to the same period in 2015 due to the income impact of year over year revenue growth at CIE and Horseshoe Baltimore and increased revenues as a result of renovations at The LINQ Hotel & Casino. These increases were partially offset by lower revenues at Harrah's New Orleans as a result of the April 2015 smoking ban. Net income for the six months ended June 30, 2016 was $61.2 million as compared to $181.1 million for the same period in 2015, which was a decrease of $119.9 million, or 66.2%. The decrease in net income was primarily due to the factors discussed for the decrease in income from operations as well as increases in the provision for income taxes and interest expense. Adjusted EBITDA for the six months ended June 30, 2016 was $407.9 million as compared to $308.4 million for the same period in 2015, which is an increase of $99.5 million, or 32.3%, driven primarily by the income impact of increased revenues at CIE, Horseshoe Baltimore, The LINQ Hotel & Casino, and Planet Hollywood offset by a decrease at Harrah's New Orleans as a result of the April 2015 smoking ban. Income from operations before provision for income taxes was $105.1 million against $206.3 million a year ago. Net income attributable to the company was $54.4 million against $178.8 million a year ago. EBITDA was $301.5 million against $389.1 million a year ago.

Caesars Growth Partners Announces Earnings Results for the First Quarter Ended March 31, 2016

Caesars Growth Partners announced earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported net revenues rose 14% to $644 million, and adjusted EBITDA grew 31% to $194 million. Revenue performance was driven primarily by organic growth in CIE's mobile and social games business; and higher hotel revenues at The LINQ Hotel, which had 82% more hotel rooms online in the quarter compared to the prior year as a result of the renovations completed in the second quarter of 2015. Income from operations was $115.9 million compared to $204.7 million a year ago. Net income was $36.9 million compared to $144.1 million a year ago.

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