Caesars Entertainment Corp. reported losses of over $1 billion during the fourth quarter of fiscal year 2014, the Associated Press reports, mentioning that Caesars Palace casino in Las Vegas did not fare well during the same period.
A combination of house losing streaks and rising expenses for development are said to have contributed to the fourth-quarter losses.
"As we begin 2015, we are highly focused on enhancing performance at CEOC through a series of cost initiatives and the implementation of the previously announced financial restructuring plan," said Chief Executive Officer Gary Loveman, who recently announced his resignation from the company, according to Forbes.
"With more than 80% of first lien noteholders supporting the plan, we are committed to working with additional creditor groups to build greater consensus and complete the restructuring process as quickly as possible."
But Caesars Entertainment Corp. is not the only luxury hotel and casino company that is underdoing financial difficulties.
Trump Entertainment Resorts Inc. filed for bankruptcy late last year and shut down the Trump Plaza in Atlantic City. The Trump Taj Mahal continues to remain open, despite numerous threats of closure.
