Caesars To Make MGM-Like Cuts

Strip hotel business was strong, and the company played lucky, and the result was a $50 million jump in net revenues in Caesars’ core market of Las Vegas. On the down side, labor costs this year are headed for an $80 million increase, and management says deep cuts are in the offing.

Strong hotel occupancy combined with a run of good luck to help Caesars Entertainment boost net revenue in its core Las Vegas Strip market by 5.8 percent in the first quarter.

Regional revenues also increased as the acquisition of Centaur Gaming offset tougher competition in Atlantic City and the temporary closure of some Midwest casinos due to bad weather.

In all, corporate-wide net revenues compared to Q118 were up 7.3 percent to $2.12 billion, mainly on the strength of a $50 million surge in Las Vegas to $953 million

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History Playbook

On This Day In Sports History

On May 25, 1935, Ohio State sophomore Jesse Owens delivered arguably the greatest 45 minutes in sports history at the Big Ten track meet in Ann Arbor. Owens broke three world records and tied a fourth, setting new marks in the long jump (26′81/4"), the 220-yard dash (20.3 seconds), and the 220-yard low hurdles (22.6 seconds), while equaling the 100-yard dash world record (9.4 seconds). Despite his individual brilliance, Michigan narrowly edged out Ohio State for the team title, 48 to 43.5.

On This Day In Sports History

On May 24, 1918, Cleveland outlasted the Yankees 3-2 in a 19-inning marathon at the Polo Grounds. Stan Coveleski pitched a remarkable complete-game victory, but the hero of the day was Joe Wood. Having converted from a pitcher to an outfielder after his arm "went dead," Wood launched a game-winning solo homer into the left-field bleachers—his second home run of the afternoon—to finally seal the win for Cleveland.