Caesars Interactive Entertainment, subsidiary of Caesars Growth Partners (CGP) has booked their best financial year in the history of the business.
US gambling news report that subsidiary business of Caesars Growth Partners, Caesars Interactive Entertainment, has experienced a record year through December 31, 2014. The net revenue of the firm was $585.8 million in 2014 which shows an incredible growth of 85.3% compared to the numbers of the previous year.
The adjusted earnings of CIE also went up by 81.5% year-on-year to $177 million, before tax, depreciation and amortisation. The revenue of the business unit has also increased by 23.3% to slightly less than $1.3 billion. GCP also reported that their Casino Properties and Developments division has managed to book significant growth in 2014.
New gambling developments caused immense growth
The reason behind the financial record of CGP’s affiliate firm is that they opened new facilities like The Cromwell and the Horseshoe Baltimore. These two installations made sure that the company’s division of Casino Properties and Developments will grow. On the other hand, Mitch Garber, the chief executive officer of Caesars Acquisition Company, highlighted the importance of mobile casinos in his statement.
“Our Interactive Entertainment business continues to yield remarkable results, primarily from our leading social and mobile games business. During the fourth quarter, we completed the first phase of renovations at The LINQ Hotel & Casino. We are excited about the transformation of this asset and the successful opening of The Cromwell and Horseshoe Baltimore. We remain encouraged by the performance of the assets this year and will continue to focus on these businesses to deliver operating growth.”