Caesars Entertainment Corporation announced the appointment of Tom Arasi as President of Hospitality. In the newly formed role, and subject to required regulatory approval, Arasi will be responsible for the execution of Caesars' hospitality strategy across the company's network of resorts. Arasi will be responsible for all initiatives related to food and beverage, hotels, nightclubs and nightlife, pools and spas. He will also be responsible for the development of a cohesive strategy for the hospitality corridor in Las Vegas. In addition to Arasi's appointment, Tom Jenkin and John Payne will assume new responsibilities as Global President of Destination Markets and President of Central Markets and Partnership Development, respectively. Jenkin will oversee operations across the company's markets including Las Vegas, Atlantic City, Philadelphia, Northern Nevada, Laughlin, and Hammond, Indiana near Chicago. Jenkin will continue to have operational oversight of Harrah's Ak-Chin, Harrah's Rincon and the company's international properties. Payne will have operational responsibility for the company's properties in Indiana (with the exception of Horseshoe Hammond), Missouri, Iowa, Mississippi, Illinois, North Carolina, Ohio and Louisiana. In addition, Payne will oversee Caesars Entertainment's ongoing partnership development efforts in Maryland, Massachusetts and other emerging markets in North America.

Caesars Entertainment Corporation announced earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net revenue of $2.1 billion, down 2.9% from a year ago. On a sequential basis, the company saw a slight uptick in revenue growth. Income from operations totaled $141.8 million in the quarter compared with $61.3 million in the prior year period. The increase was primarily driven by $174 million of tangible impairment charges in the first quarter of 2012 compared to a $20 million intangible asset impairment charge in the first quarter of 2013. Adjusted EBITDA declined 9.8% to $469.7 million, and property EBITDA declined 12.4% to $487.4 million compared with the year-earlier period. The decline was essentially driven by the income impact of lower revenues, as well as the fact that the first quarter 2012 adjusted EBITDA included $23.6 million of EBITDA from Harrah's St. Louis. Capital expenditures during the first quarter were $148 million. Debt, net of $2.1 billion of cash was $21.8 billion, not including restricted cash. The company provided capital expenditure guidance for 2013. Capital expenditures for full year 2013 are expected to be $1 billion to $1.2 billion. The company will allocate capital expenditures in a number of ways. The company expects approximately $300 million to be financed and approximately $800 million to be spent directly from the balance sheet; approximately $550 million to be allocated to project related CapEx and approximately $550 million to maintenance CapEx. Included in the $550 million of project-related CapEx is approximately $300 million of Project Finance associated with the Linq, Bill's renovation, Baltimore and other development projects that previously financed off of which expect to obtain financing, plus approximately $250 million of equity. Included in the $550 million of maintenance CapEx is spending on room upgrades and facilities, especially in Las Vegas. The company expects approximately $950 million to be spent in CEOC and approximately $85 million to be spent in CMBS. The company reported $20 million intangible asset impairment charge against $174 million of tangible impairment charges in the first quarter of 2012.

Caesars Entertainment Corporation, Q1 2013 Earnings Call, May 01, 2013