Food and beverage
Caesars Entertainment Corporation (CZR) derives ~36% of its revenues from non-gaming operations including hotel, food and beverage, entertainment, and other non-gaming amenities. Casino companies Las Vegas Sands Corp. (LVS) and Wynn Resorts, Limited (WYNN) respectively derive ~23% and 28% of revenues from non-gaming operations.
Food and beverage revenue increased by 7.4% year-over-year and by 1.9% quarter-over-quarter in 3Q14. This increase was primarily due to the addition of new restaurant offerings, such as Giada at The Cromwell and Guy Fieri’s Vegas Kitchen & Bar at The LINQ Hotel.
Key takeaways from the 3Q14 earnings call
Gary Loveman, Chairman, CEO, and President at CZR said, “At Caesars Entertainment Resort Properties, third quarter revenue increased due to contributions from the LINQ and High Roller and growth in hotel and food and beverage offerings… In August, we celebrated the opening of Horseshoe Baltimore with an event that welcomed visitors to what we believe will be Charm City’s next great attraction. We are quite pleased with the property’s performance since its opening, and have been experiencing strong food and beverage results.”