Western Region
EBITDA in the Western Region was $87 million in the third quarter of 2002, up 45 percent from $60 million for the third quarter of 2001.
Third quarter results at Caesars Palace – $5 million in EBITDA compared to $3 million for the period ending September 30, 2001 – did not meet the company’s expectations because of an abnormally low hold percentage on table games and construction disruptions that resulted in lower slot and table volumes. Construction dislocation resulted in approximately 350 fewer slot machines on the casino floor during the quarter.
At Paris/Bally’s, EBITDA for the third quarter was $47 million, up more than 56 percent from the third quarter of 2001, when the property reported an unusually low table hold percentage. Paris/Bally’s showed strong improvement in hotel revenue during the third quarter of 2002, with room rates and occupancy at Paris exceeding year-ago levels.
The Flamingo Las Vegas reported third quarter EBITDA of $21 million, up $1 million from the third quarter of 2001.
Other Nevada properties – the Las Vegas Hilton, Reno Hilton, Caesars Tahoe and Flamingo Laughlin – on a combined basis reported $14 million in EBITDA for the third quarter of 2002, double the $7 million reported for the third quarter of 2001.
Eastern Region
EBITDA from Park Place’s four Atlantic City casino resorts and management fees from its Dover Downs slot operation was $140 million, up $4 million – or 3 percent – from the $136 million recorded for the third quarter of 2001. The results reflected improved results at Bally’s Atlantic City and Caesars Atlantic City.
EBITDA for Bally’s Atlantic City for the third quarter was $56 million, up 2 percent from the $55 million reported for the third quarter of 2001, largely because of slightly higher table volume and hold percentage.
At Caesars Atlantic City, EBITDA for the third quarter was $53 million, up 4 percent from the $51 million reported for the third quarter of 2001. Caesars results benefited from higher volumes on both slots and tables.
The Atlantic City Hilton generated EBITDA of $22 million for the third quarter, down from $23 million for the third quarter of 2001.
Other Eastern Region properties reported $9 million in EBITDA for the three months ending September 30, up 29 percent from the $7 million in EBITDA reported for the third quarter of 2001.