Revenue during the quarter grew 3.04 percent to $949 million from $921 million in the previous year period. Gross margin for the quarter expanded 65 basis points over the previous year period to 53.74 percent. Total expenses were 89.25 percent of quarterly revenues, down from 95.55 percent for the same period last year. This has led to an improvement of 630 basis points in operating margin to 10.75 percent.

Operating income for the quarter was $102 million, compared with $41 million in the previous year period.

“Caesars Entertainment delivered a second consecutive year of solid operational improvement and margin expansion driven by strong performance in Las Vegas, our largest market, and continued productivity improvements. We also generated record full year cash hotel revenues as we renovated over 8,000 rooms domestically since 2014. This year, we intend to deliver additional cash flow and margin improvements while completing CEOC’s restructuring. These actions will allow us to continue to generate more value for our stakeholders as we execute against our long-term plan,” said Mark Frissora, president and chief executive officer of Caesars Entertainment.

The company has spent $121 million cash to meet investing activities during the year as against cash outgo of $1,200 million in the last year.

The company has spent $1,533 million cash to carry out financing activities during the year as against cash outgo of $217 million in the last year period.

Cash and cash equivalents stood at $1,513 million as on Dec. 31, 2016, up 23.31 percent or $286 million from $1,227 million on Dec. 31, 2015.

Working capital remains negative
Working capital of Caesars Entertainment Corporation was negative $2,760 million on Dec. 31, 2016 compared with negative $235 million on Dec. 31, 2015. Current ratio was at 0.64 as on Dec. 31, 2016, down from 0.88 on Dec. 31, 2015.