52% growth for Caesars Interactive Entertainement for FY 2013
March 12, 2014
Caesars Interactive Entertainment (CIE) has registered a year-on-year revenue growth of 52% for the full year ended 31 December 2013, during which the group acquired two game development studios and launched its real-money platform in New Jersey.
Overall online revenues grew from US$207.7m to $316.6m, driven by the social casino business of the company, supported by the acquisition of developer Pacific Interactive in February. Craig Abrahams, Chief Financial Officer of CIE also highlighted the firm’s month-on-month growth in market share in the Garden State. “2013 was a significant year for CIE. We demonstrated solid economic results in the current year while simultaneously investing and positioning our business for future growth in social, mobile and real-money online gaming, he said. On the real-money front, in January, we increased our visibility through advertising and other marketing in New Jersey. We are pleased with the resulting total CIE revenue growth of 49% and increased market share from 32% from December to January, including 888.”
CIE expects the marketing costs and expenses related to its initial launch to continue as it continues to attract new customers, invest in operational infrastructure, and promote its products in Nevada and New Jersey. “We have made substantial advances in 2013 and in 2014, and will continue to focus on gaining market share, growing the business via acquisitions and increasing user adoption of our mobile and web platforms through technology enhancements and content development,” Craig Abrahams added.