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CAESARS WORLD REPORTS REVENUE, NET INCOME, EARNINGS PER SHARE RECORDS

CAESARS WORLD REPORTS REVENUE, NET INCOME, EARNINGS PER SHARE RECORDS
 LOS ANGELES, Feb. 20 /PRNewswire/ -- Caesars World Inc. (NYSE: CAW) today announced net income for its fiscal 1992 second quarter was $23,074,000, or 96 cents per share, compared with $3,981,000, or 17 cents per share, in the fiscal 1991 second quarter.
 Revenue for the quarter ended Jan. 31, 1992, totaled $253,507,000, compared with $207,974,000 in the same quarter of fiscal 1991.
 Henry Gluck, Caesars World's chairman and chief executive officer, said, "We are very pleased to report that the financial results -- in revenue and earnings per share -- not only represent record performances for any quarter in the company's history but also for the first half of any fiscal year. Net income established a second-quarter record and was our second-best quarter ever. Six-month net income was also an all-time Caesars World high."
 Net income for the first six months of fiscal 1992 was $45,976,000 or $1.91 per share, compared with $17,998,000 or 77 cents per share, in the fiscal 1991 six months. Revenue for the fiscal 1992 first half amounted to $486,599,000, compared with $443,572,000 in the same prior- year period.
 Gluck said increased casino revenue was the principal factor in the improved financial results and that all three of the company's casino/hotels were major contributors to the rise. He noted that while the largest portion of the increase in contributions to operating income came from Nevada operations, results from New Jersey were also significant as Caesars Atlantic City established both second-quarter and first-half records for that resort.
 In Nevada, the second-quarter casino revenue growth was largely attributed to higher table game win percentages. Both table game and slot activity improvements were achieved during the quarter. The Nevada results were partially offset during the second quarter by an increase in the provision for bad debts, reflecting increased win from high-level casino play.
 For the first six months of fiscal 1992, both table game and slot win in Nevada improved over the prior-year period. Table game activity was down for the six months because of sluggishness experienced during the first quarter of the fiscal year. The six-month results in Nevada were also positively affected by lower casino expenses.
 In New Jersey, record contributions to earnings were the result of Caesars Atlantic City achieving its highest casino win ever during both the fiscal 1992 second quarter and six months. Slot play at Caesars Atlantic City continued to rise faster than overall slot growth in New Jersey throughout the six months. During the fiscal 1992 second quarter, Caesars Atlantic City's slot revenue rose 19 percent over the same prior-year quarter. This compared with a 13 percent increase in the overall Atlantic City slot market during the same period. The second-quarter and six-month improvements were partially offset by higher casino expenses.
 Caesars World's other expenses, when comparing the fiscal 1992 and 1991 periods, showed increases, primarily because of higher costs associated with employee benefit programs. These expenses were partially offset by improved profitability from the company's merchandising operations.
 Due to reduced company borrowings, interest expense declined when comparing the fiscal 1992 and 1991 second-quarter and six-month reporting periods.
 CAESARS WORLD INC.
 Summary of Earnings
 (In thousands, except net income per share)
 (Unaudited)
 For the periods ended Jan. 31,
 Three Months Six Months
 1992 1991 1992 1991
 Revenue:
 Nevada $161,540 $126,174 $282,720 $263,958
 New Jersey 79,814 70,026 173,185 149,065
 Casino/hotel
 operations 241,354 196,200 455,905 413,023
 Pocono resorts 8,064 7,539 21,632 21,254
 Other(a) 4,089 4,235 9,062 9,295
 Total revenue $253,507 $207,974 $486,599 $443,572
 Contributions to
 operating income:
 Nevada $41,546 $16,034 $64,512 $39,411
 New Jersey 10,855 7,466 35,284 18,402
 Casino/hotel
 operations 52,401 23,500 99,796 57,813
 Pocono resorts 257 58 4,866 4,748
 Other expenses(a) (4,291) (3,652) (7,857) (6,692)
 Operating income 48,367 19,906 96,805 55,869
 Interest income 239 438 622 581
 Interest expense (11,148) (13,149) (22,791) (25,668)
 Income before income
 taxes and minority
 interest 37,458 7,195 74,636 30,782
 Income taxes 14,384 2,899 28,660 11,697
 Minority interest --- 315 --- 1,087
 Net income $23,074 $3,981 $45,976 $17,998
 Net income per share $.96 $.17 $1.91 $.77
 Average number of common
 and common equivalent
 shares outstanding 24,114 23,517 24,045 23,477
 (a) -- Other revenue is primarily from merchandising operations. Other expenses include the contribution from merchandising operations and corporate expenses.
 -0- 2/20/92
 /CONTACT: Jack Leone of Caesars World, 310-552-2711, ext. 263/
 (CAW) CO: Caesars World Inc. ST: California, Nevada, New Jersey IN: CNO SU: ERN


TS-JL -- LA008 -- 0783 02/20/92 08:50 EST
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Date:Feb 20, 1992
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