The company that controls online gambling and social gaming operator Caesars Interactive Entertainment (CIE) reported record revenue in Q2.
Caesars Acquisition Company (CACQ) reported revenue up 31.3% to $576.2m in the three months ending June 30. Profit soared to $37m compared to just $10.5m in the same period last year.
Just so we’re clear, CACQ was created to hold a controlling interest in Caesars Growth Partners (CGP), which was itself spun off from casino operator Caesars Entertainment Corp (CEC) in 2013 during CEC’s legally sketchy asset transfers. Now, if everyone’s up to speed on the acronyms, we can continue.
CIE’s revenue for the quarter rose 28.8% to $188.2m, leading to a $39.2m profit compared to a $1.8m loss in Q2 2014. The gains came primarily from CIE’s social and mobile games business, which rose 30.5% to $175.4m thanks to what CIE called a new focus on monetization and conversion.