Caesars Stock Drops On Q3 Earnings Miss: Details

Benzinga

Caesars Entertainment reported a quarterly loss of $0.27 per share, missing forecasts for a small profit, with revenue of $2.86 billion slightly below expectations. CEO Tom Reeg said regional operations remained strong, but Las Vegas results weakened due to lower visitation and softer table games. Shares fell 11% to $19.65 in after-hours trading.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Caesars Entertainment posted a quarterly loss of $0.27 per share,

00:06missing analyst expectations for a $0.01 profit, according to Benzinga.

00:09Revenue totaled $2.86 billion, falling short of the $2.89 billion estimate.

00:14CEO Tom Reek said Caesars' regional portfolio achieved revenue and EBITDA growth

00:18driven by steady operations and returns from capital projects.

00:21He added that Las Vegas EBITDA declined due to reduced visitation

00:24and weaker table game performance.

00:26Reek said Caesars' digital saw strong customer activity fueled by product improvements,

00:31but just an EBITDA declined due to weaker-than-expected sports betting margins in September.

00:35Caesars Entertainment shares dropped 11.09% to $19.65 an after-hours trading Tuesday,

00:41according to Benzinga Pro.

00:43For all things money, visit Benzinga.com.

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