Caesars Entertainment posts surprise quarterly loss, misses Wall Street estimates

Churchill Downs

29/10/2024 20:51

Oct 29 (Reuters) - Caesars Entertainment  CZR.O  posted
a surprise third-quarter loss on Tuesday, missing market
expectations, as sales were hurt by new competition and
construction-related disruptions in regional markets, sending
its shares down 4% after the bell. 
    Quarterly loss per share came in at 4 cents, compared to
Wall Street expectations of a profit of 12 cents, according to
data compiled by LSEG. 
        Caesars' bottom-line in the U.S. regional market has
faced increased pressure due to new entrants and expanded
offerings from existing competitors. 
  
    In the past, the casino operator flagged high competition in
Indianapolis from Churchill's  CHDN.O  Terre Haute casino
resort. 
    Sales in its regional segment fell 7.6% to $1.45 billion. 
    The Reno, Nevada-based company also faced
construction-related disruptions at its New Orleans property in
the third quarter, as it underwent a $435 million renovation.
    Its revenue for the quarter ended September 30, fell 4% to
$2.87 billion, compared to estimates of $2.92 billion. 

 (Reporting by Anshuman Tripathy and Aishwarya Jain in
Bengaluru; Editing by Mohammed Safi Shamsi)
 ((Anshuman.Tripathy@thomsonreuters.com;))