Caesars Entertainment Corporation (NASDAQ:CZR) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Caesars Entertainment Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-1.74 in the quarter versus EPS of $-2.24 in the year-earlier quarter.
Revenue: Decreased 5.67% to $2.14 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Caesars Entertainment Corporation reported adjusted EPS loss of $1.74 per share. By that measure, the company missed the mean analyst estimate of $-1.58. It missed the average revenue estimate of $2.19 billion.
Quoting Management: “During the first quarter, we made significant progress in expanding and upgrading our existing facilities, particularly in Las Vegas,” said Gary Loveman, Caesars Entertainment’s chairman, president and chief executive officer. “We opened the Nobu Hotel and restaurant at Caesars Palace, began the conversion of the former Bill’s Gamblin’ Hall & Saloon into a luxury lifestyle resort to be known as Gansevoort Las Vegas and continued work on the Linq retail, dining and entertainment experience expected to open in phases beginning in the fourth quarter. We also continued with room upgrades at The Quad Resort & Casino and Bally’s Las Vegas.”
Key Stats (on next page)…