Caesars Entertainment Down After Earnings
Leading gaming company Caesars Entertainment (NYSE: CZR) released its fiscal fourth-quarter earnings results after the closing bell Monday. The company reported a net loss of $469.7 million in the wake of Hurricane Sandy.
On a per share basis, the company lost $3.75 versus a loss of $220.6 million or $1.76 per share, in last year's corresponding quarter. Wall Street analysts had expected the company to report a loss of $1.73 per share.
Revenue for the period was down 4.3 percent to $2.02 billion, which came up short of analysts' consensus revenue estimates of $2.11 billion.
The stock has been surging in recent weeks on the pending introduction of online gaming in both Nevada and New Jersey. Shares climbed around 69 percent as of Monday's close. In the after-hours trading session, however, Caesars has lost almost 9 percent to $10.70.
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