Caesars Entertainment Reports Smaller Q2 Loss (CZR)
Caesars Entertainment (NYSE: CZR) released its fiscal second-quarter earnings results after the closing bell on Monday.
The company reported a steeper-than-expected earnings per share loss and sales also missed estimates. In late trading, the stock was last down around 1.50 percent to $15.35.
"We reached a number of key milestones against our strategic initiatives in recent months, including breaking ground on Horseshoe Baltimore; setting a new attendance record at the World Series of Poker; beginning construction on our meetings facility in Atlantic City; and executing on our hospitality investments in Las Vegas," said Gary Loveman, chairman, chief executive officer and president of Caesars Entertainment Corporation.
Loveman added, "We are also making progress on our strategic transaction to form Caesars Acquisition Company and Caesars Growth Partners and have proactively improved our liquidity profile and balance sheet."
Fiscal Q2 Financial Results
Caesars reported a net loss of $212.2 million or $1.69 per share, compared to $241.7 million or $1.93 per share, in last year's corresponding period. This compared to Wall Street estimates calling for a loss of $1.40 per share.
Revenue in the quarter was $2.16 billion, versus $2.17 billion last year. This also missed analysts' consensus sales estimates of $2.18 billion.
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