Caesars Entertainment Drops Slightly After Q4 Results
Caesars Entertainment (NASDAQ: CZR) is down less than one percent in after hours trading after the company reported its fourth quarter results.
The firm reported a Q4 GAAP of $12.83 per share and adjusted EBITDA of $406.3 million.
Revenue arrived at $2.08 billion, which was slightly below the Street estimate of $2.12 billion.
Sales were up three percent year-over-year.
"During 2013 we invested significantly in our properties and executed a number of initiatives to enhance the company's capital structure and better position the company for sustainable growth," Gary Loveman, chairman, chief executive officer and president of Caesars Entertainment Corporation, said in a company release.
"The recently announced asset sale to Caesars Growth Partners further supports these objectives by increasing liquidity at our CEOC subsidiary and facilitating new investment in some of the assets."
Gambling revenue may be declining, but investors seem to have a lot of faith in Caesars Entertainment Corporation. At market close on Monday, March 10, the stock was up more than 15 percent year-to-date.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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