Caesars Entertainment Falls Following Q4 Miss

Caesars Entertainment Corp CZR reported fourth quarter financial results Monday and missed expectations.

Net revenues came in at $2.131 billion, below expectations of $2.22 billion and was above the $2.004 billion reported in the prior year period.

The company's net loss was $(1.070) billion, smaller than the loss of $(1.752) billion in the fourth quarter of 2013.

The GAAP net loss per share was $(7.00), narrower than the loss of $(12.83) reported in the prior year period. Analysts had expected a loss per share of $(1.65) for Q4.

Adjusted EBITDA was $372 million, an 8.4 percent decline from the $406 million reported in the year-ago period.

Property EBITDA was $359 million, a 7 percent decline from the $386 million reported in the prior year period.

For the full year of 2014, the company reported a net loss of $(2.866) billion and a net loss per share of $(19.45).

CEO Gary Loveman said, "Ongoing strength in the interactive business, new hospitality offerings and sequential improvement in same-store regional results were key drivers of our fourth quarter performance despite the continuation of exceptionally unfavorable hold at Caesars Palace."

Addressing the current year, Loveman said that the company was "highly focused on enhancing performance at CEOC through a series of cost initiatives and the implementation of the previously announced financial restructuring plan. With more than 80 percent of first lien noteholders supporting the plan, we are committed to working with additional creditor groups to build greater consensus and complete the restructuring process as quickly as possible."

Caesars Entertainment traded at $10.20 in the after-hours session, down 7.44 percent.