Caesars Entertainment Falls On Large Loss

Caesars Entertainment Corp CZR reported financial results for the third quarter 2014 on Monday. Revenues came in at $2.212 billion, slightly below the average estimate of $2.24 billion and above the $2.087 billion reported on the previous year period.

Basic and diluted loss per share was $(6.29), far above the estimated loss of $(1.47).

The press release noted, “We have commenced formal discussions with several groups of creditors related to our collective efforts to improve the financial condition of CEOC. We are keenly focused on deleveraging at CEOC and we refer you to our Form 10-Q to be filed later this week for a further discussion of CEOC's capital structure and liquidity position.”

"Our third quarter results reflect strength in the interactive business, stabilizing trends regionally, and generally good performance in Las Vegas considering an operating income impact of over $35 million due to unfavorable hold at Caesars Palace" said Gary Loveman, chairman, chief executive officer and president of Caesars Entertainment Corporation.

Loveman continued, "Moving forward, we see several dynamics that bode well for our future including signs of improvement in regional markets given limited supply growth and greater traction from our investments in hospitality and entertainment offerings across our network. We expect progress on these fronts to yield a positive effect on our business, as we continue capital structure initiatives intended to reduce leverage at CEOC."

Caesars Entertainment traded at $10.74 in the after-hours session, down 6.9 percent.