LAS VEGAS - Caesars (NASDAQ:CZR) Entertainment Inc. (NASDAQ:CZR) reported third quarter results that fell short of analyst expectations, sending shares down 2.8% in after-hours trading on Tuesday.
The casino operator posted a loss of $0.04 per share for the quarter, missing the consensus estimate for earnings of $0.24 per share. Revenue came in at $2.9 billion, below analyst projections of $2.93 billion.
Caesars' quarterly revenue declined 2.6% year-over-year on a same-store basis to $2.87 billion. The company's Las Vegas segment saw revenue dip 1.3% to $1.06 billion, while Regional revenue fell 7.6% to $1.45 billion.
"During the third quarter, we delivered another quarter of $1 billion of same-store consolidated Adjusted EBITDA," said CEO Tom Reeg. He noted that Las Vegas results reflected "record third quarter hotel, F&B and banquet revenues driven by strong occupancy and cash ADRs."
However, Reeg added that Regional segment operating results "were negatively impacted by new competition, construction disruption and difficult comparisons versus the prior year."
One bright spot was the Caesars Digital segment, which set a new quarterly record for Adjusted EBITDA at $52 million, driven by over 40% growth in net revenues.
The company ended the quarter with $802 million in cash and cash equivalents. Caesars said it recently closed on a new $1.1 billion senior unsecured refinancing, which along with earlier financings "continue to set the stage for significant interest expense savings in 2025."
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