Shares of Caesars Entertainment (CZR) plummeted 9.46% during Wednesday's trading session following the release of disappointing third-quarter financial results. The casino operator reported a wider-than-expected loss and a significant decline in its key Las Vegas business, causing investors to reassess their outlook on the company.

For the third quarter, Caesars posted a net loss of $55 million, or $0.27 per share, compared to a loss of $9 million, or $0.04 per share, in the same period last year. This result significantly missed the analyst consensus estimate of a $0.05 per share loss. The company's Las Vegas segment, a crucial part of its operations, saw revenue decline by 9.8% to $952 million. CEO Tom Reeg attributed this drop to lower city-wide visitation and poor performance in table games, describing it as "a difficult summer" during a call with analysts.

Despite the disappointing results, Caesars management expressed optimism for the future, stating that travel trends in Las Vegas have improved so far in the current quarter, buoyed by an uptick in group and convention-related travel. However, investors remained cautious, with several analysts lowering their price targets for the stock. The significant sell-off reflects growing concerns about Caesars' ability to navigate the challenging market conditions and recover from the setback in its core Las Vegas operations.