Caesars Entertainment (CZR) stock plummeted 5.61% in after-hours trading on Tuesday following the release of its third-quarter earnings report that fell short of analysts' expectations. The casino operator's financial results revealed wider losses and a significant decline in its Las Vegas business, raising concerns among investors about the company's near-term performance.

For the third quarter, Caesars reported a loss of $55 million, or 27 cents per share, compared to a loss of $9 million, or 4 cents per share, in the same period last year. This result significantly missed the analyst consensus estimate of a 1 cent per share profit. Revenue for the quarter was relatively flat at $2.87 billion, slightly below the $2.89 billion analysts had projected.

The disappointing performance was primarily attributed to weakness in Caesars' Las Vegas operations. The company's Las Vegas segment posted revenue of $952 million, representing a substantial 9.8% decline from the previous year. CEO Tom Reeg cited lower city-wide visitation and poor table games hold as key factors impacting the Las Vegas results. In contrast, Caesars' regional segment showed some resilience, with revenue increasing by 6.2% to $1.54 billion. The company's digital gambling unit also demonstrated growth, with revenue rising 2.6% to $311 million, driven by continued product improvements and strong volumes in the digital segment.