Caesars Entertainment (NASDAQ: CZR) saw its stock price plummet 7.70% in pre-market trading on Wednesday following the release of its third-quarter earnings report that fell short of analyst expectations. The casino operator reported a wider loss and a significant decline in its key Las Vegas business, disappointing investors.

For the third quarter, Caesars posted a 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. Revenue remained relatively flat at $2.87 billion, slightly below the $2.89 billion analysts had projected.

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. "It was a difficult summer," Reeg said during a call with analysts, noting declines in average daily room rates and occupancy. Despite the disappointing results, Reeg 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.

In response to the earnings miss, several analysts have lowered their price targets for Caesars Entertainment. JP Morgan cut its target price to $38 from $43, reflecting reduced confidence in the company's near-term prospects. The stock's pre-market plunge suggests that investors are reassessing their expectations for the casino operator in light of the challenging quarter and ongoing pressures in the Las Vegas market.