Overview
Caesars Q3 revenue slightly beats analyst expectations at $2.9 bln
Company reports Q3 net loss of $55 mln, compared to $9 mln loss last year
Adjusted EBITDA declines 11.2% yr/yr
Outlook
Caesars anticipates improved Q4 performance due to stronger Las Vegas occupancy
Company expects continued momentum in Caesars Digital segment
Caesars sees stable operating trends in regional portfolio for Q4
Result Drivers
REGIONAL GROWTH - Regional portfolio saw growth in net revenues and Adjusted EBITDA due to consistent operating trends and capital projects
LAS VEGAS DECLINE - Las Vegas segment Adjusted EBITDA declined due to lower city-wide visitation and poor table games hold
DIGITAL SEGMENT IMPACT - Caesars Digital segment volumes were strong but Adjusted EBITDA was negatively impacted by lower-than-expected sports hold during SSeptember
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $2.9 bln | $2.89 bln (15 Analysts) |
Q3 Net Income | -$55 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the casinos & gaming peer group is "buy"
Wall Street's median 12-month price target for Caesars Entertainment Inc is $40.00, about 43.6% above its October 27 closing price of $22.55
The stock recently traded at 53 times the next 12-month earnings vs. a P/E of 53 three months ago
Press Release: ID:nBw6FFQlQa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)