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Caesars Q3 revenue misses estimates despite regional growth

By Reuters News


Overview

  • US casino-entertainment firm's Q3 revenue was flat yr/yr and missed analyst expectations

  • Company posted a wider Q3 net loss compared to last year

  • Adjusted EBITDA for Q3 declined slightly from the prior year


Outlook

  • Caesars says Fertitta Entertainment acquisition remains pending


Result Drivers

  • REGIONAL GROWTH - Co reported higher regional revenues, offsetting declines in Las Vegas segment

  • DIGITAL IMPROVEMENT - Caesars Digital segment saw improved profitability in Q3

  • MANAGED AND BRANDED WEAKNESS - Managed and Branded segment revenues declined sharply


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Miss

$2.90 bln

$2.96 bln (14 Analysts)

Q3 Net Loss

$123 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 15 "hold" and no "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 $31.00, about 6.9% above its October 26 closing price of $28.99


Reuters Recommended Reads

  • Oct 27 - Australia's Star Entertainment surges 13% as cost cuts, casino strength drive profit

  • Oct 27 - Hilton misses quarterly revenue estimates, warns of Mideast impact


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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