(Reuters) – Casino operator Caesars Entertainment posted a narrower loss on Tuesday, driven by strong performance in its digital unit amid high demand for sports betting. The Reno, Nevada-based company, which manages online gambling segments, has experienced a surge in its digital segment due to growth in retail sports betting. Shares of the company rose […]
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Caesars Entertainment posts narrower first-quarter loss on sports betting surge
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(Reuters) – Casino operator Caesars Entertainment posted a narrower loss on Tuesday, driven by strong performance in its digital unit amid high demand for sports betting.
The Reno, Nevada-based company, which manages online gambling segments, has experienced a surge in its digital segment due to growth in retail sports betting.
Shares of the company rose as much as 3% after the bell.
Revenue from its digital unit was at $335 million, up from $282 million a year earlier.
Caesars posted a quarterly net loss of $115 million, or 54 cents per share, compared to a loss of $158 million, or 73 cents per share, a year ago.
Caesars’ revenue for the quarter ended March 31 came in at $2.79 billion, compared with $2.74 billion a year ago.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Tasim Zahid)