(Reuters) – Caesars Entertainment posted a surprise third-quarter loss on Tuesday, missing market expectations, as sales were hurt by new competition and construction-related disruptions in regional markets, sending its shares down 4% after the bell. Quarterly loss per share came in at 4 cents, compared to Wall Street expectations of a profit of 12 cents, […]
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Caesars Entertainment posts surprise quarterly loss, misses Wall Street estimates
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(Reuters) – Caesars Entertainment posted a surprise third-quarter loss on Tuesday, missing market expectations, as sales were hurt by new competition and construction-related disruptions in regional markets, sending its shares down 4% after the bell.
Quarterly loss per share came in at 4 cents, compared to Wall Street expectations of a profit of 12 cents, according to data compiled by LSEG.
Caesars’ bottom-line in the U.S. regional market has faced increased pressure due to new entrants and expanded offerings from existing competitors.
In the past, the casino operator flagged high competition in Indianapolis from Churchill’s Terre Haute casino resort.
Sales in its regional segment fell 7.6% to $1.45 billion.
The Reno, Nevada-based company also faced construction-related disruptions at its New Orleans property in the third quarter, as it underwent a $435 million renovation.
Its revenue for the quarter ended September 30, fell 4% to $2.87 billion, compared to estimates of $2.92 billion.
(Reporting by Anshuman Tripathy and Aishwarya Jain in Bengaluru; Editing by Mohammed Safi Shamsi)