Caesars Entertainment Stock Is Sliding After The Close: What's Going On?

Caesars Entertainment Inc CZR shares are falling in extended trading Tuesday after the company reported first-quarter financial results. 

The Details: Caesars reported first-quarter revenue of $2.83 billion, which was up from $2.3 billion year-over-year and came in ahead of average analyst estimates of $2.76 billion, according to Benzinga Pro. The company reported a quarterly loss of 63 cents per share.

"We delivered another strong quarter led by a new Q1 Adjusted EBITDA record in Las Vegas," said Tom Reeg, CEO of Caesars.

"Results in our regional segment remained consistent with prior quarters especially when excluding the impact of bad weather in northern Nevada during the quarter. Our digital segment was nearly break even in the quarter despite launching operations in Ohio and Massachusetts."

Caesars said it fully redeemed the $400 million Caesars Forum Convention Center mortgage note due 2025, resulting in over $32 million in annual interest expense savings on May 1. The company noted that it has its sights set on a third consecutive year of $1 billion of permanent debt reduction.

Caesars will hold a conference call to discuss these results at 5 p.m. ET.

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CZR Price Action: Caesars shares were down 1.97% after hours at $43.70 at the time of publication, according to Benzinga Pro.

Photo: Michelle Raponi from Pixabay.