Caesars Entertainment Shares Fall On Q1 Results: Here's Why

Caesars Entertainment Inc. CZR reported its first-quarter financial results after the bell Tuesday. Here's a look at the details. 

The Details: Caesars Entertainment reported quarterly losses of 73 cents per share. Quarterly sales came in at $2.74 billion, missing the $2.84 billion analyst consensus estimate.

As of March 31, 2024, Caesars had $12.4 billion in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $726 million, excluding restricted cash of $139 million.

“Operating results during the first quarter in Las Vegas are a combination of record occupancy, driven by the Super Bowl and international visitation for Chinese New Year, offset by lower-than-expected hold. In our Regional segment, results reflect weather-related weakness in January and early February partially offset by our new property openings,” said Tom Reeg, CEO of Caesars Entertainment.

“Caesars Digital delivered strong revenue growth despite lower-than-expected hold in online sports due to unfavorable outcomes for the Super Bowl and March Madness. Moving past the first quarter headwinds, we remain optimistic toward improved operating results throughout the balance of the year,” Reeg said.

CZR Price Action: According to Benzinga Pro, Caesars Entertainment shares are down 3.13% after-hours at $34.70 at the time of publication Tuesday.

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