Caesars Entertainment Stock Is Up After Q2 Results

Caesars Entertainment Inc CZR shares are up after the company reported its second-quarter financial results Tuesday. Here's a look at the details from the report. 

The Details: Caesars Entertainment reported quarterly revenue of $2.83 billion which missed the analyst consensus estimate of $2.867 billion by 1.28% and represents a 1.7% decrease from the same period last year. The company missed the consensus estimate for earnings of 13 cents per share and reported earnings of 0.

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“On a consolidated basis, the Company generated $1 billion of Adjusted EBITDA. Our operating results reflect year-over-year growth in Adjusted EBITDA in our Las Vegas segment driven by record same-store revenues, hotel occupancy and Average Daily Rate (ADR),” said Tom Reeg, CEO of Caesars Entertainment.

“Our Caesars Digital segment posted a new second-quarter Adjusted EBITDA record, driven by strong revenue growth and solid flow through. Regional segment results reflect competition in new markets partially offset by our temporary facility in Danville, Virginia and our property in Columbus, Nebraska,” Reeg added.

Outlook: Caesars Entertainment said it remains optimistic for the balance of 2024 driven by operating trends in Las Vegas and its digital segments. The company continues to forecast full-year capital expenditures of $800 million, excluding its Danville project.

CZR Price Action: According to Benzinga Pro, Caesars Entertainment shares are up 4.34% after-hours at $38.50 at the time of publication Tuesday.

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