What's Up With Caesars Entertainment Shares Wednesday?

Caesars Entertainment Inc CZR shares are trading marginally lower by 1.6% to $50.40 Wednesday morning. The company on Tuesday reported mixed fourth-quarter financial results.

What Happened?

Caesars Entertainment reported quarterly losses of 20 cents per share, which missed the analyst consensus estimate of a loss of 17 cents.

The company also reported quarterly sales of $2.82 billion, which beat the analyst consensus estimate of $2.80 billion by around 1%. This sales figure is otherwise an 8.9% increase over sales of $2.59 billion in the same period last year.

Caesars Entertainment for the fourth quarter also highlighted a GAAP net loss of $148 million, compared to a net loss of $434 million for the comparable prior-year period.

The company for the fourth quarter reported same-store Adjusted EBITDA of $957 million versus $581 million for the comparable prior-year period.

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What Else?

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, "Our fourth quarter delivered another set of strong operating results as both our Las Vegas and Regional segments each set a new fourth quarter record for Adjusted EBITDA.

Additionally, our Las Vegas segment set a new full year record for Adjusted EBITDA. Caesars Sportsbook delivered significantly improved operating results during the fourth quarter which sets the foundation for a strong 2023. Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead."

Analyst Rating Updates

Additionally, CZR received a number of analyst rating updates Wednesday morning including:

• Barclays analyst Brandt Montour maintained with an Overweight and raised the price target from $66 to $70.
• JP Morgan analyst Joseph Greff maintained with an Overweight and raised the price target from $67 to $69.

According to data from Benzinga Pro, CZR has a 52-week high of $87.43 and a 52-week low of $31.31.