Caesars Entertainment (CZR) Reports Q2 Loss of $9.68, Miss on Revenues
Caesars Entertainment (NASDAQ: CZR) reported Q2 EPS of ($9.68), versus $0.23 reported last year. Revenue for the quarter came in at $1 billion versus the consensus estimate of $2.13 billion.
Second Quarter 2017
- Net revenues for CEC increased 1.0% year-over-year to $1.0 billion, mainly due to higher volumes across most properties, strong hotel performance in Las Vegas and incremental revenues from operational initiatives.
- Net loss for CEC, before including the effect of noncontrolling interest, was $1.4 billion, reflecting a $617 million improvement compared to the second quarter of 2016, primarily attributable to lower adjustments related to the restructuring of Caesars Entertainment Operating Company, Inc. (\"CEOC\").
- Adjusted EBITDA for CEC was flat year-over-year at $289 million.
- Despite softness in Las Vegas and ongoing construction disruption year-over-year, continuing CEC occupancy improved 1.4%, and lodging revenues increased 1.3%.
- Received stockholder approval for the merger of CEC and Caesars Acquisition Company ("CAC") and continued to make progress with regulators in jurisdictions where approvals are required for CEOC's restructuring and emergence from bankruptcy, with approvals from Nevada, Missouri, and Louisiana still pending.
For earnings history and earnings-related data on Caesars Entertainment (CZR) click here.