Caesars Entertainment (CZR) Misses Q2 EPS by 12c

July 29, 2013 4:02 PM
Caesars Entertainment (NASDAQ: CZR) reported Q2 EPS of ($1.69), $0.12 worse than the analyst estimate of ($1.57). Revenue for the quarter came in at $2.16 billion versus the consensus estimate of $2.19 billion.

"We reached a number of key milestones against our strategic initiatives in recent months, including breaking ground on Horseshoe Baltimore; setting a new attendance record at the World Series of Poker; beginning construction on our meetings facility in Atlantic City; and executing on our hospitality investments in Las Vegas," said Gary Loveman, chairman, chief executive officer and president of Caesars Entertainment Corporation.

"We are also making progress on our strategic transaction to form Caesars Acquisition Company and Caesars Growth Partners and have proactively improved our liquidity profile and balance sheet," Loveman said.

"While challenging conditions in the gaming industry impacted our gaming revenues during the second quarter, we are beginning to observe positive underlying trends resulting directly from the investments we've made to enhance our hospitality footprint, particularly in Las Vegas," Loveman said. "Our performance also reflects our focus on managing operating expenses without sacrificing service."

Loveman concluded, "We are excited about our prospects in 2014 and beyond, particularly in light of the improving economic conditions and consumer sentiment, favorable underlying business trends and projects that are scheduled to come online."

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