Gaming Sector Sees Boost on Positive Las Vegas Comments by Caesar (CZR) CEO
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Shares of Caesars Entertainment (NYSE: CZR) are trading up nearly 4 percent Wednesday morning following the release of the company's fourth-quarter results. The stock last traded at $11.28.
Caesars Entertainment reported a quarterly loss of $1.76 per share, slightly better than the $1.71 per share loss reported during the same quarter last year. Revenue came in at $2.17 billion, versus the $2.12 billion reported a year ago.
"We achieved revenue, income from operations and Property and Adjusted EBITDA growth in the fourth quarter, thanks to strong results in Las Vegas and from our international resorts and online activities," said Gary Loveman, chairman, president and chief executive officer of Caesars Entertainment. "The continued growth in Las Vegas was driven by robust international play and higher room and occupancy rates at our properties,"
Although the company’s Las Vegas segment posted some solid gains, other segments did not perform as well. "Those gains were partially offset by challenges in certain regional domestic markets,” Loveman said. "Our regional performance continued to be impacted by reduced visitation, increased competition and, in the Illinois/Indiana region, the closure of a key access route to our Southern Indiana property, which has since reopened," he said.
Following the positive comments on Las Vegas, most stocks within the gaming sector are trading higher.
Caesars Entertainment reported a quarterly loss of $1.76 per share, slightly better than the $1.71 per share loss reported during the same quarter last year. Revenue came in at $2.17 billion, versus the $2.12 billion reported a year ago.
"We achieved revenue, income from operations and Property and Adjusted EBITDA growth in the fourth quarter, thanks to strong results in Las Vegas and from our international resorts and online activities," said Gary Loveman, chairman, president and chief executive officer of Caesars Entertainment. "The continued growth in Las Vegas was driven by robust international play and higher room and occupancy rates at our properties,"
Although the company’s Las Vegas segment posted some solid gains, other segments did not perform as well. "Those gains were partially offset by challenges in certain regional domestic markets,” Loveman said. "Our regional performance continued to be impacted by reduced visitation, increased competition and, in the Illinois/Indiana region, the closure of a key access route to our Southern Indiana property, which has since reopened," he said.
Following the positive comments on Las Vegas, most stocks within the gaming sector are trading higher.
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