Caesars Entertainment (NASDAQ: CZR) reported Q3 EPS of ($6.09), $3.94 worse than the analyst estimate of ($2.15). Revenue for the quarter came in at $1.38 billion versus the consensus estimate of $1.69 billion.

Third Quarter 2020 and Recent Highlights:

• Net revenues of $1.4 billion, an increase of 52% on a GAAP basis and a decrease of 34% on a same-store basis versus the comparable prior-year period.
• Net loss of $926 million compared to net income of $37 million for the comparable prior-year period.
• Same-store Adjusted EBITDA of $463 million versus $810 million for the comparable prior-year period.
• Eldorado Resorts, Inc. and Caesars Entertainment Corporation ("CEC" or "Former Caesars") completed their merger (the "Merger") on July 20, 2020 creating the largest casino and entertainment company in the U.S.
• Caesars announced an all cash offer to acquire William Hill plc.
• The Company raised $1.9 billion of new equity on October 1, 2020.
• Caesars entered into a multi-year sports betting partnership with ESPN.
• The Company announced the sale of Tropicana Evansville for $480 million to Gaming and Leisure Properties and Twin River Worldwide Holdings with no expected cash tax leakage.

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, "Our third quarter was a busy period for the company. We officially closed our merger with Former Caesars on July 20, 2020. We announced a recommended offer to acquire William Hill plc on September 30, 2020 and successfully raised $1.9 billion of new equity that closed on October 1, 2020. Additionally, 55 out of our 56 properties have now reopened and operating results continue to improve sequentially. Regional markets continued to outperform destination markets and we remain optimistic regarding an eventual recovery of travel and tourism in the U.S. and especially in Las Vegas."

"Our third quarter ending balance sheet was significantly impacted by the cash confirmation process required pursuant to the Rule 2.7 announcement. In early October, a subsidiary of Caesars entered into a £1.5 billion interim facilities agreement with two large international banks. Execution of this committed debt financing allowed the Company to release $2.0 billion of restricted cash that had been escrowed on September 30th, allowing us to fully repay a $900 million draw on the CEI revolver and return excess cash liquidity to our balance sheet. We continue to have a strong liquidity position with both our revolvers undrawn and significant unrestricted cash," said Bret Yunker, Chief Financial Officer.

For earnings history and earnings-related data on Caesars Entertainment (CZR) click here.