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Casino operator Caesars misses quarterly revenue estimates

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LA Post: Casino operator Caesars misses quarterly revenue estimates
February 20, 2024
Reuters

(Reuters) - Caesars Entertainment missed Wall Street expectations for fourth-quarter revenue on Tuesday, as strength in its Las Vegas casino operations was offset by higher costs.

Shares of the company were down 1.5% in extended trading.

The casino operator, which runs Caesars Atlantic City and Caesars Palace, has benefited from a shift in consumer spending toward services.

However, profit from its U.S. properties including in Las Vegas has eased from last year's highs due to increased expenses on food and beverages, as well as hotel operations.

The casino giant reported a narrower loss of 34 cents per share for the quarter ended Dec. 31, compared with loss of 70 cents per share reported last year.

Revenue of the reported quarter came in at $2.83 billion, falling short of analysts' estimates of $2.85 billion, according to LSEG data.

Separately, the company also announced an agreement to acquire the operations of WynnBET's Michigan iGaming business and an extension of iGaming market access rights with the Sault Ste. Marie Tribe.

The acquisition allows Caesars to tap into and strengthen its base in one of the largest iCasino markets in the U.S.

According to terms of the deal, Wynn and Caesars will receive non-cash consideration.

(Reporting by Anandita Mehrotra in Bengaluru; Editing by Pooja Desai and Shailesh Kuber)

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