Shares of casino company Caesars Entertainment (NASDAQ:CZR) are trading lower after the company reported second quarter financial results Tuesday after market close.
CZR stock is currently down. See real-time price here.
Here are the key highlights.
Q2 Results: Caesars reported second-quarter revenue of $2.91 billion, up 2.9% year-over-year. The revenue beat a Street consensus estimate of $2.86 billion, according to data from Benzinga Pro.
The company reported a net loss of 39 cents per share, missing a Street consensus estimate of 12 cents per share.
Among the items contributing the net loss was net income down 20.9% for the company's Las Vegas segment. The Las Vegas segment saw a revenue decline in the quarter, as shown below.
Here were the revenue totals for the second quarter by segment:
- Las Vegas: $1.05 billion, -3.7% year-over-year
- Regional: $1.44 billion, +3.6% year-over-year
- Caesars Digital: $343 million, +24.3% year-over-year
- Managed & Branded: $74 million, +5.7% year-over-year
"Our Caesars Digital segment posted one of its strongest quarters ever, as momentum continues to build toward the financial goals that we originally laid out in 2021," Caesars Entertainment CEO Tom Reeg said.
The company's strength for the digital segment was offset by Las Vegas.
"In Las Vegas, we posted solid gaming results in the face of softer market demand in our hospitality verticals."
CZR Price Action: Caesars stock is down 3.20% to $27.56 in after-hours trading Tuesday versus a 52-week trading range of $21.40 to $45.89. The stock was also down over 3% during the intraday session.
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