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Caesars reported Q3 numbers that missed Wall Street's targets.
This was driven in large part by a steep decline in its Las Vegas sales -- a core part of its business.
Shares of Caesars Entertainment Inc (NASDAQ: CZR) fell this week, down 11.4% as of 1:49 p.m. ET on Friday. The move came as the S&P 500 jumped 0.5% and the Nasdaq-100 gained 1.7%.
The casino operator saw its stock plummet this week after releasing quarterly earnings that disappointed across the board after a particularly slow season in Las Vegas.
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Caesars Entertainment badly missed Wall Street expectations earlier this week, reporting a third-quarter loss of $0.27 per share--three times worse than the projected $0.09 loss. Revenue also fell short at $2.87 billion versus estimates of $2.89 billion.
The results exposed a stark divide in Caesars' business: Regional casinos showed growth, but Las Vegas operations tumbled nearly 10% year over year amid declining tourist traffic.
Image source: Getty Images.
CEO Tom Reeg explained that the company is seeing "softness in leisure demand for Las Vegas in the summer months," adding that "it was a difficult summer."
The decline in Las Vegas traffic and Caesars' poor performance stands in contrast to the explosion in gaming at large. While Caesars did see a bump regionally, its focus on brick-and-mortar gaming looks like a real liability at the moment. Gamblers today prefer to place their bets online, and this is where most of the growth opportunity lies. I would avoid the stock.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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Caesars Entertainment Third-Quarter Loss Widens as Las Vegas Revenue Declines
CZR
The Wall Street Journal
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