Overview
- Shares of Caesars fell about 15% on Oct. 29, touching an intraday low near $18.64 after the earnings release.
- Q3 posted a GAAP net loss of $55 million on roughly $2.87 billion in revenue, with a $0.27 per-share loss versus a $0.09 loss expected.
- Las Vegas sales declined nearly 10% year over year as management cited weaker summer leisure demand and poor table games hold.
- Regional properties delivered net revenue and adjusted EBITDA growth, while Caesars Digital saw strong volumes but EBITDA was pressured by lower September sports-betting hold.
- Management pointed to improved Q4 performance on higher Las Vegas occupancy and steady regional trends, and TD Cowen maintained a Buy rating with a $40 price target.