LAS VEGAS (AP) — Caesars Entertainment Corp. (CZR) on Tuesday reported a third-quarter loss of $359 million, after reporting a profit in the same period a year earlier.
The Las Vegas-based company said it had a loss of 53 cents per share. Losses, adjusted for asset impairment costs, came to 9 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The casino operator posted revenue of $2.24 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $2.18 billion.
Caesars shares have increased 81% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.32, an increase of 30% in the last 12 months.