Caesars Entertainment (NASDAQ:CZR) earnings for first quarter of 2020 have CZR stock dipping lower after-hours Monday. This comes after reporting diluted losses per share of 36 cents. That’s worse than Wall Street’s estimate of 18 cents per share. The gambling company’s revenue of $1.83 billion also misses analysts’ estimates of $2.04 billion.
Now, let’s take a more thorough look at the most recent Caesars Entertainment earnings report below.
- Diluted per-share losses are 12.5% lower than the 32 cents from the same time last year.
- Revenue for the quarter is down 13.7% compared to $2.12 billion in the first quarter of 2019.
- Operating loss of $66 million is worse year-over-year from an operating income of $240 million.
- The Caesars Entertainment earnings report also has it bringing in a net income of $188 million.
- That’s better than the company’s net loss of $218 million from the same period of the year prior.
Tony Rodio, CEO of Caesars Entertainment, said this about the current earnings:
“While we posted our best operating performance since 2008 in the first two months of the quarter, circumstances changed dramatically in March as we temporarily shut-down all of our casino properties, consistent with directives from various governmental and tribal bodies. Our first quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year over year labor costs in March as we continued to provide pay and benefits to our team members for the first two weeks of the closure period.”
Caesars Entertainment doesn’t go over an outlook in its most recent earnings report. That makes sense considering the effects the novel coronavirus is having on the economy.
CZR stock was up 1.4% after-hours Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
