Caesars Shares Plunge on News of 3Q Losses
Caesars Entertainment Corp. on Monday reported a wider 3rd quarter loss than what had previously been expected. The Las Vegas-based company has not been profitable since 2009.
Caesars reported a loss of $908.1 million, or $6.29 per share, for the July-September period. It posted a loss of $761.4 million, or $6.03 per share, in the same months last year.
Adjusted to account for writing down the value of some assets and for discontinued operations, the loss came to $3.14 per share in the most recent quarter with a revenue increase of 6 percent to $2.21 billion adding some bit of good news.
Shares fell 6.9 percent to $10.75 in extended trading. Its stock closed at $11.54 Monday, down 36 percent in the last 12 months.
- Aaron Goldstein, Gambling911.com
