Caesars Entertainment Shares Slide As Company Misses On Profit, Revenue

Caesars Entertainment Corp. shares tumbled more than 4% in after-hours trade Monday, after the casino operator reported weaker-than-expected fourth-quarter earnings. The company said it had a loss of $1.011 billion, or $7.00 a share, in the period, narrower than the $1.757 billion loss, or $12.83 a share, posted in the year-earlier period. Revenue edged up to $2.131 billion from $2.004 billion, as casino revenue rose to $1.371 billion from $1.350 billion. But the numbers were worse than the FactSet consensus for a loss per share of $2.02 and revenue of $2.229 billion. "Ongoing strength in the interactive business, new hospitality offerings and sequential improvement in same-store regional results were key drivers of our fourth quarter performance despite the continuation of exceptionally unfavorable hold at Caesars Palace," Chief Executive Gary Loveman said in a statement. Shares have lost 32.1% in the last three months, while the S&P 500 has gained 2.5%.