Caesars Entertainment Corp. swung to a profit but reported
revenue rose less than expected in the June quarter, despite the
opening of new casinos.
The company's share price, which had fallen 66% this year
through Monday's close, fell 6% in recent after-hours trading on
Tuesday.
The Las Vegas-based company operates casino resorts under brands
including Caesars, Harrah's and Horseshoe.
Chief Executive Mark Frissora, who was formerly CEO at Hertz
Global Holdings Inc. and took the top job on July 1, said the
company plans to invest more in its hospitality assets because they
"generate some of the highest capital returns across the Total
Rewards network of properties."
Overall, Caesars reported a profit of $15 million, or 10 cents a
share, compared with a year-earlier loss of $466 million, or $3.24
a share.
Revenue grew 17% to $1.14 billion mostly because of strength at
Caesars Interactive Entertainment and the openings of casinos such
as Horseshoe Baltimore and The Cromwell.
Analysts had expected flat earnings on revenue of $1.9 billion,
according to Thomson Reuters.
Write to Angela Chen at angela.chen@wsj.com
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