Caesars Entertainment Inc., known as CZR on the stock market, unveiled its financial results for the first quarter, showcasing a per-share loss of 73 cents and total sales amounting to $2.74 billion. Despite analysts' expectations falling short, the company provided insights into its financial standing as of March 31, 2024, indicating $12.4 billion in outstanding debt and $726 million in cash and equivalents, excluding restricted funds.
In a statement, CEO Tom Reeg highlighted the dynamics of the first quarter's operations in Las Vegas, emphasizing the boost in occupancy fueled by events like the Super Bowl and Chinese New Year but balanced with challenges from lower hold rates. Reeg acknowledged how the Regional segment faced setbacks due to weather impacts early in the year but saw some compensation through new property openings. Additionally, the CEO shared positive reflections on the performance of Caesars Digital, noting strong revenue growth despite obstacles from online sports outcomes during key events like the Super Bowl and March Madness.
Reflecting on the recent setbacks, Reeg expressed confidence in the company's ability to navigate challenges and drive improved operating results for the remainder of the year. Despite a slight drop of 3.13% in Caesars Entertainment shares after hours to $34.70 following the announcement, the company remains optimistic about its future performance and strategic direction.