Caesars Entertainment posts second-quarter loss after $940 million charge
5:07 pm Tuesday, July 30th, 2024
(Reuters) – Caesars Entertainment on Tuesday posted a second-quarter loss compared with a year-ago profit, after the casino operator took a $940 million charge related to its REIT leases.
Profit from its U.S. properties including in Las Vegas has eased over the past year as consumers reduce discretionary spend in the face of higher expenses and an uncertain economic outlook.
The company reported a loss of $122 million, or 56 cents per share, in the second quarter, compared with a profit of $920 million, or $4.26 per share, a year ago.
However, quarterly revenue at its Digital unit rose nearly 28% to $276 million from a year earlier.
Overall revenue of $2.83 billion for the quarter ended June 30 was also below expectations of $2.88 billion, according to LSEG data.
(Reporting by Anandita Mehrotra and Nathan Gomes in Bengaluru; Editing by Devika Syamnath)
