Caesars Entertainment beats Q3 profit estimates on steady demand in Las Vegas casinos
4:45 pm Tuesday, October 31st, 2023
(Reuters) – Caesars Entertainment beat third-quarter profit estimates on Tuesday, as steady demand in Las Vegas casinos helped boost revenue.
Discretionary consumer spending has been shifting away from goods and towards experiences, profiting casino operators such as Caesar’s Entertainment.
Las Vegas-based casino operators benefited from a 64.3% year-on-year rise in convention attendance in August, according to data from the Las Vegas Convention and Visitors Authority.
Caesars reported a profit of 34 cents per share for the quarter ended Sept. 30, compared with analysts’ expectations of 29 cents.
Total quarterly revenue was about $3 billion, up 3.7% from a year earlier. Analysts, on average, were expecting revenue of $2.93 billion in the third quarter, as per LSEG data.
(Reporting by Anandita Mehrotra and Aishwarya Jain in Bengaluru; Editing by Krishna Chandra Eluri)
