Caesars Shares Tumble After Quarterly Earnings Miss Estimates

(Bloomberg) -- Caesars Entertainment Inc. fell as much as 8.7% in extended trading after the company reported an unexpected third-quarter loss.

The net loss for the quarter came to $233 million, or $1.10 a share, the company said Tuesday. Revenue soared to $2.69 billion from $1.44 billion a year ago, when casinos were in the teeth of the pandemic.

Adjusted earnings before interest, taxes, depreciation and amortization more than doubled to $882 million, but that missed the $931 million average of analysts’ estimates compiled by Bloomberg.

Chief Executive Officer Tom Reeg said the earnings represent a record for the company’s Las Vegas resorts. In May, he said the company would likely earn $1 billion in Ebitda at least one quarter this year.

Caesars fell as low as $102 in extended trading after announcing the results. The stock had risen 50% this year, closing at $111.74 Tuesday in New York.

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