Caesars Entertainment Reports Third-Quarter Loss

(Reuters) – Caesars (NASDAQ:CZR) Entertainment posted a surprise third-quarter loss on Tuesday, missing market expectations, as sales were hurt by new competition and construction-related disruptions in regional markets, sending its shares down 4% after the bell.

Financial Highlights

• Quarterly loss per share: 4 cents, compared to Wall Street expectations of a profit of 12 cents, according to data compiled by LSEG.

Market Challenges

Caesars' bottom-line in the U.S. regional market has faced increased pressure due to new entrants and expanded offerings from existing competitors. In the past, the casino operator flagged high competition in Indianapolis from Churchill's Terre Haute casino resort.

• Sales in regional segment: Fell 7.6% to $1.45 billion.

Construction Disruptions

The Reno, Nevada-based company also faced construction-related disruptions at its New Orleans property in the third quarter, as it underwent a $435 million renovation.

• Revenue for the quarter: Fell 4% to $2.87 billion, compared to estimates of $2.92 billion.