Caesars Entertainment (CZR) Stock

Caesars Entertainment Inc (NASDAQ:CZR) saw its stock drop by 9.2% to $41.13 after announcing a loss of 4 cents per share for the third quarter. This was a surprise, as analysts had expected a profit of 12 cents per share.

CZR's results for the third quarter of 2024 show weak performance in four out of its five reportable segments, although the Caesars Digital segment did provide some positive contributions.

Caesars Entertainment (CZR) reported a quarterly loss of $0.04 per share, which is lower than the Zacks Consensus Estimate of $0.21. In comparison, the company earned $0.34 per share during the same period last year.

Caesars Entertainment, Inc. has revealed that it will sell the LINQ Promenade for $275 million to a partnership between TPG Real Estate and Acadia Realty Trust. This transaction is pending standard approvals and other requirements, with an expected completion in the fourth quarter of 2024. The sale is seen as a beneficial move for the company.

CZR's results for the third quarter of 2024 are expected to show the effects of more competition, construction delays, and rising costs.

Caesars Entertainment has teamed up with the Sault Ste. Marie Tribe of Chippewa Indians to launch the Horseshoe Online Casino in Michigan.

CZR is experiencing advantages due to the excellent results in Las Vegas, high occupancy rates, and the expansion of its sports betting division.

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On October 3, 2024, Caesars Entertainment, which owns famous casinos such as Caesar Palace and Harrah's, announced a plan to buy back $500 million of its own shares and issued bonds worth $1 billion. The funds from the bond sale will help pay off existing debt, allowing more cash for the buyback and possibly enhancing their financial situation.