Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nasdaq  >  Caesars Entertainment Corp    CZR

SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Caesars Entertainment Corp : Caesars Loss Widens on Sandy, Impairment Charges

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/25/2013 | 11:26pm CEST

Caesars Entertainment Corp.'s (CZR) fourth-quarter loss widened as superstorm Sandy contributed to the casino operator's revenue shortfall and results were also hurt by significant impairment charges.

Shares slid 6.1% to $11 after hours as revenue missed analysts' estimates, although the net loss was within the company's projections.

Caesars has struggled to recover fully from the recession, and hasn't posted a profit since late 2009. As its competitors have thrived in Macau, Caesars has been unable to acquire a gambling license there, and has been trying to unload its Macau properties. Instead, the debt-burdened company is dependent on U.S. markets like Las Vegas, which has seen a faltering comeback, and Atlantic City, N.J., which is poised to benefit from the impending statewide legalization of online gambling.

The company said that superstorm Sandy reduced its fourth-quarter revenue by about $40 million to $45 million because its Atlantic City properties were closed for five days and its property in Philadelphia was closed for two days. It had earlier estimated revenue reduction of $30 million to $35 million.

For the fourth quarter, Caesars reported a loss of $469.7 million, or $3.75 a share, compared with a year-earlier loss of $220.6 million, or $1.76 a share. The latest quarter included noncash charges of $448.2 million related to asset impairments.

The company last month estimated its loss at $452 million to $556 million, while analysts surveyed by Thomson Reuters were expecting a $268 million loss.

Revenue declined 4.3% to $2.02 billion, missing analysts' estimate of $2.11 billion.

Interest expenses were $527 million, from $674 million a year earlier.

In Caesars's Las Vegas segment, revenue was down 3.2%, as O'Shea's casino and several retail outlets at Harrah's Las Vegas were closed as part of Project Linq construction activities last year. Net revenue from Atlantic City slipped 19%, due mainly to Sandy.

Net revenue from the Iowa and Missouri region slid 4.6%, while the Illinois and Indiana segment reported a 2.2% decline. The company's Louisiana and Mississippi segment booked a 0.2% decrease in revenue.

Write to Debbie Cai at debbie.cai@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CAESARS ENTERTAINMENT CORP
03/23 CAESARS ENTERTAINMENT : Trademark Application for "WHERE ANY JACK WHO'S A QUEEN ..
03/23 CAESARS ENTERTAINMENT : Video gamers prepare for 'War' in A.C. Caesars to host A..
03/21 CAESARS ENTERTAINMENT CORP : Other Events, Financial Statements and Exhibits (fo..
03/21 CAESARS ENTERTAINMENT : Proposed Merger of Caesars Entertainment and Caesars Acq..
03/17 CAESARS ENTERTAINMENT CORPORATION (N : CZR) Files An 8-K Other Events
03/17 CAESARS ENTERTAINMENT CORP : Other Events, Financial Statements and Exhibits (fo..
03/17 CAESARS ENTERTAINMENT : Proposed Merger of Caesars Entertainment and Caesars Acq..
03/17 POWER TO CHOOSE : MGM, Caesars Shop Wholesale Electric Market
03/14 CAESARS ENTERTAINMENT : The Who will take up Las Vegas residency this summer
03/14 CAESARS ENTERTAINMENT : The Who takes up Vegas residency at Caesars July 29-Aug...
More news
Sector news : Casinos & Gaming - NEC
03/10 William Hill names interim chief Philip Bowcock CEO
03/07 European shares slip as Trump tweet hits drugmakers
03/04DJLAS VEGAS SANDS : Macau Casino's Mystery Gambler -- WSJ
03/03DJLAS VEGAS SANDS : The Hunt for the Mysterious Big Winner at Las Vegas Mogul's Ne..
02/28DJGALAXY ENTERTAINMENT : 2016 Net Profit Up 51% to HK$6.28 Billion
More sector news : Casinos & Gaming - NEC
News from SeekingAlpha
11:40a Nevada casino revenue lower in February
03/27 Vegas approved for NFL football
03/27 Las Vegas Raiders looks like a go
03/18 New Vegas casino stirs the pot
03/07 Gaming Today breaks down Nevada baccarat trend
Advertisement
Financials ($)
Sales 2017 8 462 M
EBIT 2017 865 M
Net income 2017 -
Debt 2017 12 813 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018 -
Capi. / Sales 2017 1,68x
Capi. / Sales 2018 -
Capitalization 1 361 M
More Financials
Chart CAESARS ENTERTAINMENT CORP
Duration : Period :
Caesars Entertainment Corp Technical Analysis Chart | CZR | US1276861036 | 4-Traders
Full-screen chart
Technical analysis trends CAESARS ENTERTAIN...
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Average target price 10,0 $
Spread / Average Target 8,1%
Consensus details
Managers
NameTitle
Mark P. Frissora President, Chief Executive Officer & Director
Gary William Loveman Chairman
Eric Alan Hession Chief Financial Officer & Executive Vice President
Leslie Ottolenghi Chief Information Officer & Executive VP
Jeffrey D. Benjamin Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CAESARS ENTERTAINMENT ..8.82%1 361
SANDS CHINA LTD.4.03%36 223
GALAXY ENTERTAINMENT G..23.17%22 681
WYNN MACAU LTD25.45%10 356
PADDY POWER BETFAIR PL..-3.01%9 137
ARISTOCRAT LEISURE LIM..14.32%8 586
More Results