Caesars Entertainment reports $423.0m net loss in Q1

Caesars Entertainment announce a $423.0m net loss in Q1 2021 as revenue takes a hit due to the pandemic

The raging COVID-19 pandemic has hit the land-based industry particularly hard as Caesars Entertainment report tumbling revenue and a net loss of $423.0m (£304.4m/€352.8m) net loss in Q1 of this year.

Translating this to stock, Caesars Entertainment (CZR) came out with a quarterly loss of $2.06 per share, in comparison to earnings of $0.11 per share just a year ago.

The operator which belongs to the Zacks Leisure and Recreation Services industry saw its revenue from its operators in Las Vegas fall 39.5% year-on-year to $497.0m. Nonetheless, revenue from regional operations spiked 26.8% to 21.2% to $1.11bn as a result of its merger with Eldorado Resorts.

This casino and resort operator also announced a 7.1% decline in net revenue, $1.70bn, for the three months to March 31. This compares to year-ago revenues of $473.07 million.

Source: iGaming Business

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