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Caesars Entertainment (CZR) Q4 Earnings Top Estimates, Rise Y/Y
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Caesars Entertainment, Inc. (CZR - Free Report) reported mixed fourth-quarter 2022 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and the bottom line increased on a year-over-year basis. Following the results, shares of the company dropped 1.6% during the after-hour trading session on Feb 21.
Tom Reeg, chief executive officer of Caesars Entertainment, stated, “Our fourth quarter delivered another set of strong operating results as both our Las Vegas and Regional segments each set a new fourth quarter record for Adjusted EBITDA. Caesars Sportsbook delivered significantly improved operating results during the fourth quarter which sets the foundation for a strong 2023. Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead."
Earnings & Revenue Discussion
During the quarter, the company reported an adjusted loss of 11 cents per share, narrower than the Zacks Consensus Estimate of a loss of 18 cents. In the prior-year quarter, the company reported an adjusted loss of $1.14 per share.
Caesars Entertainment, Inc. Price, Consensus and EPS Surprise
Net revenues during the quarter came in at $2,821 million, missing the Zacks Consensus Estimate of $2,821.3 million. In the prior-year quarter, the company reported net revenues of $2,591 million.
Segmental Performance
During the fourth quarter, net revenues from the Las Vegas segment came in at $ 1,154 million compared with $1,040 million reported in the year-ago quarter. The segment’s adjusted EBITDA amounted to $537 million compared with $483 million reported in the prior-year quarter.
Coming to the Regional segment, net revenues during the quarter came in at $1,356 million compared with $1,364 million reported in the year-ago quarter. The segment’s adjusted EBITDA came in at $443 million compared with the $430 million reported in the prior-year quarter.
Net revenues in the Caesars Digital segment in the fourth quarter came in at $237 million compared with $116 million in the prior-year quarter. The segment’s adjusted EBITDA totaled $(5) million compared with the $(305) million reported in the year-ago quarter.
In the Managed and Branded segment, net revenues during the quarter came in at $72 million, flat year over year. The segment’s adjusted EBITDA came in at $20 million compared with the $18 million reported in the prior-year quarter.
Balance Sheet
As of Dec 31, 2022, the company’s cash and cash equivalents came in at $1,038 million compared with $1,070 million as on Dec 31, 2021.
Net debt, as of Dec 31, 2022, stood at $12,047 million compared with $13,253 million as of Dec 31, 2021.
OneSpaWorld currently sports a Zacks Rank #1. OSW has a trailing four-quarter earnings surprise of 84.2%, on average. Shares of the company have increased 10.5% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and earnings per share (EPS) indicates a rise of 24.5% and 87.5%, respectively, from the year-ago period’s levels.
Las Vegas Sands sports a Zacks Rank #1. LVS has a long-term earnings growth rate of 4.9%. The stock has increased 24.1% in the past year.
The Zacks Consensus Estimate for LVS’ 2023 sales and EPS indicates a rise of 100.8% and 217.5%, respectively, from the year-ago period’s estimated levels.
Playa Hotels carries a Zacks Rank #2 (Buy). PLYA has a trailing four-quarter earnings surprise of 19.4%, on average. Shares of the company have declined 8.1% in the past year.
The Zacks Consensus Estimate for PLYA’s 2023 sales and EPS indicates a rise of 7.9% and 34.7%, respectively, from the year-ago levels.
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Caesars Entertainment (CZR) Q4 Earnings Top Estimates, Rise Y/Y
Caesars Entertainment, Inc. (CZR - Free Report) reported mixed fourth-quarter 2022 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and the bottom line increased on a year-over-year basis. Following the results, shares of the company dropped 1.6% during the after-hour trading session on Feb 21.
Tom Reeg, chief executive officer of Caesars Entertainment, stated, “Our fourth quarter delivered another set of strong operating results as both our Las Vegas and Regional segments each set a new fourth quarter record for Adjusted EBITDA. Caesars Sportsbook delivered significantly improved operating results during the fourth quarter which sets the foundation for a strong 2023. Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead."
Earnings & Revenue Discussion
During the quarter, the company reported an adjusted loss of 11 cents per share, narrower than the Zacks Consensus Estimate of a loss of 18 cents. In the prior-year quarter, the company reported an adjusted loss of $1.14 per share.
Caesars Entertainment, Inc. Price, Consensus and EPS Surprise
Caesars Entertainment, Inc. price-consensus-eps-surprise-chart | Caesars Entertainment, Inc. Quote
Net revenues during the quarter came in at $2,821 million, missing the Zacks Consensus Estimate of $2,821.3 million. In the prior-year quarter, the company reported net revenues of $2,591 million.
Segmental Performance
During the fourth quarter, net revenues from the Las Vegas segment came in at $ 1,154 million compared with $1,040 million reported in the year-ago quarter. The segment’s adjusted EBITDA amounted to $537 million compared with $483 million reported in the prior-year quarter.
Coming to the Regional segment, net revenues during the quarter came in at $1,356 million compared with $1,364 million reported in the year-ago quarter. The segment’s adjusted EBITDA came in at $443 million compared with the $430 million reported in the prior-year quarter.
Net revenues in the Caesars Digital segment in the fourth quarter came in at $237 million compared with $116 million in the prior-year quarter. The segment’s adjusted EBITDA totaled $(5) million compared with the $(305) million reported in the year-ago quarter.
In the Managed and Branded segment, net revenues during the quarter came in at $72 million, flat year over year. The segment’s adjusted EBITDA came in at $20 million compared with the $18 million reported in the prior-year quarter.
Balance Sheet
As of Dec 31, 2022, the company’s cash and cash equivalents came in at $1,038 million compared with $1,070 million as on Dec 31, 2021.
Net debt, as of Dec 31, 2022, stood at $12,047 million compared with $13,253 million as of Dec 31, 2021.
Zacks Rank & Key Picks
Caesars Entertainment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Some better-ranked stocks in the Zacks Consumer Discretionary sector are OneSpaWorld Holdings Limited. (OSW - Free Report) , Las Vegas Sands Corp. (LVS - Free Report) and Playa Hotels & Resorts N.V. (PLYA - Free Report) .
OneSpaWorld currently sports a Zacks Rank #1. OSW has a trailing four-quarter earnings surprise of 84.2%, on average. Shares of the company have increased 10.5% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and earnings per share (EPS) indicates a rise of 24.5% and 87.5%, respectively, from the year-ago period’s levels.
Las Vegas Sands sports a Zacks Rank #1. LVS has a long-term earnings growth rate of 4.9%. The stock has increased 24.1% in the past year.
The Zacks Consensus Estimate for LVS’ 2023 sales and EPS indicates a rise of 100.8% and 217.5%, respectively, from the year-ago period’s estimated levels.
Playa Hotels carries a Zacks Rank #2 (Buy). PLYA has a trailing four-quarter earnings surprise of 19.4%, on average. Shares of the company have declined 8.1% in the past year.
The Zacks Consensus Estimate for PLYA’s 2023 sales and EPS indicates a rise of 7.9% and 34.7%, respectively, from the year-ago levels.