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Caesars Entertainment (CZR) Q4 Earnings & Revenues Lag Estimates
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Caesars Entertainment, Inc. (CZR - Free Report) reported fourth-quarter 2023 results, wherein both earnings and revenues missed their respective Zacks Consensus Estimate. The company's earnings missed the consensus mark after beating in each of the preceding five quarters.
Following the results, shares of this diversified gaming and hospitality company lost 0.8% in the after-market trading session on Feb 20.
Earnings & Revenue Discussion
During the quarter, the company recorded adjusted loss per share of 34 cents, wider than the Zacks Consensus Estimate of a loss of 3 cents. In the prior-year quarter, the company reported EPS of 70 cents.
Net revenues during the quarter were $2,825 million, which missed the consensus estimate of $2,850 million by 0.2%. In the prior-year quarter, the company generated net revenues of $2,821 million.
Caesars Entertainment, Inc. Price, Consensus and EPS Surprise
During the fourth quarter, net revenues in the Las Vegas segment totaled $1.09 billion, down from $1.36 billion in the year-ago quarter. The segment’s adjusted EBITDA amounted to $489 million compared with $537 million in the prior-year quarter.
In the Regional segment, quarterly net revenues were $1.36 billion, down 0.5% year over year. The segment’s adjusted EBITDA reached $431 million compared with $443 million in the prior-year quarter.
Fourth-quarter net revenues in the Caesars Digital segment were $304 million, up from $237 million in the prior-year quarter. The segment’s adjusted EBITDA totaled $29 million compared with $(5) million in the year-ago quarter.
In the Managed and Branded segment, net revenues during the quarter were $68 million, down from $72 million in the prior-year quarter. The segment’s adjusted EBITDA was $18 million compared with $20 million in the prior-year quarter.
Net fourth-quarter revenues in the Corporate and Other segment were $(1) million compared with $2 million in the prior-year period. This segment’s adjusted EBITDA totaled $(37) million compared with $(38) million in the year-ago quarter.
Balance Sheet
As of Dec 31, 2023, Caesars Entertainment’s cash and cash equivalents were $1 billion, down from $1.04 billion as of Dec 31, 2022.
Net debt, as of Dec 31, 2023, was $11.43 billion, down from $12.05 billion as of Dec 31, 2022.
Zacks Rank & Key Picks
Caesars Entertainment currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector have been discussed below.
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 26.4%, on average. Shares of RCL have surged 61.1% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 14.1% and 44%, respectively, from the year-ago levels.
H World Group Limited (HTHT - Free Report) currently flaunts a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 94.5%, on average. The stock fell 28.5% in the past year.
The Zacks Consensus Estimate for HTHT’s 2024 sales and EPS indicates an improvement of 7.2% and 7.1%, respectively, from the year-ago levels.
Playa Hotels & Resorts N.V. (PLYA - Free Report) carries a Zacks Rank #2 (Buy) at present. It has a trailing four-quarter earnings surprise of 346.7%, on average. The stock has risen 9.8% in the past year.
The Zacks Consensus Estimate for PLYA’s 2024 sales indicates an increase of 3.4% from the year-ago level.
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Caesars Entertainment (CZR) Q4 Earnings & Revenues Lag Estimates
Caesars Entertainment, Inc. (CZR - Free Report) reported fourth-quarter 2023 results, wherein both earnings and revenues missed their respective Zacks Consensus Estimate. The company's earnings missed the consensus mark after beating in each of the preceding five quarters.
Following the results, shares of this diversified gaming and hospitality company lost 0.8% in the after-market trading session on Feb 20.
Earnings & Revenue Discussion
During the quarter, the company recorded adjusted loss per share of 34 cents, wider than the Zacks Consensus Estimate of a loss of 3 cents. In the prior-year quarter, the company reported EPS of 70 cents.
Net revenues during the quarter were $2,825 million, which missed the consensus estimate of $2,850 million by 0.2%. In the prior-year quarter, the company generated net revenues of $2,821 million.
Caesars Entertainment, Inc. Price, Consensus and EPS Surprise
Caesars Entertainment, Inc. price-consensus-eps-surprise-chart | Caesars Entertainment, Inc. Quote
Segmental Performance
During the fourth quarter, net revenues in the Las Vegas segment totaled $1.09 billion, down from $1.36 billion in the year-ago quarter. The segment’s adjusted EBITDA amounted to $489 million compared with $537 million in the prior-year quarter.
In the Regional segment, quarterly net revenues were $1.36 billion, down 0.5% year over year. The segment’s adjusted EBITDA reached $431 million compared with $443 million in the prior-year quarter.
Fourth-quarter net revenues in the Caesars Digital segment were $304 million, up from $237 million in the prior-year quarter. The segment’s adjusted EBITDA totaled $29 million compared with $(5) million in the year-ago quarter.
In the Managed and Branded segment, net revenues during the quarter were $68 million, down from $72 million in the prior-year quarter. The segment’s adjusted EBITDA was $18 million compared with $20 million in the prior-year quarter.
Net fourth-quarter revenues in the Corporate and Other segment were $(1) million compared with $2 million in the prior-year period. This segment’s adjusted EBITDA totaled $(37) million compared with $(38) million in the year-ago quarter.
Balance Sheet
As of Dec 31, 2023, Caesars Entertainment’s cash and cash equivalents were $1 billion, down from $1.04 billion as of Dec 31, 2022.
Net debt, as of Dec 31, 2023, was $11.43 billion, down from $12.05 billion as of Dec 31, 2022.
Zacks Rank & Key Picks
Caesars Entertainment currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector have been discussed below.
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 26.4%, on average. Shares of RCL have surged 61.1% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 14.1% and 44%, respectively, from the year-ago levels.
H World Group Limited (HTHT - Free Report) currently flaunts a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 94.5%, on average. The stock fell 28.5% in the past year.
The Zacks Consensus Estimate for HTHT’s 2024 sales and EPS indicates an improvement of 7.2% and 7.1%, respectively, from the year-ago levels.
Playa Hotels & Resorts N.V. (PLYA - Free Report) carries a Zacks Rank #2 (Buy) at present. It has a trailing four-quarter earnings surprise of 346.7%, on average. The stock has risen 9.8% in the past year.
The Zacks Consensus Estimate for PLYA’s 2024 sales indicates an increase of 3.4% from the year-ago level.