Shares of casino major Caesars Entertainment (NASDAQ:CZR) ticked higher in the early session today after the company provided preliminary fourth-quarter results. Net revenue is seen hovering between $2,815 million and $2,835 million. For reference, analysts are expecting the company to post an EPS of $0.15 on revenue of $2.91 billion.
Further, Caesars expects its net loss in Q4 to be in the range of -$157 million to -$4 million. It had incurred a net loss of $148 million in the year-ago period. In addition, the company’s estimated adjusted EBITDA range of $920 million to $940 million points to a contraction over last year’s tally of $957 million.
Notably, the occupancy rate in the Las Vegas segment during the quarter improved to 97.9% from 95.5%. On the other hand, construction bottlenecks at the Versailles Tower at Paris Las Vegas and the Colosseum Tower at Caesars Palace meant 65,000 fewer available room nights.
Is Caesars a Good Stock to Buy?
Overall, the Street has a Strong Buy consensus rating on Caesars Palace. Following a nearly 16% slide in the company’s share price over the past six months, the average CZR price target of $61.91 implies a substantial 40.1% potential upside in the stock.
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