Caesars Entertainment (CZR) - Get Report shares rose on Tuesday after the casino giant reported a modest bounce in revenue at its newly reopened regional casinos on the Gulf Coast and in Iowa and Missouri.
The report from Caesars comes as coronavirus lockdown restrictions are rolled back.
Caesars' stock price at last check rose 2.9% to $12.05 after the Las Vegas casino and hotel operator released early revenue results from casinos across the country that reopened in May and early June.
Caesars has seen its best results so far at its regional Gulf Coast casinos at Harrah's Louisiana Downs, Harrah's Gulf Coast, Harrah's Bossier City, and Horseshoe Tunica, as well as at Harrah's North Kansas City casino in Missouri and its Horseshoe Council Bluffs casino in Iowa
The company reported in an update filing with the U.S. Securities and Exchange Commission.
Caesars' regional casinos reopened on staggered dates from May 18 to June 1. For the period through June 10, revenue ranged from flat with to up 2% from the year-earlier period, the company reported.
Caesars regional casinos saw a much bigger jump, 60% to 70%, in operating income during the period.
By contrast, Caesars' casinos in Las Vegas, which depend heavily on an influx of tourists, vacationers and conventione=ers, have struggled to gain traction since they reopened over the past week.
The travel sector collapsed under the lockdowns and travel restrictions that governments put in place to fight the coronavirus.
Caesars reopened five casinos in Nevada on June 4 and 5, three of them in Las Vegas.
Revenue at Caesars' Las Vegas and Nevada casinos for the period through June 10 dropped 56% to 58% from the year-earlier periods, with operating income down 110% to 120%.