Caesars Entertainment Misses Fourth-Quarter Estimates

Casino operator Caesars Entertainment posts wider-than-expected loss.
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Caesars Entertainment  (CZR) - Get Report reported a wider-than-expected loss Tuesday even as fourth-quarter revenue rose.

The casino operator reported a loss per share of 45 cents on net revenue $2.17 billion.

The company had expected the company to lose 10 cents a share, on sales of $2.1 billion, based on a FactSet survey of 10 analysts.

In the same period a year ago the company posted earnings of 25 cents a share on sales of $2.1 billion.

"Caesars' results were largely driven by the strong demand at our Las Vegas properties, excellent cost controls, and the addition of sports betting in several states which drove increased visitation,” Tony Rodio , president and CEO, said in a statement. 

Shares of Caesars fell 21 cents, or 1.6%, to $13.10 in after-hours trading. During the regular session the stock fell 5% amid the widespread selloff on Wall Street driven by fears the coronavirus could push the global economy into recession.