Shares of Caesars Entertainment (CZR) - Get Caesars Entertainment Inc. Report came up black on Thursday after the casino and gaming company reported a first-quarter loss that was wider than a year ago but higher revenue.
Caesars shares gained nearly 5% to $9.55 in trading on the Nasdaq Stock Market after the company reported a quarterly loss of $217 million, or 32 cents a share, vs. a loss of 34 million, or 5 cents a share, a year earlier.
Analysts expected a loss of 17 cents a share in the period.
Revenue rose to $2.12 billion from $1.97 billion a year ago, "driven primarily by a $52 million increase in Las Vegas net revenue and an $84 million increase in other U.S. net revenue resulting from the acquisition of Centaur," the company said.
Excluding Centaur, other U.S. net revenue was $884 million for the first quarter, a decrease of $42 million from 2018 primarily due to increased competition in Atlantic City and inclement weather at the casino operator's other properties, which resulted in prolonged closures.
Caesars announced in mid-April that Anthony Rodio has been named CEO, replacing Mark Frissora, who was pushed to the exit door by billionaire activist investor Carl Icahn as part of an effort to turn the ailing company around and sell it. Icahn controls 18% of Caesars.
The company also said it has formed a so-called transaction committee to work with bankers at PJT Partners to "evaluate various paths for enhancing shareholder value, including continuing to operate as an independent public company."