NEW YORK (TheStreet) -- Caesars Entertainment (CZR) shares are declining, down 10.75% to $10.30 in after-hours trading on Monday, after the company released its third quarter earnings results after the closing bell today, reporting a net loss of $3.14 per diluted share on an adjusted basis, well short of analysts' expectations of a loss of $1.47 per diluted share.
Revenue for the quarter rose 6% to $2.21 billion which was in line with analysts' expectations.
Separately, the company also announced that Eric Hession, the company's senior vice president and treasurer, would be taking over as CFO effective January 1.
Hession will replace current CFO Donald Colvin who is set to retire from the company on December 31. The company stressed that the transition to the 40 year old Hession is not related to the company's financial condition and that there is no disagreement between Colvin and the company.
TheStreet Ratings team rates CAESARS ENTERTAINMENT CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CAESARS ENTERTAINMENT CORP (CZR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."