Caesars Entertainment beats Q3 profit estimates on steady demand in Las Vegas casinos
© Reuters. FILE PHOTO: Las Vegas Strip casinos are seen from the 550 foot-tall High Roller observation wheel, the tallest in the world, in Las Vegas, Nevada April 9, 2014. The wheel is the centerpiece of the $550 million Linq project, a retail, dining andDiscretionary consumer spending has been shifting away from goods and towards experiences, profiting casino operators such as Caesar's Entertainment.
Las Vegas-based casino operators benefited from a 64.3% year-on-year rise in convention attendance in August, according to data from the Las Vegas Convention and Visitors Authority. Caesars reported a profit of 34 cents per share for the quarter ended Sept. 30, compared with analysts' expectations of 29 cents.
Total quarterly revenue was about $3 billion, up 3.7% from a year earlier. Analysts, on average, were expecting revenue of $2.93 billion in the third quarter, as per LSEG data.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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