Caesars Entertainment, Inc. (NASDAQ: (CZR) stock plunged by 0.29% at the last close while the CZR stock price declines by 4.08% in the after-hours trading session. Caesars Entertainment, Inc. is the biggest casino-entertainment corporation in the United States, as well as one of the most varied casino-entertainment companies in the world. Caesars Entertainment has expanded through the creation of new resorts, expansions, and acquisitions since its founding in 1937 in Reno, Nevada.
CZR stock’ Financial Highlights
Caesars Entertainment announced its financial outcomes for the third quarter of 2021. Given below are the highlights.
- The GAAP net income for the third quarter of 2021 was $2.7 billion whereas it was $1.4 billion for the third quarter of 2020.
- The company has reported its GAAP net loss was $233 million for Q3 of 2021 relative to a net loss of $926 million for the third quarter of 2020.
- Same-store Adjusted EBITDA was $882 million, compared to $433 million in the prior-year period.
- Same-store Adjusted EBITDA of $1.0 billion, excluding the Caesars Digital unit, compared to $420 million in the prior-year period.
Also,
- Sandra Douglass Morgan has been appointed to the company’s Board of Directors, beginning November 7, 2021.
- The company has produced a new CSR report that highlights ESG accomplishments and has been updated.
Tom Reeg, CEO of Caesars Entertainment, stated,
The third-quarter operating performance includes a new third-quarter EBITDA peak for their Las Vegas segment and an all-time quarterly EBITDA record for their regional segment. They are delighted by the early results of their rebranded Caesars Sportsbook launch, and they plan to expand into more states by the end of the year and in 2022.
Bret Yunker, Chief Financial Officer commented,
On a year-to-date basis, as of October 19th, 2021, they have returned a total of $975 million in traditional debt. The pro forma interest expenditure has been lowered by about $75 million on an annual basis when joined with the repricing and issuance of lower-cost debt during the third quarter. Solid operating cash flows and planned asset sale profits are expected to help them reduce the debt even more.
