Caesars Posts 61-Cent Q3 Loss Per Share as Fertitta Buyout Awaits FTC
CZR sits 62% above its 52-week low of $17.86.
Summary
Caesars reported a third-quarter loss of $123M, or 61 cents per share, on revenue of $2.94B, a negative print that follows a Q2 loss of $62M that already missed expectations. Revenue of USD 2,900 million came in below the IBES estimate of USD 2,960 million, and regional casino growth was stronger than at the Vegas properties. The results land while the company is in limbo: shareholders approved Tilman Fertitta's $31-per-share all-cash buyout on Sept. 23 with 65.4% support, and the deal now sits with the FTC, which issued a Second Request on Sept. 17 and extended the HSR waiting period. With the stock at $28.85, the market is pricing the deal at a discount to the $31 terms, so the operating loss matters less for valuation than the antitrust review does.
At the time of this announcement, CZR was trading at $28.85 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $5.9B. The 52-week trading range was $17.86 to $30.88. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.