(Reuters) – Caesars Entertainment Inc. on Tuesday reported first-quarter results that missed market expectations. Record occupancy from Super Bowl and Chinese New Year visitors was offset by lower table holdings in the Las Vegas division.
The company's stock fell about 3% in extended trading hours.
Despite a surge in visitors to Las Vegas due to the Super Bowl, the biggest sporting event in the United States, Caesars reported declines in its gaming business as well as non-gaming segments such as food and retail.
“Caesars Digital delivered strong revenue growth despite lower-than-expected online sports growth due to unfavorable results from the Super Bowl and March Madness,” CEO Tom League said in a statement. Ta.
The casino operator, which operates Caesars Atlantic City and Caesars Palace, is benefiting from a shift in consumer spending toward services.
But profits from U.S. real estate, including Las Vegas, are down from last year's highs due to higher food and beverage costs as well as hotel operations.
Regional sales were affected by severe winter weather in the first two months of the year.
The casino giant reported a loss of $0.73 per share, compared to analysts' expectations of a loss of $0.07 per share.
Revenue for the quarter ended Dec. 31 was $2.74 billion, below expectations of $2.84 billion, according to LSEG data.
(Reporting by Anandita Mehrotra in Bengaluru; Editing by Pooja Desai)