Caesers is getting mauled after warning of a slowdown in Las Vegas (CZR)
- Shares of Caesars Entertainment fell as much as 23% on Wednesday after the company forecast a slowdown in revenues from Las Vegas. They are currently down more than 13%.
- Revenue per available room at Las Vegas properties is expected to be flat to 2% higher in the third quarter, chief financial officer Eric Hession said during the second-quarter earnings call according to Bloomberg. That would be a slowdown from 3.5% growth in the most recent quarter.
- Trading of Caesar’s shares was halted three times because of the volatility of the move.
- Other casino stocks fell including Wynn Resorts (-4%) and MGM Resorts (-6%)
- Watch Caesars Entertainment trade in real time here.
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