Caesers is getting mauled after warning of a slowdown in Las Vegas (CZR)

Caesars Las Vegas

  • 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.

Caesars

 

Join the conversation about this story »

NOW WATCH: The CEO of one of the largest health insurers in the US explains the problem with healthcare in America

Read the full article from it’s original source: http://uk.businessinsider.com/caesers-stock-price-earnings-call-las-vegas-revenue-2018-8

Share this
Share on FacebookTweet about this on TwitterShare on Google+Pin on PinterestShare on LinkedInShare on Reddit