Caesars Entertainment Corporation (NASDAQ: CZR) leaped for the rafters last thing Friday, after the company reported Q3 results
The Las Vegas-based corporation came out with a news release at the end of Thursday’s session reporting that third-quarter net revenues increased $1.19 billion, from $0.99 billion to $2.19 billion, due to the inclusion of the results of CEOC, LLC, which emerged from bankruptcy in the fourth quarter of 2017, and the inclusion of the results of Centaur Holdings, LLC, which was acquired during the quarter.
Third-quarter operating profit increased 176%, or $148 million, from $84 million to $232 million.
Third-quarter net income attributable to Caesars was $110 million, compared to a net loss of $433 million in the prior year. Basic earnings per share totaled $0.16.
Among this year’s highlights: Caesars Entertainment completed the acquisition of Centaur in July. Moreover, Caesars Entertainment increased its Share Repurchase Program authorization to $750 million and repurchased approximately 28 million shares during the quarter for approximately $280 million.
Said CEO Mark Frissora, "We executed well during the quarter despite a challenging operating environment in Las Vegas and Atlantic City, and we are optimistic about the opportunities ahead.
"Despite soft demand in Las Vegas during the third quarter, our booking pace is up meaningfully in the fourth quarter and we expect to deliver approximately 4% to 6% adjusted EBITDAR growth for the full year."
Caesars stock rose 61 cents, or 6.9%, to $9.46.
