Caesars Entertainment Beats Profit Estimates on Strong Demand in Las Vegas

📆 10/31/2023 9:08 PM
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Caesars Entertainment,Profit,Las Vegas

Caesars Entertainment reported higher-than-expected profits in the third quarter, driven by steady demand in Las Vegas casinos. The shift in consumer spending towards experiences has benefited casino operators like Caesars. Convention attendance in Las Vegas also saw a significant increase, contributing to the company's revenue growth.

- Caesars Entertainment beat third-quarter profit estimates on Tuesday, as steady demand in Las Vegas casinos helped boost revenue.

Discretionary consumer spending has been shifting away from goods and towards experiences, profiting casino operators such as Caesar's Entertainment. Las Vegas-based casino operators benefited from a 64.3% year-on-year rise in convention attendance in August, according to data from the Las Vegas Convention and Visitors Authority.

Caesars reported a profit of 34 cents per share for the quarter ended Sept. 30, compared with analysts' expectations of 29 cents. Total quarterly revenue was about $3 billion, up 3.7% from a year earlier. Analysts, on average, were expecting revenue of $2.93 billion in the third quarter, as per LSEG data.

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