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Caesars Entertainment beats Q3 profit estimates on steady demand in Las Vegas casinos

Published 10/31/2023, 04:45 PM
Updated 10/31/2023, 04:51 PM
© Reuters. FILE PHOTO: Las Vegas Strip casinos are seen from the 550 foot-tall (167.6 m) High Roller observation wheel, the tallest in the world, in Las Vegas, Nevada April 9, 2014. The wheel is the centerpiece of the $550 million Linq project, a retail, dining and
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(Reuters) - Caesars (NASDAQ:CZR) 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.

© Reuters. FILE PHOTO: Las Vegas Strip casinos are seen from the 550 foot-tall (167.6 m) High Roller observation wheel, the tallest in the world, in Las Vegas, Nevada April 9, 2014. The wheel is the centerpiece of the $550 million Linq project, a retail, dining and entertainment district by Caesars Entertainment Corp. REUTERS/Las Vegas Sun/Steve Marcus/File Photo

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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