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Tuesday, April 23, 2024

What did Caesars Entertainment (CZR) show in its first-quarter earnings? – May 1, 2023


Caesars Entertainment (Czech Republic free report) program report First Quarter 2023 Results May 2, after the closing bell. In the last reported quarter, the company posted a surprise gain of 38.9%.

Trend in Estimate Revisions

The Zacks Consensus Estimate for the bottom line for the first quarter is 6 cents per share. In the year-ago period, CZR posted a loss of $2.11.

For revenue, the consensus estimate was $2.74 billion, up 19.5% from the figure reported a year earlier.

Let’s take a look at factors that could have impacted CZR’s performance during the quarter.

Factors to be aware of

Caesars Entertainment’s first-quarter results likely benefited from pent-up demand, retail sportsbook expansion and real estate development plans. Additionally, improving group and convention trends in Las Vegas and a resurgence in international travel likely helped the company’s performance in the quarter.

CZR is optimistic about booking trends as it has witnessed an increase in bookings for banquet and conference room accommodation. Management expects the upward trend in bookings to continue in 2023 and beyond.

Caesars Entertainment revealed that it is starting to see pre-COVID conferences and groups return to Las Vegas. It expects this trend to continue and strengthen the market with several new high-profile events coming up in 2023.

Our model predicts that total Las Vegas revenue will grow 11.9% YoY to $1.023 billion in Q1 2023. We expect regional revenue to grow 12.1% YoY to US$1,528 million.

However, increased investments in digital business (regarding product enhancements), competitive pricing strategy and lower holdings in certain markets may have impacted the company’s first-quarter results.

what our model shows

Our proven model predicts that Caesars Entertainment will beat earnings estimates this time around.an aggressive combination EarningsESP A Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.

Earnings ESP: CZR has an Earnings ESP of +85.29%.You can discover the best stocks to buy and sell before we report them to us Earnings ESP Filter.

ranking: CZR currently carries a Zacks Rank #3.you can see The full list of today’s Zacks #1 Rank stocks is here.

Other Stocks Poised to Beat Earnings Estimates

Here are some other Zacks stocks Consumer Discretionary Investors may consider the sectors of our model to indicate that these also have the right mix of elements to post earnings in the quarter to be reported:

Wynn Resorts Ltd. (Wynn free report) has an Earnings ESP of +111.38%, a Zacks Rank #2.

Shares of Wynn Resorts have risen 58% over the past year. WYNN’s earnings have beaten estimates in two of the past four quarters and missed estimates twice, with an average surprise of 0.6%.

Playa Hotels & Resorts Nevada (puglia free report) has an Earnings ESP of +40.22% and a Zacks Rank #1.

Shares of Playa Hotels & Resorts have risen 0.8% over the past year. PLYA’s earnings have beaten estimates in each of the trailing four quarters, with an average surprise of 419.4%.

hyatt hotel group (h free report) has an Earnings ESP of +56.57%, a Zacks Rank #3.

Hyatt shares have gained 20.4% over the past year. H’s earnings have beaten estimates in each of the trailing four quarters, with an average surprise of 1,380.7%.

Stay informed about upcoming earnings announcements Zacks Earnings Calendar.

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