Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Cambium Networks Corporation (CMBM) has seen a remarkable increase of 306%, trading at $2.51 [3] - Teradyne, Inc. (TER) is up 21%, currently priced at $176.00 [3] - Bloom Energy Corporation (BE) has risen by 18%, trading at $134.50 [3] - Jamf Holding Corp. (JAMF) is up 15%, with a price of $12.85 [3] - CSG Systems International, Inc. (CSGS) has increased by 14%, trading at $79.00 [3] - Olympic Steel, Inc. (ZEUS) is also up 14%, currently priced at $34.20 [3] - Beta Bionics, Inc. (BBNX) has risen by 12%, trading at $27.20 [3] - Sonim Technologies, Inc. (SONM) is up 10%, currently priced at $12.49 [3] - Canadian Solar Inc. (CSIQ) has increased by 9%, trading at $16.67 [3] - Interlink Electronics, Inc. (LINK) is also up 9%, currently priced at $6.85 [3] Premarket Losers - Stride, Inc. (LRN) has experienced a significant decline of 41%, trading at $89.44 [4] - Varonis Systems, Inc. (VRNS) is down 29%, currently priced at $44.71 [4] - Akebia Therapeutics, Inc. (AKBA) has decreased by 26%, trading at $2.26 [4] - Avantor, Inc. (AVTR) is down 17%, currently priced at $12.40 [4] - GlucoTrack, Inc. (GCTK) has seen a decline of 13%, trading at $6.29 [4] - Tigo Energy, Inc. (TYGO) is down 13%, currently priced at $2.20 [4] - Generac Holdings Inc. (GNRC) has decreased by 9%, trading at $172.00 [4] - Polar Power, Inc. (POLA) is down 8%, currently priced at $3.71 [4] - Caesars Entertainment, Inc. (CZR) has seen a decline of 7%, trading at $20.50 [4] - Anteris Technologies Global Corp. (AVR) is also down 7%, currently priced at $4.46 [4]

Core Insights - Caesars Entertainment reported third-quarter earnings that fell short of estimates, leading to a decline in early trading [2] - The company's revenue remained flat year-over-year at $2.87 billion [2] Revenue Performance - Regional casinos experienced a revenue increase of 6.2% during the quarter [2] - The performance of Las Vegas casinos was not specified but implied to be less favorable compared to regional counterparts [2]

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Core Insights - Caesars Entertainment reported a revenue of $2.87 billion for the quarter ended September 2025, reflecting a slight decline of 0.2% year-over-year and a miss of 0.68% against the Zacks Consensus Estimate of $2.89 billion [1] - The company's earnings per share (EPS) was -$0.27, a significant drop from -$0.04 in the same quarter last year, resulting in an EPS surprise of -145.45% compared to the consensus estimate of -$0.11 [1] Financial Performance Metrics - In Las Vegas, the table game drop was reported at $658 million, below the average estimate of $717.4 million, while the table game hold was 17.4%, lower than the estimated 19.5% [4] - The slot handle in Las Vegas was $2.54 billion, missing the average estimate of $2.62 billion [4] - Caesars Digital's iGaming handle was $4.76 billion, compared to the estimated $5.03 billion, with an iGaming hold of 3.6%, matching the estimates [4] - The sports betting hold for Caesars Digital was 7.8%, exceeding the average estimate of 7.1% [4] - Net revenues from Las Vegas were $952 million, significantly below the average estimate of $1 billion, marking a year-over-year decline of 10.4% [4] - Regional net revenues were reported at $1.54 billion, slightly above the average estimate of $1.48 billion, reflecting a year-over-year increase of 6.2% [4] - Caesars Digital net revenues were $311 million, below the average estimate of $325.06 million, but showing a year-over-year growth of 2.6% [4] - Managed and branded net revenues reached $73 million, surpassing the average estimate of $69.07 million, with a year-over-year increase of 7.4% [4] - Corporate and other net revenues were reported at -$3 million, worse than the estimated -$1.7 million, representing a 40% decline year-over-year [4] - Las Vegas casino net revenues were $260 million, below the average estimate of $270.53 million, indicating an 11.6% year-over-year decrease [4] Stock Performance - Over the past month, shares of Caesars Entertainment have declined by 19.1%, contrasting with a 3.6% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Caesars Entertainment (CZR) came out with a quarterly loss of $0.27 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to a loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -145.45%. A quarter ago, it was expected that this casino and resort operator would post earnings of $0.07 per share when it actually produced a loss of $0.39, delivering a surprise of -657.14%.Over the last four qu ...

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [5][6] - Regional EBITDA grew by 4% on a hold-normalized basis during the quarter [8] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [7][8] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [10] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [11] - The Las Vegas segment experienced a decline in average daily rate (ADR) by 5% due to city-wide visitation weakness [7] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [7] - The Las Vegas segment faced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [6][15] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx investments at the Flamingo Las Vegas exceeding return expectations [8] - Upcoming projects include a new Omnia Day Club at Caesars Palace and the rebranding of The Cromwell to the Vanderpump Hotel [8] - The company aims to drive 20% top-line growth with 50% flow-through to EBITDA, maintaining a focus on spending efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [15][18] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [7][18] - Management expressed confidence in the regional segment's performance, with solid demand and improved marketing flow-through [19][20] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing its share base by 6% [14] - The balance sheet remains strong, with a weighted average cost of debt just over 6% [14] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates better than in Q3 [22][24] Question: Regional performance and promotional strategy - Management expects improved flow-through from marketing strategies as they refine their approach and focus on effective promotions [25][28] Question: Digital segment performance and customer acquisition - Management noted that higher acquisition marketing spend was expected and resulted in increased customer acquisition, although it impacted flow-through in the short term [51][52] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and the impact of upcoming conferences on performance in 2026 [46][47] Question: Impact of prediction markets on digital segment - Management has not seen significant impact from prediction markets yet and is monitoring the situation closely [60][62]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [5][6] - Regional EBITDA grew 4% on a hold-normalized basis during the quarter, while Las Vegas segment reported same-store adjusted EBITDA of $379 million [7][8] - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, with a total of nearly $400 million repurchased since mid-2024 [14] Business Line Data and Key Metrics Changes - The Digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [10][11] - The Las Vegas segment faced a decline in occupancy to 92% from 97% last year, with ADR decreasing by 5% due to weaker city-wide visitation [7][8] - The Digital segment saw a 29% net revenue growth in iCasino, driven by increased volume and average monthly active users [11] Market Data and Key Metrics Changes - Regional revenues increased year-over-year, particularly in Danville and New Orleans, contributing to the overall growth in the regional segment [7][8] - The Las Vegas market experienced a soft summer, with occupancy down about 5 percentage points, impacting overall performance [15][18] - The company noted that the group room night mix is expected to increase to 17% in Q4, indicating a recovery in group business [7][8] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx projects exceeding return expectations, including new attractions and renovations in Las Vegas [8][9] - Management emphasized the importance of refining marketing strategies to enhance customer engagement and drive returns on investments [9][19] - The company aims to achieve 20% top-line growth with 50% flow-through to EBITDA, maintaining a strong outlook for the Digital segment [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the Las Vegas market due to softer leisure demand but expressed optimism for recovery in Q4 and beyond [15][18] - The company is monitoring the regulatory environment regarding prediction markets and is prepared to adapt its strategy as needed [60][62] - Management highlighted the importance of customer experience and service quality as key drivers of success in a competitive landscape [9][19] Other Important Information - The company is on track to complete phase two of the master plan at Caesars Republic Lake Tahoe by mid-2026, indicating ongoing investment in regional properties [9] - The company plans to continue using its strong free cash flow for debt reduction and stock repurchases, maintaining a balanced approach [14][20] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management noted that leisure demand is improving, with group activity helping to compress rates better than in Q3 [22][24] Question: Regional performance and promotional strategies - Management expects improved flow-through from marketing strategies as they refine their approach and focus on effective promotions [25][27] Question: Future outlook for Las Vegas - Management indicated that the key question for 2026 is whether leisure demand will continue to recover or stall [45][46] Question: Digital segment performance and customer acquisition - Management acknowledged the impact of game outcomes on performance and emphasized the importance of customer acquisition strategies moving forward [48][49] Question: Regulatory environment and prediction markets - Management is closely monitoring the regulatory landscape and is prepared to adapt to changes regarding prediction markets [71][72] Question: Impact of city ad campaigns on demand - Management confirmed that recent ad campaigns were effective in stimulating demand and indicated ongoing efforts to promote value in Las Vegas [75][76] Question: M&A activity and asset sales - Management stated they are open to discussions regarding M&A opportunities but are not actively marketing any Vegas assets [78][79] Question: Operational expenses and budgeting for 2026 - Management highlighted labor as a key focus area for optimization as they budget for the upcoming year [82][83]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [4][5] - Regional EBITDA grew 4% on a hold-normalized basis during the quarter [7] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [5][6] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [9] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [10] - The Las Vegas segment faced challenges with a 5% decrease in average daily rate (ADR) due to city-wide visitation weakness [5][13] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [5][8] - The Las Vegas market experienced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [5][13] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx projects exceeding return expectations and plans for new developments in Las Vegas [6][8] - The digital segment aims for a 20% top-line growth with a 50% flow-through to EBITDA, maintaining long-term growth targets [11][12] - The company is refining its marketing approach to enhance customer engagement and improve returns on investments [8][19] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [13][16] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [5][6] - Management expressed confidence in the Las Vegas market's fundamentals, despite recent challenges [31][32] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing the share base by 6% [12] - The weighted average cost of debt is just over 6%, with plans to use free cash flow for debt reduction and stock repurchases [12] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates and occupancy [21][22] Question: Regional performance and marketing strategies - Management expects improved flow-through as marketing strategies are refined, focusing on effective promotions without entering a promotional war [24][25] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and upcoming conferences that could drive significant EBITDA [39][40] Question: Digital segment performance and customer acquisition - Management noted that Q4 is expected to be strong due to football season, with marketing spend returning to normal levels [58][60] Question: Regulatory environment and prediction markets - Management is monitoring the regulatory landscape for prediction markets and is prepared to act if opportunities arise [64][66]

Core Insights - The casino operator reported a loss of $55 million in the quarter, which is a significant increase from a loss of $9 million in the same quarter a year earlier [1] Financial Performance - The current quarter's loss of $55 million represents a substantial deterioration in financial performance compared to the previous year's loss of $9 million, indicating a decline in profitability [1]

Company Performance & Financials - Caesars Digital generated approximately $13 billion of TTM Net Revenue and $171 million of TTM Adjusted EBITDA[14] - Q3 '25 TTM Adjusted EBITDA for Caesars Digital is 36% above Q3 '24 TTM[14] - Las Vegas center Strip assets generated approximately $1 billion of TTM Adjusted EBITDA[29] - Approximately $31 billion of capital spend in regional properties since closing of the Eldorado & Caesars merger in July 2020[34] - Since Q2 2024, Caesars has repurchased ~6% of shares outstanding totaling $391 million[54] - Q3 2025 Adjusted EBITDA was $884 million, with an Adjusted EBITDA margin of 308%[112, 113] Digital Growth - iGaming net gaming revenue increased by 30% YoY in Q3 2025, and 84% YoY in Q3 2024[77] - iGaming experienced a 2-Year Stack growth of +139%[77] - Monthly Unique Payers (MUPs) for Caesars Digital reached 458,434, a 15% YoY growth in Q3 '25 vs Q3 '24[75] Expansion & Investments - Caesars is developing Harrah's Oklahoma, expected to open in Q2 2026, increasing Caesars Rewards exposure to over 2 million adults within driving distance[37] - Caesars Republic Sonoma County is under development, expected to open in late 2027, giving Caesars Rewards exposure to over 6 million adults within 150 miles[40]