Why Is Caesars Entertainment (CZR) Down 7.2% Since Last Earnings Report?

Core Viewpoint - Caesars Entertainment reported disappointing second-quarter 2024 earnings and revenues, missing estimates and showing a year-over-year decline, although the Las Vegas segment performed well with record same-store revenues and high occupancy rates [2][4]. Earnings & Revenue Discussion - The company reported breakeven earnings, missing the Zacks Consensus Estimate of 14 cents, compared to an adjusted EPS of 82 cents in the prior-year quarter [4]. - Net revenues for the quarter were $2.83 billion, missing the consensus estimate of $2.86 billion by 0.9%, down from $2.88 billion in the prior-year quarter [4]. Segmental Performance - Las Vegas segment net revenues totaled $1.1 billion, down from $1.13 billion year-over-year, but adjusted EBITDA increased to $514 million from $512 million [5]. - Regional segment net revenues were $1.38 billion, down 5.2% year-over-year, with adjusted EBITDA decreasing to $469 million from $508 million [6]. - Caesars Digital segment saw net revenues of $276 million, up 27.8% year-over-year, with adjusted EBITDA rising to $40 million from $11 million [7]. - Managed and Branded segment net revenues were $70 million, down from $72 million year-over-year, with adjusted EBITDA decreasing to $17 million from $19 million [7]. - Corporate and Other segment reported net revenues of $(2) million, with adjusted EBITDA totaling $(40) million compared to $(43) million in the prior-year quarter [8]. Balance Sheet - As of June 30, 2024, cash and cash equivalents were $830 million, down from $1 billion as of December 31, 2023 [9]. - Net debt increased to $11.60 billion from $11.43 billion as of December 31, 2023 [9]. Outlook - There has been an upward trend in estimates, with a consensus estimate shift of 32.01% [10]. - Caesars Entertainment holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [12].