Caesars Q2 Miss Laid To Atlantic City; Other 'Regional' Markets

Caesars Entertainment (NASDAQ: CZR) missed second-quarter estimates as strong performance at its Las Vegas properties was outweighed by weakness in Atlantic City and other regional markets, the company said Monday.

Caesars fell nearly five percent in the extended session, recently trading at $13.00 a share.

Chief Executive Gary Loveman said future expansion in Baltimore and potentially in South Korea, plus plans to reduce debt will "produce a positive impact on our business."

Net income fell 19 percent partly on a charge related to previous acquisitions as well as higher operating expense and increased write-downs for exiting Iowa dog raging.

Revenue increased three percent from a year earlier, driven by growth in the social and mobile gaming business of Caesars Interactive, partly offset by a 1.9 percent decline in casino revenue.

Cost cutting saved $25.7 million in the recent quarter 2014, and the company expects further annual cost-savings of $135 million

The company posted a second-quarter net loss of $466.4 million or $3.24 a share, versus a year-earlier loss of $212.2 million, or $1.65 a share. Revenue grew to $2.18 billion, from $2.12 billion.

The net loss from continuing operations was $3.06 a share. Analysts expected a loss of $1.19 a share on revenue of $22.22 billion.