Benzinga | Nov 3, 2021 09:16AM EDT

Caesars Entertainment Clocks 86% Revenue Growth In Q3, Tops Consensus

* Caesars Entertainment Inc (NASDAQ:CZR) reported third-quarter FY21 sales growth of 86% year-on-year, to $2.69 billion, beating the analyst consensus of $2.62 billion.

* Revenue from casinos and pari-mutuel commissions increased 53.9% Y/Y to $1.5 billion, Food and Beverage rose 173.2% to $347 million and Hotel revenue grew 155.5% to $511 million.

* The operating expenses rose 36.8% Y/Y to $2.2 billion.

* The operating margin was 19.8%, and operating income for the quarter was $532 million.

* Same-store Adjusted EBITDA of $882 million rose 103.7% Y/Y.

* EPS loss per share was $(1.10) versus $(6.09) last year.

* Caesars Entertainment held $14.1 billion in net debt as of September 30, 2021. It had $1.1 billion in cash and equivalents as of September 30, 2021.

* Price Action: CZR shares closed lower by 0.29% at $111.74 on Tuesday.