Wynn, Caesars report latest brutal casino earnings
Monday 09 de November 2020 / 07:17
⏱ 1 min read
(Las Vegas).- The global pandemic has been devastating to casino stocks in 2020, and two top Las Vegas operators have reported some disappointing third-quarter earnings numbers as investors continue to hope the casino recovery will start picking up steam heading into 2021.
On Thursday, Caesars Entertainment reported a third-quarter EPS loss of $6.09, far worse than the $2.03 loss analysts were expecting. Caesars also reported $1.37 billion in revenue, missing consensus analyst estimates by $360 million. Caesars’ revenue was up 106.6% compared to a year ago following the acquisition of Eldorado Resorts earlier this year.
Bank of America analyst Shaun Kelley said the Caesars turnaround story is still in the early innings. “As a whole, CZR remains confident in its ability to drive meaningful margin expansion across the proforma structure, and reiterated its 35-40% margin target, while the deal with WMH will provide CZR with more exposure to the Sports/iGaming themes,” Kelley wrote in a note.
Bank of America has a Neutral rating and $65 price target for Caesars.
Also on Thursday, Wynn Resorts, Limited reported an adjusted third-quarter EPS loss of $7.04, well short of the $3.89 loss analysts were expecting. Third-quarter revenue of $370.4 million also missed analyst estimates by $64 million. Revenue was down 77.5% from a year ago.
Despite the lackluster top- and bottom-line numbers, Kelley said Wynn’s operating results in Las Vegas, Boston and Macau were encouraging.
“Bottom line, Wynn is back to EBITDA positive across all of its geographies, which reduces cash burn and raises optionality,” Kelley said.
Bank of America has a Buy rating and $95 price target for Wynn.
Categoría:Casino
Tags: Sin tags
País: United States
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