Caesars Entertainment Inc. shares spiked in after-hours trading Tuesday after the casino company revealed another big loss in the first quarter, but outlined a strong rebound in the works in Las Vegas.
Caesars CZR, -1.42% revealed a loss of more than $400 million in the first three months of the year Tuesday, an improvement from starker losses earlier in the COVID-19 pandemic. But executives outline positive trends late in the quarter and early in the current period on a conference call later in the day.
Total occupancy for Q1 was 63%, with weekends at 85% and mid-week at 52%. March total occupancy was 77% and April was 84%, President and Chief Operating Officer Anthony Carano said on the call, with Chief Executive Tom Reeg later adding that Caesars expects the 84% occupancy rate in April to improve in May and June.
Weekends in Las Vegas are sold out for the foreseeable future, Carano added.
If you look at April obviously, these are preliminary results on May 4th [and] frankly, they tend to typically move up after our preliminary results but in April, we did over $300 million of consolidated Ebitda as a company, Reeg said. That was more than 25% ahead of 2019 numbers.