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Caesars Entertainment Corporation (NASDAQ: CZR ) had an impressive quarter as the company turned a profit thanks to a one-time tax benefit.
For its fourth quarter of fiscal 2017, Caesars Entertainment reported earnings of $2 billion, or $2.48 per share. Analysts were calling for earnings of 8 cents per share, according to data compiled by FactSet .
Revenue amounted to $1.90 billion as the company kicks off its fiscal 2018 on a strong point, doubling its year-ago sales of $949 million. Analysts were projecting revenue of $1.99 billion, according to FactSet.
Caesar Entertainment's Las Vegas revenue per available room (RevPAR) was flat year-over-year at $124, while its Las Vegas Strip market RevPAR fell 3% year-over-year. The casino operator's marketing expense fell 4% year-over-year due to a 52 basis-point improvement in its marketing efficiency.
"Same-store gaming revenues increased company-wide for the full year despite unfavorable hold of approximately $80 million," said Mark Frissora, President and CEO.
For its fiscal 2017, the casino chain posted a net loss of $375 million, while net revenues tallied up to $4.85 billion. Caesar Entertainment's same-store net revenues were flat year-over-year at $8.12 billion.
CZR stock surged 3.6% after the bell Wednesday.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
