Caesars Entertainment (NASDAQ:CZR) stock is higher by six percent in early trading Wednesday, a day after the gaming company delivered a blistering first-quarter earnings report — one including commentary that Las Vegas is roaring back to life.
The lobby of Caesars Palace Las Vegas. Caesars stock is soaring thanks to a strong profit outlook. (Image:
Business Insider)
The Paris operator notched earnings before interest, taxes, depreciation and amortization (EBITDA) of $505 million in the January through March period. That’s while noting its Las Vegas properties are sold out on weekends for the “foreseeable future,” according to CEO Tom Reeg. On a call with analysts, executives also highlighted debt reduction and cash flow generation targets, much to Wall Street’s delight.