Investing.com -- Shares in Caesars Entertainment Corporation (NASDAQ:CZR), the parent company of the famed Caesars Palace Las Vegas Hotel and Casino, fell more than 2% after the entertainment conglomerate posted mixed earnings and revenues for the second quarter on Tuesday.
For the company's second quarter which ended in late-June, Caesar's Entertainment posted earnings of $15 million or 0.10 per share, up significantly from the same period in 2014. Last year, during the same quarter Caesar's Entertainment reported a loss of $466 million due in part to "persistent softness," with its Atlantic City operations and a host of other resorts in smaller regional markets.
The losses widened to $908.1 million upon the completion of its third quarter of 2014 last November and $1.756 billion at the completion of its first quarter of fiscal year 2015 in March. The company attributed a comparatively strong period over the previous quarter to the opening of two of its new resorts – The Cromwell and the Horseshoe Baltimore.
"Second quarter performance system-wide was strong, delivering the best quarterly EBITDA margins since 2007," Caesars' Entertainment CEO Mark Frissora said in a statement. "These results demonstrate our ability to deliver growth while driving operational efficiencies. We are focused on growing the business, continually improving efficiency and expanding margins. To support further improvements in profitability, we plan to invest more in our hospitality assets across the system, which generate some of the highest capital returns across the Total Rewards network of properties."
While Caesars' reported a 17% increase in net revenues on the quarter to $1.14 billion, it still fell short of analysts' expectations for $1.9 billion in revenues during the three-month period.
Shares in Caesar's Entertainment inched down 0.14 or 2.62% to 5.34 in after-hours trading. Previously, Caesar's shares had plummeted more than 65% through Monday over the last 52-weeks.