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Caesars Leads Drop in Casinos on Room Rate Pressure in Vegas

August 01
16:51 2018

Caesars Leads Drop in Casinos on Room Rate Pressure in VegasCaesars Entertainment Corp. led casino stocks lower, posting the largest drop since a 2017 debt restructuring after warning that tough conditions in Las Vegas will mean little or no growth in hotel revenue this quarter. Fewer big events and pressure on room rates for leisure travelers are putting a damper on the outlook, Caesars executives said Wednesday on an earnings call. Competition in Atlantic City, New Jersey, is also heating up, the company said.


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