CZR 1Q REPORT CARD

In an effort to evaluate performance and as a follow up to our YouTube, we compare how the quarter measured up to previous management commentary and guidance.



OVERALL:  WORSE - Despite high hold, Las Vegas looked surprisingly weak with cash ADR and spend per trip struggling.

 

Here is the report card evaluating actual results against management's previous assertions.  

  • LAS VEGAS
      • INTERNATIONAL BUSINESS STRENGTH
        • SAME:  international segment continues to be strong
      • CUSTOMER SPEND
        • WORSE:  spend per trip fell 1.7% YoY.  CZR mentioned previously that they were cautiously optimistic on customer spending in 2012; they continue to hold that view going forward.
      • IMPROVED RATE ENVIRONMENT
        • WORSE:  cash ADR was worse than expected 
  • MORE CUSTOMER TRIPS
    • SAME:  on a consolidated basis, customer trips increased 1.4% YoY, in-line with CZR's outlook on seeing more customer trips overall.
  • WEAK LA/MS REGION OUTLOOK
    • BETTER:  revenues rose 6% YoY while customer trips rose in 1Q. 
  • TIMING OF NEW OPENINGS
    • SAME:  Horseshoe Cincinnati and Linq projects remain on track

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