By Kimberly Chin
Caesars Entertainment Corp. swung to a loss in the fiscal fourth quarter driven by an increase in other losses of $627 million, primarily due to "a change in the fair value of the derivative liability" related to convertible senior notes maturing in 2024.
The casino entertainment company posted a net loss of $304 million, compared with a net profit of $198 million in the same quarter a year ago. Per-share losses were 45 cents for the quarter, wider than the 15-cent loss it reported a year earlier.
Four analysts surveyed by FactSet expected a loss of 8 cents a share.
Net revenues were $2.17 billion, up from $2.12 billion a year earlier. Analysts expected $2.13 billion in revenue.
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