Caesars stock rises over 20% in six days amid Q2 results

The market has reacted positively to Caesars’ recent Q2 2024 results and CEO Tom Reeg’s projections, with stock prices rising by 20% in less than a week to $39.95. 

The results, released on July 30, saw net revenue reach $2.83bn. However, the operator reported a net loss this quarter compared to a net income from last year, having gone from $920m in Q2 2023 to -$122m in Q2 2024.

But this loss was attributed to a $940m release of valuation allowance against deferred tax assets. 

Despite this drop, the market has reacted positively to the news, with end-of-trade stock prices reaching $36.90 on July 30 and $39.95 on July 31. 

Comparison 

With the number of Q2 reports released this week, how does Caesars’ stock price compare to others? 

Bally’s, with its Q2 results released on July 31, saw its shares increase by 27.4% between Wednesday 24 and Wednesday 31, increasing from $13.52 to $17.23. However, these changing stock prices may also be impacted by the recent announcement of Bally’s buyout by Standard General on July 25 – a day which saw stock prices rise to $16.91, 25.1% more than the day before.  

Compared to July 25, the increase in stock price to Wednesday 31 is 1.9%.  

MGM Resorts’ stock prices have remained relatively stagnant, growing 1.2% from $42.44 to $42.97 between end of trade on Wednesday 24 to Wednesday 31, the day its Q2 results were reported. Overall, this relatively small growth does not reflect the overall growth seen in the report, with net revenue for the quarter up 9.8% to $4.33bn. 

A majority of this growth can be attributed to MGM China, which saw revenue up 37%. Vegas and regional operations remained relatively stagnant by comparison, with Vegas operations up 2.7% year-over-year. 

Releasing its Q2 results slightly earlier than the rest on July 24, Las Vegas Sands saw its stock price settle at $40.32 at end of day trade. This was a decrease of 4.8% compared to the week before, despite generally positive Q2 results with a net revenue increase of 8.7% to $2.76bn.

Sands, although American-owned, only currently operates in Asia.

Beth Turner

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