Last updated on November 6th, 2024
Caesars Entertainment reported a net loss of $9 million for the third quarter of 2024, a sharp contrast to its $74 million net income from the same period last year. Total revenue fell to $2.9 billion, down 2.6% year-on-year.
The company’s Las Vegas operations remained relatively stable, with a slight revenue decrease of 1.3% to $1.06 billion, while regional revenues dropped more significantly by 7.6% to $1.45 billion, impacted by increased competition and construction disruptions.
One bright spot was Caesars’ digital segment, which saw revenue jump by 40.9%, with adjusted EBITDA rising to $52 million—up from $2 million in Q3 2023, marking the company’s best quarterly performance in this area. This growth was driven by expanded mobile sports betting and online gaming offerings, reinforcing Caesars’ strategic focus on digital expansion.
However, revenues in Caesars’ Managed and Branded Properties segment fell by 30.6% to $68 million. As of September 30, Caesars held $12.7 billion in outstanding debt, supported by $802 million in cash and a revolving credit capacity of $2.04 billion.
This quarterly report follows a challenging Q2 in which Caesars Entertainment posted a $122 million loss, largely due to deferred tax asset adjustments. Despite this, the company’s Las Vegas revenue previously saw gains from higher occupancy and daily rates, although regional markets continued to struggle.
In October, Caesars completed a $1.1 billion refinancing, anticipated to reduce interest expenses in 2025. The company also secured $250 million from the recent sale of its World Series of Poker (WSOP) brand. These funds are allocated to key projects, including the renovation of Caesars New Orleans and the development of a permanent Caesars location in Virginia.
