Caesars Entertainment Reports 93% Increase in Q3 Revenue

Caesars Entertainment has reported revenue of $2.7bn for the third quarter of 2021 (Q3 2021), a 93% increase from the prior-year period.

Las Vegas operations represented $1.01bn of the total revenue, with Regional representing $1.49bn. Caesars Digital amounted to $96m, with Managed and Branded and Corporate and Other representing $79m and $1m respectively.

The company reported a net loss of $233m compared to a net loss of $926m for the prior-year period, while Adjusted EBITDA was $882m versus $433m for the prior-year period.

Adjusted EBITDA excluding the group’s Caesars Digital segment was $1bn, versus $420m for the same period in 2020.

Highlights within the period include the appointment of Sandra Douglass Morgan to the company’s Board of Directors, effective 7 November 2021, and the release of the group’s new Corporate Social Responsibility report, which included its Environment, Social and Governance update, and updated long-term targets.

Tom Reeg, CEO of Caesars Entertainment, said: “Our third quarter operating results reflect an all-time quarterly EBITDA record in our Las Vegas segment and a new third quarter EBITDA record for our regional segment.”

“We are encouraged by the early results from our rebranded Caesars Sportsbook launch and we are looking forward to launching additional states by year end and into 2022.”

Bret Yunker, CFO of Caesars Entertainment, said: “As of October 19th 2021, we have repaid a total of $975 million of traditional debt on a year to date basis. When combined with the repricing and issuance of lower cost debt during the third quarter, our pro forma interest expense has been reduced by approximately $75 million on an annual basis.

“We expect further debt reduction to come from strong operating cash flows and expected asset sale proceeds.”