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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.”

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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