Caesars Entertainment Reports Q3 2024 Results with $2.9 Billion Net Revenue
Caesars Entertainment, Inc. has released its operating results for the third quarter ending September 30, 2024. GAAP net revenues reached $2.9 billion, a slight decline from $3.0 billion reported during the same period last year.
Caesars Entertainment Q3 2024 Financial Report
Caesars Entertainment, Inc. has released its third-quarter 2024 results, showing same-store adjusted EBITDA at $1.0 billion, matching the previous year’s results for the same period.
Adjusted EBITDA for Caesars Digital reached a record $52 million, a significant increase from $2 million in the same quarter last year.
Caesars Entertainment CEO Tom Reeg commented on the results, highlighting record revenue in Las Vegas from hotels, dining, and banquets, driven by high occupancy rates and strong average daily rates (ADR).
He also noted that regional segment performance was impacted by new competition, construction disruptions, and challenging year-over-year comparisons.
World Series of Poker Brand Sale
Additionally, Caesars completed the sale of its intellectual property rights to the World Series of Poker (WSOP) brand to NSUS Group.
The transaction included $250 million in cash and a promissory note for $250 million due five years after closing. Caesars retains the rights to host the flagship WSOP live tournament series at its Las Vegas casinos for the next 20 years.
Caesars’ primary casino brands currently include:
- Caesars
- Harrah’s
- Horseshoe
- Eldorado
How Was the Third Quarter for Caesars Entertainment?
The financial report reveals that Caesars Entertainment, Inc.’s main strategies for Q3 2024 focused on driving revenue growth in Las Vegas, where the company achieved record-breaking results.
An essential part of the strategy was also the continued development of Caesars Digital, which saw substantial progress, including record quarterly adjusted EBITDA, fueled by over 40% growth in net revenue.
In the third quarter, Caesars also reduced part of its debt through refinancing and the sale of WSOP, with plans to significantly lower interest expenses in 2025.
Notably, Caesars is approaching the completion of long-term renovation projects at Caesars New Orleans and Caesars Virginia, which are expected to boost future revenue and profits.
Recommended