Caesars reports net loss of $9m for Q3 2024
The company also saw decreases in revenue and adjusted EBITDA during the third quarter of 2024.
Key Points
- Caesars reported a Q3 2024 revenue of nearly $2.9bn, but a net loss of $9m throughout the period
- The company also announced the closing of the $500m sale of its World Series of Poker brand to NSUS Group
Caesars Entertainment has announced the company’s financial results from the third quarter of 2024 as well as the closing of its deal with NSUS Group to sell its World Series of Poker brand for $500m. In Q3 2024, Caesars’ net revenue decreased 2.6% year-over-year, reported to be just under $2.9bn.
“During the third quarter, we delivered another quarter of $1bn of same-store consolidated Adjusted EBITDA. Results in Las Vegas reflect record third quarter hotel, F&B and banquet revenues driven by strong occupancy and cash ADRs,” Caesars CEO Tom Reeg said.
“Regional segment operating results were negatively impacted by new competition, construction disruption and difficult comparisons versus the prior year. Caesars Digital set a new all-time quarterly record for Adjusted EBITDA driven by over 40% growth in net revenues.”
The company saw a net loss of $9m during the third quarter of 2024, representing a decrease of over 112% from the prior year period. Adjusted EBITDA also decreased year-over-year, falling 4% for a total of just over $1bn for Q3 2024.
While Caesars witnessed decreases in a number of sectors, Caesars Digital revenue was able to increase by nearly 41% from the prior year period, reported to be $303m during the third quarter of 2024. Its Las Vegas segment decreased 1.3% year-over-year to $1.06bn for Q3 2024, while its regional segment also decreased by 7.6% from the prior year period for a total of $1.45bn.
The biggest decreases in net loss stemmed from Caesars’ regional and managed/branded segments, accounting for falls of 29% and 57.8% year-over-year, respectively.
Good to know: Caesars announced the launch of its proprietary iGaming platform, Horseshoe Online Casino, in the state of Pennsylvania on October 28
Caesars originally announced the sale of the intellectual property rights to World Series of Poker on August 1, with NSUS Group agreeing to pay $250m in cash and a $250m promissory note due five years after the closing date.
As a part of this transaction, Caesars secured the right from NSUS to continue hosting the WSOP’s flagship live tournament series at its Las Vegas casinos for the next 20 years.
In addition, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to have preferential rights to host live WSOP Circuit events going forward.
Concurrent to the transaction, several World Series of Poker executives will transition to key leadership roles within the NSUS team. Ty Stewart will serve as CEO of the newly formed World Series of Poker subsidiary, while Gregory Chochon has accepted the position of COO.
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