Caesars Entertainment reports $1bn Las Vegas revenue in Q3 results
Other highlights include the appointment of Sandra Douglass Morgan to the company’s board of directors.
Las Vegas giant Caesars Entertainment has reported its financial results for the period ending September 30, 2021. Q3 has seen the operator record total revenue of $2.7bn, almost double last year’s $1.4bn.
Tom Reeg, chief executive officer of Caesars Entertainment, Inc., 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.”
Of the $2.7bn, $1.1bn of this came from the group’s Las Vegas holdings, while a further $1.5bn came from regional revenue. Caesars Digital also accounted for a sizable chunk of the company’s intake, recording $96m.
Caesars’ losses fell in Q3, the company reported a net loss of $233m, an impressive year-on-year change when compared to last year’s $926m.
Adjusted EBITDA has also seen an increase, coming in at $822m compared to $433m in Q3 of the prior year.
“As of October 19, 2021, we have repaid a total of $975m 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 $75m on an annual basis. We expect further debt reduction to come from strong operating cash flows and expected asset sale proceeds,” added Bret Yunker, chief financial officer.
Other highlights within Q3 include Sandra Douglass Morgan’s appointment to the Caesars board of directors as well as the release of the company’s Corporate Social Responsibility report.
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