Caesars Entertainment has released its Q3 results, showing an annual 6% revenue increase, with its net revenue reaching $2.9bn. Regional revenue led the way for this haul, with $1.53bn followed by Las Vegas at $1.07bn.
Caesars Digital revenue totaled $212m (a 120% annual increase) with Managed and Branded revenue amounting to $70m. Adjusted EBITDA for this quarter saw an annual rise of 15% to $1bn. Meanwhile, net loss decreased by 77% year-on-year to $52m from $233m in the same prior-year period.
Caesars published its latest Corporate Social Responsibility report on October 10, highlighting its ESG achievements and progress toward long-term targets during 2022.
On the online front, Caesars Digital fared less favorably than the company’s brick-and-mortar properties, reporting an adjusted EBITDA of $38m. This was a 76% decrease from the $164m it reported in Q3 of 2021.
Caesars Entertainment CEO Tom Reeg commented: “Our third quarter results reflect a new quarterly record for consolidated adjusted EBITDA.
“Results in the quarter also reflect a new quarterly record for our brick-and-mortar properties led by a new all-time high third-quarter EBITDA performance in our regional segment and continued strength in Las Vegas.
“Caesars Digital reported strong revenue growth in the quarter and a smaller than expected EBITDA loss, driven by improved operating efficiencies.”
The report stated that, as of September 30, the operator had $13.3bn in aggregate principal amount of debt outstanding, with total cash and cash equivalents amounting to $944m, excluding restricted cash of $297m.
Caesars Entertainment CFO Bret Yunker commented: “We continued to reduce debt during the quarter using net asset sale proceeds and free cash flow totaling $880m. In early October, we successfully upsized our pro rata bank facilities to $3bn, including a new $750m Term Loan A and a $2.25bn Revolving Credit Facility that matures in 2028.”
