Caesars posts Q3 revenue of $3bn, despite cyber attack

The operator’s regional properties have generated more revenue, but Las Vegas is still on top when it comes to profit.

Caesars Entertainment (Caesars) has released its financial report for Q3 of 2023, posting net revenue of $3bn, up from $2.9bn year-on-year. Total adjusted EBITDA for the company also rose 3.1% to $1bn.

In 2023, Caesars generated $2.8bn net revenue in Q1, $2.9 in Q2 and now $3bn, showing steady growth throughout the year for a total of $8.7bn in the nine-month period. Regional revenue is above the Las Vegas total with a 2.3% increase year-on-year to $1.6bn, while Las Vegas revenue increased 4% to $1.1bn.

But the small levels of growth overall beg the question: has Caesars, a little like IGT, reached the peak of its market?

The breakdown of revenue generation showed Caesars’ casino segment rising nearly 1% year-on-year to $1.6bn, while food and beverage rose 7.8% to $443m. Hotel revenue rose the most significantly from $327m in Q3 of 2022 to $378m.

Net income showed that Las Vegas still made more of a profit than Caesars’ regional enterprises, even though both sectors suffered a decrease year-on-year. Las Vegas income dropped 2.9% to $238m while regional income dropped 16.6% to $176m. Total net income across all sectors reached $74m, up from $52m annually.

Over a nine-month period, Caesars Digital increased its revenue year-on-year from $311m to $669m, but still made a loss. Although, the loss was reduced by nearly 54% when compared to Q3 of 2022, to a total of $29m.

For the nine-month period, Caesars Digital also dramatically reduced its loss from $755m in 2022 to just $83m so far this year. Caesars Digital’s EBITDA also dramatically rose from a loss of $38m in Q3 of 2022 to $2m this year.

Caesars has had its ups and downs this quarter with the launch of the Caesars Sportsbook mobile app in Puerto Rico, an expanded partnership with Sportradar, the launch of Caesars Palace Online Casino (in four states and Ontario), the launch of Caesars Racebook in New York, a new IGT PlayDigital title (Caesars Cleopatra), a new Bragg slot title with Caesars Digital in two states and a launch of Ceasars Sportsbook app in the newly live sports betting state of Kentucky showing positive activity for the company.

However, Ceasars had to cancel a deal to open a retail sportsbook at Massachusetts venue Raynham Park, after a licensing review. And, though the company’s financial results don’t seem vastly affected by this fact, Caesars was also extorted by hackers in September and now faces class action over failures concerning guest and employee data protection.

Stephanie Feeley

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