Caesars reports 86% increase in net revenue in Q3
Caesars Entertainment has reported revenue of $2.7bn for the third quarter of 2021.
US.- As Las Vegas recovers from the impact of the pandemic, so too do the big casino companies. Caesars Entertainment has reported revenue of $2.69bn for the three months to September 3, up 86.1 per cent from $1.44bn in the corresponding period last year.
Third-quarter results also show a reduced net loss for the period of $233m, which compares to a loss of $926m in the same period last year. Casino and part-mutuel commissions revenue increased 53.9 per cent to $1.51bn in the quarter, while hotel revenue rocketed 155.5 per cent to $511m.
Caesars also saw food and beverage revenue climb 173.2 per cent to $347m and other revenue 134.8 per cent to $317m. Caesars’ regional casinos were the primary source of revenue, generating $1.55bn in Q3, up 46.5 per cent year-on-year.
Highlights in the period include the appointment of Sandra Douglass Morgan to the company’s board of directors, effective November 7 and the release of the group’s new corporate social responsibility report, which included its environment, social and governance update, and updated long-term targets.
Caesars Entertainment CEO Tom Reeg, said: “Our third quarter operating results reflect an all-time quarterly earnings before interest, tax, depreciation and amortization (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.”
Caesars Entertainment CFO Bret Yunker, stated: “As of October 19th 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.”
