Caesars reports strong performance in Las Vegas in Q3
Caesars Entertainment registered an increase of 2.3% in net revenues to US$2.24 billion in the third quarter of the year.
US.- Caesars Entertainment released this week the report detailing finances in the third quarter of the year. During the three-month period, Caesars’ net revenues rose 2.3% to US$2.24 billion and a strong performance in Las Vegas.
Net revenues increased US$51 million driven by growth in all business verticals, with significant growth in Las Vegas due to healthy consumer demand. Las Vegas gaming revenues grew 17.3% year-over-year due to favourable hold and higher gaming volumes. Las Vegas occupancy was 95.6% in the quarter, up from 92.6% in 2018.
Caesars said that all other net revenues decreased US$6 million year-over-year, primarily due to lower gaming volumes in the UK.
Adjusted EBITDA rose US$35 million thanks to higher revenues generated across all business verticals offset by increased competition in Atlantic City and Southern Indiana. “All Other adjusted EBITDA loss increased by US$7 million year over year primarily due to lower revenues in our international properties, partially offset by reduced corporate expenses,” explained Caesars.
Tony Rodio, CEO of Caesars Entertainment, said: “We are pleased to have delivered solid financial results in the third quarter with net revenue growth across all business verticals, despite headwinds across our portfolio. The Las Vegas region drove our revenue performance due to increased consumer demand. It featured particular strength in the hotel business which continues to outpace prior years across properties. Coupled with corporate expense reductions, this led to strong adjusted EBITDA growth as well as margin expansion.”
Second-quarter results
Net revenues increased US$103 million in the second quarter, mainly because of a US$82 million increase post-acquisition of Centaur. Excluding the latter, US net revenues were US$935 million in Q2 or a decrease of US$47 million from 2018.
