Caesars Entertainment, Inc. released its financial results for the third quarter ending September 30, 2024, reporting GAAP net revenues of $2.9 billion, a slight decrease from $3.0 billion in the prior-year period. The quarter also saw a GAAP net loss of $9 million, compared to net income of $74 million in the same quarter last year, while same-store Adjusted EBITDA held steady at $1.0 billion year-over-year. Caesars Digital, however, showed notable growth, with Adjusted EBITDA rising to $52 million from $2 million in Q3 2023.
The Las Vegas segment reported net revenues of $1.06 billion, down 1.3% after adjustments, while regional revenues decreased 7.6% to $1.45 billion. Caesars Digital, by contrast, saw a substantial 40.9% increase in net revenues, reflecting strong digital market performance. Managed and branded revenues fell 30.6%, contributing to the overall decline in quarterly net revenue by 2.6%.
For the first nine months of 2024, Caesars reported total net revenues of $8.45 billion, a decrease from $8.70 billion in the comparable period of 2023. The Las Vegas and regional segments recorded slight declines, while Caesars Digital continued to deliver growth with a 28.7% increase, highlighting sustained digital momentum.
The third-quarter balance sheet showed Caesars with $12.7 billion in total debt, slightly up from $12.4 billion at the end of 2023. Cash and cash equivalents were reported at $802 million, excluding restricted cash. Caesars’ available liquidity, including revolver capacity, stood at $2.7 billion as of September 30, 2024.
Caesars Entertainment’s latest results underscore its stable performance in traditional sectors and continued digital expansion, as well as a disciplined approach to debt management amidst evolving market dynamics.
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “During the third quarter, we delivered another quarter of $1 billion of same-store consolidated Adjusted EBITDA. Results in Las Vegas reflect record third quarter hotel, F&B and banquet revenues driven by strong occupancy and cash ADRs. Regional segment operating results were negatively impacted by new competition, construction disruption and difficult comparisons versus the prior year. Caesars Digital set a new all-time quarterly record for Adjusted EBITDA driven by over 40% growth in net revenues.”
“On October 17th, we successfully closed on a new $1.1 billion senior unsecured refinancing which, along with financings earlier in the year, continue to set the stage for significant interest expense savings in 2025. As of today, we have received $250 million in cash proceeds from the World Series of Poker brand sale. We are excited to be nearing the completion of our multi-year Caesars New Orleans renovation and permanent Caesars Virginia projects,” said Bret Yunker, Chief Financial Officer.
