Caesars Entertainment reports major third quarter losses

The company’s debt, an industry high of $22.8bn, has been cut from $24.2bn in June, leading to legal battles with investors who do not see how it can be cleared.

Stock has also declined 46% this year.

Caesars put its losses down to interest expenses, a reduced tax benefit and poor revenue growth at its casinos, while its Showboat casino in Atlantic City closed in August.

Improvements have been made on the interactive side of the business however, as Caesars Interactive Entertainment (CIE) has seen its net revenue double year-on-year for Q3.

The figure now stands at $161.6m, while EBITDA is also up 74.5% on last year.

The subsidiary’s financial growth has followed the acquisition of Pacific Interactive in February, as well as growth from its mobile and social games, which averaged an approximate 595,000 monthly unique players.

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David Cook

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David Cook served as an editor and writer for Gambling Insider from 2018 to 2020, where he played a central role in shaping the publication’s editorial direction. He oversaw the creation and implementation of the broader editorial strategy for Gambling Insider and its related publications, managing the production of 30 print magazines annually while also contributing to the management of GamblingInsider.com and a weekly digital newsletter.

During his tenure, David led the publication’s largest editorial team to date, guiding its expansion and ensuring consistent, high-quality output across all channels. He also hosted and helped launch the GI Huddle podcast, a project he was proud to bring from concept to reality.

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