Caesars Entertainment reports 6% increase in Q3 revenue
Caesars Entertainment has reported revenue of $2.9bn for the third quarter of 2022, a 6% increase from the third quarter of 2021.
Regional revenue led the way with $1.53bn, followed by Las Vegas at $1.07bn. Caesars Digital revenue totalled $212m, with Managed and Branded revenue totalling $70m.
Net income amounted to $52m for Q3 2022, compared to net loss of $233m for the prior-year period. Adjusted EBITDA for the quarter was $1bn, a 15% increase from the prior-year period.
Caesars noted that it published its latest CSR report in October, highlighting its ESG achievements and progress towards long-term targets over the past year.
“Our third quarter results reflect a new quarterly record for consolidated adjusted EBITDA,” said Caesars Entertainment CEO Tom Reeg.
“Results in the quarter also reflect a new quarterly record for our brick and mortar properties led by a new all-time high third quarter EBITDA performance in our regional segment and continued strength in Las Vegas.
“Caesars Digital reported strong revenue growth in the quarter and a smaller than expected EBITDA loss driven by improved operating efficiencies.”
As of 30 September 2022, the operator had $13.3bn in aggregate principal amount of debt outstanding, with total cash and cash equivalents amounting to $944m, excluding restricted cash of $297m.
Caesars Entertainment CFO Bret Yunker commented: “We continued to reduce debt during the quarter using net asset sale proceeds and free cash flow totalling $880m.
“In early October, we successfully upsized our pro rata bank facilities to $3bn, including a new $750m Term Loan A and a $2.25bn Revolving Credit Facility that mature in 2028.”
Earlier this week, it was revealed that Las Vegas tourism levels are nearly back to pre-pandemic levels following the steady return of international travel.
The city hosted 3.2 million visitors in August 2022, a 6% year-on-year increase. While the figure is an 11% decline from August 2019, tourism officials remain hopeful that the levels will grow further in 2023.
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