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NEWS 6 November 2019

Caesars’ revenue up 2% for Q3

By Matthew Enderby

Caesars Entertainment generated net revenue of $2.2bn for Q3, representing a 2% rise year-on-year.

Net loss attributable to the operator was $359m, compared with income of $110m in 2018’s third quarter.

Caesars announced adjusted EBITDA of $635m, up 6%.

It made revenue of $1.1bn from gambling operations, an increase of 3%.  

In October, Caesars filled a definitive proxy statement with the SEC regarding its merger with Eldorado Resorts. The merger is due to occur on 15 November.

In its quarterly report Caesars says both parties have made significant progress in the integration planning process and the deal remains on track to close in the first half of 2020.

In September, Caesars announced an agreement to sell the Rio All-Suite Hotel and Casino for $516.3m. This sale is expected to close by the end of the year, with Caesars to continue operations at the Rio for a minimum of two years.

Tony Rodio, CEO of Caesars Entertainment, said: “Revenue performance was driven by our Las Vegas region due to increased consumer demand, with 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."

RELATED TAGS: Land-Based | Industry | Financial | Casino
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