Caesars digital third-quarter revenue jumps 120%

Finance News

Caesars Entertainment Inc. posted better-than-expected revenue and a return to profit in the latest quarter, buoyed by revenue from online sports betting.

Net income was $52 million, or 24 cents a share, for the quarter ended Sept. 30, from a loss of $233 million. Revenue rose to $2.89 billion from $2.69 billion. 

“Our third quarter results reflect a new quarterly record for consolidated adjusted EBITDA. 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,” CEO Tom Reeg said. “Caesars Digital reported strong revenue growth in the quarter and a smaller than expected EBITDA loss driven by improved operating efficiencies.”

CFO Bret Yunker added that the company worked to reduce debt significantly in the quarter as well utilizing asset sales. Net debt fell from $13.25B in 2021 to $12.36B as of the close of September.