US casino operator Caesars reports record Q3

Caesars Entertainment set a new quarterly record in its figures for the third quarter of the year, with EBITDA at US$1.01bn compared with $870m, up 15 per cent.

CEO Tom Reeg noted that the quarter saw a new record for its brick-and-mortar properties, including continued strength in Las Vegas. Caesars Digital also had strong revenue growth, tempered by a smaller EBITDA loss driven by improved operating efficiencies.

Net revenues for the group were $2.8bn, up 6.4 per cent on the $2.6bn of 2021’s third quarter. Net revenues for the nine months stood at $8bn, well up on the $6.9bn of last year, and net income for the quarter was $52m, a vast improvement on the net loss of $233m for the three months ended September 30, 2021.

For the nine months, the adjusted net income reported was a loss of $364m, up from the loss of $640m in the comparative period of last year.