Thursday, July 07, 2022

Caesars Q3 results driven by Las Vegas ops


U.S. casino operator Caesars Entertainment posted a 2.3 percent increase in net revenue in 19Q3, driven by increased consumer demand, and its hotel business in Las Vegas. 

Tony Rodio, CEO of Caesars Entertainment said the results were in spite of headwinds across their portfolio. 

“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,” he said. 

Las Vegas gaming revenues grew 17.3 percent year over year due to favorable hold and higher gaming volumes.

Loss from operations amounted to $68 million, due to an increase in operating expenses

Adjusted EBITDA reached $635 million, up from $600 million, due to the higher revenues generated across all business verticals offset by increased competition in Atlantic City and Southern Indiana. 

In August, Caesars Entertainment Corp officially pulled out of the race for a Japanese casino license and said it will focus instead on its current plans and commitments, including a merger with Eldorado Resorts. 

“The timing of our decision is driven by sensitivity to the significant decisions Japan’s government and business partners will likely be making later this year to advance the process.”

“As Caesars has pursued a license to operate in Japan over many years, we have been treated with respect and goodwill by the Japanese government, business and community leaders, and with kindness, by all the Japanese people we have encountered during this journey. We are grateful for the country’s receptivity to Caesars,” said Jim Hunt, Caesars Chairman of the Board. 

“All of us at Caesars applaud the country’s thoughtful, inclusive approach to creating an Integrated Resort business model that supports Japan’s social, as well as economic aspirations,” added Tony Rodio, Caesars CEO.

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