Last updated on November 6th, 2021 at 05:18 pm
Caesars Entertainment released its third-quarter financial report. It showed that the Caesars Entertainment sportsbook launch helped in improving the company’s revenue. However, the company said it would sell a casino property in the Vegas strip to reduce its debt.
It was a dismal financial report for the third quarter. However, it showed net revenues of $2.7 billion, a year-on-year improvement from $1.4 billion in 2020. Also, its Las Vegas properties earned nearly $1 billion. According to pay per head reports, its regional performance increased from $1.05 billion in the third quarter of 2020 to $1.54 in 2021. In addition, Caesars Digital increased to $96 million.
However, Caesars Entertainment reported a net loss of $233 million. According to bookie news sources, it was lower than the $926 million from the previous year.
Caesars Entertainment Sportsbook Launch
Chief executive officer Tom Reeg said that the third-quarter report showed an all-time quarter EBITDA high in their Las Vegas properties. Also, it was a third-quarter high for their regional sector.
They rebranded their Caesars Sportsbook, and it gave positive results. The company is looking forward to launching it in other sports betting markets in the US next year. Also, based on bookie comparison, it is doing well than others.
During its earnings report, Caesars said that catastrophic events, for example, Hurricane Ida and a fire in Tahoe, impacted the gathering’s presentation during Q3. It was likewise noticed that an offer of a Las Vegas strip gambling club property in mid-2022 structures a piece of a more extensive arrangement to pay off its obligation.
Reeg said that they are only selling one Las Vegas property. There was never a point when the company thought of selling another property in the Strip. However, they will look at their financial sheets and assess what they need to do to stay afloat.
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