Caesars Entertainment reported revenue of $2.7 billion for the third quarter of 2021, an increase of 93% over the same period last year.
Las Vegas operations represented $1.01 billion of total revenue, with Regional representing $1.49 billion. Caesars Digital totaled $96 million, with ‘Managed, Branded and Corporate’ and ‘Other’ representing $79 million and $1 million respectively.
The company reported a net loss of $233 million compared to $926 million in the same period last year, while adjusted EBITDA was $882 million versus $433 million for this period last year.
Adjusted EBITDA excluding the Caesars Digital segment of the group was $1 million, versus $420 million for the same period in 2020.
Caesars highlights for the third quarter
Highlights within the period include the appointment of Sandra Douglass Morgan to the company’s Board of Directors, effective November 7, 2021, and the release of the group’s new Corporate Social Responsibility report, which included its Environmental, Social and of Governance, in addition to updated goals for the long term.
“Our third quarter operating results reflect a record quarterly EBITDA for our Las Vegas segment and a new record third quarter EBITDA for our regional segment,” said Tom Reeg, CEO of Caesars Entertainment.
“We are excited about the first results of the launch of our new brand ‘Caesars Sportsbook’ and look forward to launching other states by the end of the year and into 2022.”
Caesars Entertainment CFO Bret Yunker added: “As of October 19, 2021, we have repaid a total of $975 million of traditional debt on an annual basis to date.”
“When combined with repricing and lower cost debt issuance during the third quarter, our interest expense was reduced by approximately $75 million on an annual basis.”
“We expect further debt reduction to come from strong operating cash flows and expected proceeds from asset sales,” Yunker concludes.
