The company, responding to media questions on the results, also said that its reported plan earlier in the year to sell off The Flamingo and Planet Hollywood to help Eldorado Resorts reduce its debt on the US$17.3bn acquisition of Caesars in 2020, was now history.
Tom Reeg, Chief Executive Officer of Caesars Entertainment, commented: “October EBITDA for bricks and mortar is pacing double-digit percentage above last year’s October despite having one fewer weekend day in the 2022 period. We intend to keep all of our strip assets as we move forward.”
Caesars reported revenues for the third quarter ended September 30, 2022, of US$2.9bn versus US$2.7bn for the comparable prior-year period, marking a record for a third quarter for the operator.
This gave a net income of US$52m compared to net loss of US$233m for the comparable prior-year period. Same-store Adjusted EBITDA of US$1bn versus US$880m for the comparable prior-year period.
Anthony Carano, President and COO, said: “In the third quarter, we generated a new consolidated EBITDA record excluding Digital of US$1.05bn. Our Las Vegas segment continued to deliver strong results with $491m of adjusted EBITDA, excluding the real rent payment.”
The company expects to complete renovations in Atlantic City in the first half of next year with the opening of the Nobu Hotel Tower. Horseshoe Lake Charles is set to open on December 12 whilst the company expects to open its expanded casino offering in Pompano in December as well.
Caesars now operates sports betting in 27 North American jurisdictions, 19 of which offer mobile betting. In fourth quarter, pending regulatory approval, the company anticipates launching online sports betting in Maryland and on January 1 in Ohio. In addition, it plans on adding two new third-party retail locations during the quarter.
Source: GMB
