Caesars Post Q3 Results: Revenues Up But Profits Suffer

Caesars Entertainment announced their third quarter results ending September 30 showing a net loss for the period of $233 million which is an improvement on the same period last year when the casino giant recorded a loss of $926 million but that was in the midst of the global pandemic.

CEO Tom Reeg noted that the company would have posted a positive result if it had not been for Hurricane Ida on the U.S. Gulf Coast and a fire at the casino resort in Northern California.

Indeed net revenues were up to $2.7 billion compared to the $1.4 billion last year and its online gambling business that saw the completed acquisition of William Hill in April this year was impacted by increased advertising the company said but were on track for 2022.

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Our third quarter operating results reflect an all-time quarterly EBITDA record in our Las Vegas segment and a new third quarter EBITDA record for our regional segment. We are encouraged by the early results from our rebranded Caesars Sportsbook launch and we are looking forward to launching additional states by year end and into 2022.”