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  • Q3 2023: Caesars records $3bn revenue and highest ever EBITDA
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Caesars Entertainment posted a 3.7% year-on-year revenue increase to $3bn in Q3 2023, with growth seen across all core segments.

Adjusted EBITDA reached $1.04bn, which translated to a 3.1% year-on-year increase and a record high for the company.

The Caesars Digital segment maintained its positive EBITDA status after turning a profit in Q2 2023.

The unit’s adjusted EBITDA reached $2m, marking a significant improvement from the $38m EBITDA loss reported during the same period of the previous year.

Net income stood at $74m, up 42% on Q3 2022.  

Caesars CEO Tom Reeg commented: “During the third quarter of 2023, the company achieved an all-time consolidated adjusted EBITDA record. 

“We experienced adjusted EBITDA growth year-over-year in all three of our primary operating segments including Las Vegas, Regional and Caesars Digital. 

“Our Regional segment achieved an all-time quarterly adjusted EBITDA record as we harvest the recent portfolio investments within this segment.” 

Revenue and EBITDA breakdown

Breaking down the revenue figures by segment, Caesars’ Las Vegas segment reported revenue of $1.1bn, a 4% increase compared to the prior year.

The Regional segment reported $1.6bn in revenue, a 2.3% increase from the previous year.

The Caesars Digital segment generated $215m in revenue, reflecting a 1.4% increase from the prior year, driven by the launch of a new standalone iCasino app, Caesars Palace Online.

The operator’s Managed and Branded business segment generated further revenue of $98m and, at 40%, saw the largest year-on-year rise.

Adjusted EBITDA for the Regional segment stood at $575m, a 1% year-on-year increase. 

However, adjusted EBITDA for the Managed and Branded segment was $20m, a 9% year-on-year decrease, while adjusted EBITDA for the corporate segment recorded a 64% decrease, leading to an EBITDA loss of $36m.

Caesars refrained from providing any specific remarks regarding this EBITDA loss.

However, back in September, the company fell prey to a cyberattack.

In response to the attack, Caesars incurred expenses associated with addressing, resolving, and investigating the situation.

At the time, however, Caesars said that it expected no material impact on its Q3 financial results.

Instead, the group said it remained optimistic that its cybersecurity insurance and potential indemnification claims against third parties would help mitigate any potential financial consequences.

Caesars did not disclose any additional details about the incident.

2023 outlook

Meanwhile, Caesars president and COO Anthony Carano said the group is looking forward to a strong finish to 2023. 

“Consumer demand remains strong, and our capital projects are winding down. We will continue to remain focused on operating cost efficiencies, harvesting returns on project capital and driving long-term EBITDA growth.”

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