Caesars Entertainment posted a record-breaking Q3 2023, during which its net revenues reached $3 billion. The figure shows a 3.7% annual growth from $2.9 billion for the comparable prior-year period.
The company progressed from the previous year across various other verticals, including net income and adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization).
Given the company only recently launched its Caesars sports betting app in Kentucky, it could continue to see positive numbers for its final quarter of 2024.
Caesars Entertainment Q3 2023 financial highlights
Caesars’ net income, reaching $74 million, also stands out. The figure represents a notable progress of 42.3% from Caesars’ Q2 2022 net income of $52 million.
The company also shows an increase in another noteworthy category, consolidated adjusted EBITDA. Caesars reported $1.04 billion in that sector, representing a 3% yearly increase compared to $1.01 billion for the comparable prior-year period.
Caesars Digital reported adjusted EBITDA of $2 million, which compares to a negative $38 million generated during the same period last year. The subsidiary is behind some of the company’s top products, Caesars Sportsbook and Caesars Palace Casino Online which launched in four states in August.
As stated in the news release, during the first three quarters of the year, Caesars generated:
- $8.7 billion in net revenues
- $858 billion in GAAP net income
- $3 billion in adjusted EBITDA
CEO Tom Reeg said in a Caesars Entertainment, Inc. news release:
“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.”
New legal sports betting markets bring growth opportunities for Caesars
In addition to revenue performance, Caesars has been making strategic moves to grow its presence in the US sports betting market.
The company pushed its growth with the launch of its Caesars Sportsbook app in Kentucky. Caesars became the fifth licensed operator in the state to begin accepting registrations, offering a pre-launch promotion to attract new users.
Online sports betting in Kentucky went fully live on Sept. 28. Since the app was only live for less than three whole days before the end of Q2, it remains to be seen how much the company will benefit from adding a new online gambling market.
Moreover, Caesars opened a retail sportsbook in the state at the Red Mile Gaming & Racing in Lexington.
With the upcoming launch of sports betting in North Carolina, which could begin in early January, it only brings more opportunities for a gambling giant like Caesars.