Business
Caesars Entertainment, Inc. Reports Third Quarter 2021 Results
LAS VEGAS and RENO, Nev., Nov. 2, 2021 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the Company") today reported
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":"LAS VEGAS and RENO, Nev., Nov. 2, 2021 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) (\"Caesars,\" \"CZR,\" \"CEI\" or \"the Company\") today reported operating results for the third quarter ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter 2021 and Recent Highlights:\nGAAP net revenues of $2.7 billion versus $1.4 billion for the comparable prior-year period. GAAP net loss of $233 million compared to a net loss of $926 million for the comparable prior-year period. Same-store Adjusted EBITDA of $882 million versus $433 million for the comparable prior-year period. Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $1.0 billion versus $420 million for the comparable prior-year period. Announced the appointment of Sandra Douglass Morgan to our Board of Directors effective Nov. 7, 2021. Company released new CSR report, highlighting ESG achievements and updated long-term targets.Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, \"Our third quarter operating results reflect an all-time quarterly EBITDA record in our Las Vegas segment and a new third quarter EBITDA record for our regional segment. We are encouraged by the early results from our rebranded Caesars Sportsbook launch and we are looking forward to launching additional states by year end and into 2022.\"\nThird Quarter 2021 Financial Results Summary and Segment Information\nAfter considering the effects of our recent acquisitions and planned or completed divestitures, the following tables present adjustments to net revenues, net income (loss) and adjusted EBITDA as reported, in order to reflect a same-store basis:\nNet Revenues \nThree Months Ended September 30,\n(In millions)\n2021\n2021 Pre-Cons Balt (a)\nAdd: Disc Ops (b)\n2021 \nTotal (c)\n2020\n2020 Pre-ConsBalt & Pre-Acq WH US (a)(d)\n2020\nPre-Acq CEC (e)\nAdd: DiscOps (b) Less: 2020 Divest (f)\n2020 \nTotal (g)\nLas Vegas \n$\n1,017\n$\n—\n$\n—\n$\n1,017\n$\n304\n$\n—\n$\n87\n$\n—\n$\n391\nRegional\n1,492\n41\n13\n1,546\n1,055\n53\n207\n(77)\n1,238\nCaesars Digital\n96\n—\n—\n96\n39\n43\n4\n—\n86\nManaged and Branded\n79\n(8)\n—\n71\n41\n(2)\n8\n(1)\n46\nCorporate and Other\n1\n—\n—\n1\n4\n—\n1\n—\n5\nCaesars\n$\n2,685\n$\n33\n$\n13\n$\n2,731\n$\n1,443\n$\n94\n$\n307\n$\n(78)\n$\n1,766\nNet Revenues \nNine Months Ended September 30,\n(In milli...