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Caesars Entertainment, Inc. Reports Third Quarter 2024 Results
LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)-- Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":" LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)--\nCaesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating results for the third quarter ended September 30, 2024.\n\nThird Quarter 2024 and Recent Highlights:\n\n\nGAAP net revenues of $2.9 billion versus $3.0 billion for the comparable prior-year period.\n\n\nGAAP net loss of $9 million compared to net income of $74 million for the comparable prior-year period.\n\n\nSame-store Adjusted EBITDA of $1.0 billion versus $1.0 billion for the comparable prior-year period.\n\n\nCaesars Digital Adjusted EBITDA of $52 million versus $2 million for the comparable prior-year period.\n\n\nTom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “During the third quarter, we delivered another quarter of $1 billion of same-store consolidated Adjusted EBITDA. Results in Las Vegas reflect record third quarter hotel, F&B and banquet revenues driven by strong occupancy and cash ADRs. Regional segment operating results were negatively impacted by new competition, construction disruption and difficult comparisons versus the prior year. Caesars Digital set a new all-time quarterly record for Adjusted EBITDA driven by over 40% growth in net revenues.”\n\nThird Quarter 2024 Financial Results Summary and Segment Information\n\nThe following tables present actual 2024 and 2023 results as well as adjustments to net revenues, net income (loss) and Adjusted EBITDA for the effects of our completed divestiture in order to reflect amounts and percentage change on a same-store basis:\n\n\n\nNet Revenues\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\nThree Months Ended September 30,\n\n\n\n\n\n(In millions)\n\n\n\n2024\n\n\n\n \n\n\n\n2023\n\n\n\n \n\n\n\n2023 Adj.(a)\n\n\n\n \n\n\n\nAdj. 2023 Total\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nLas Vegas\n\n\n\n$\n\n\n\n1,062\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,120\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(44\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n1,076\n\n\n\n \n\n\n\n \n\n\n\n(1.3\n\n\n\n)%\n\n\n\n\n\nRegional\n\n\n\n \n\n\n\n1,446\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n1,565\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n—\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n1,565\n\n\n\n \n\n\n\n \n\n\n\n(7.6\n\n\n\n)%\n\n\n\n\n\nCaesars Digital\n\n\n\n \n\n\n\n303\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n...