The following is a summary of the Caesars Entertainment, Inc. (CZR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Q3 2024 same-store consolidated net revenues were $2.9 billion with adjusted EBITDA of $1 billion.
Las Vegas segment saw net revenue of $1 billion, with adjusted EBITDA at $472 million, down 2% year-over-year.
Regional segment adjusted EBITDA decreased 13% year-over-year to $498 million.Digital segment net revenues increased by 41% year-over-year to $303 million, driving an all-time quarterly record in adjusted EBITDA of $52 million.
Business Progress:
Caesars celebrated the ribbon-cutting ceremony for the revamped Caesars New Orleans, marking the completion of a $435 million capital project.
New openings include a permanent facility in Danville, Virginia, scheduled for December, concluding high CapEx cycles for major projects.
Enhancements in the sports betting app contributed to improved structural hold percentages.
Sale of the World Series of Poker brand concluded, along with senior unsecured bond issuance applied against future maturity.
Opportunities:
Strong room demand in Las Vegas and new facilities in Danville and New Orleans provide significant revenue opportunities.
Expanding online gaming and sports betting in new jurisdictions and optimizing existing operations.
Risks:
Continued competition impacting regional market performance and potential shifts in consumer spending could affect operational stability.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
