Caesars Entertainment Reports Q3 Loss, Misses Revenue Estimates

Core Viewpoint - Caesars Entertainment, Inc. reported disappointing third-quarter 2024 results, with both earnings and revenues falling short of the Zacks Consensus Estimate and declining year over year [1][3]. Financial Performance - The company reported an adjusted loss per share of 4 cents, missing the Zacks Consensus Estimate of 21 cents by 119.1%, compared to an adjusted EPS of 34 cents in the prior-year quarter [3]. - Net revenues were $2.87 billion, which lagged behind the consensus mark of$2.91 billion by 1.3%, down from $2.99 billion in the prior-year quarter [3]. Segmental Performance - **Las Vegas Segment**: Net revenues totaled$1.06 billion, down 1.3% from $1.12 billion in the year-ago quarter, impacted by a decline in casino revenues due to decreased gaming volume and lower table games hold. Adjusted EBITDA was$472 million, down 2.1% from $482 million [4]. - **Regional Segment**: Quarterly net revenues were$1.45 billion, down 7.6% year over year, affected by new competition, construction disruptions, and adverse weather. Adjusted EBITDA reached $498 million, down from$575 million in the prior-year quarter [5]. - Caesars Digital Segment: Net revenues increased by 40.9% year over year to $303 million, benefiting from a significant rise in iGaming handle and improved sports betting hold. Adjusted EBITDA totaled$52 million, up from $2 million in the year-ago quarter [6]. - **Managed and Branded Segment**: Net revenues were$68 million, down 30.6% from $98 million in the prior-year quarter, with adjusted EBITDA decreasing to$19 million from $20 million [7]. Balance Sheet - As of September 30, 2024, cash and cash equivalents were$802 million, down from $1.01 billion as of December 31, 2023. Net debt increased to$11.9 billion from $11.43 billion at the end of 2023 [8].