Caesars Digital reported the highest increase throughout the group, a 40.9% increase in net revenues with $303 million generated during the quarter. Online operations also recorded a 2,500% increase in adjusted EBITDA.
Third Quarter 2024 and Key Highlights
- GAAP net revenues – $2.9 billion, down 3.33% year-on-year
- GAAP net loss – $9 million, compared to net income of $74 million Q2 2023
- Same-store Adjusted EBITDA – $1 billion, no change from Q3 2023 Caesars Net Revenues Drop by 3.33% in Third Quarter of 2024
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented:
Caesars Net Revenues Drop by 3.33% in Third Quarter of 2024Bret Yunker, Chief Financial Officer added:
“On October 17th, we successfully closed on a new $1.1 billion senior unsecured refinancing which, along with financings earlier in the year, continue to set the stage for significant interest expense savings in 2025.
As of today, we have received $250 million in cash proceeds from the World Series of Poker brand sale. We are excited to be nearing the completion of our multi-year Caesars New Orleans renovation and permanent Caesars Virginia projects,”
WSOP Sale Finalized
Caesars also confirmed the successful completion of its previously announced sale of intellectual property rights for the World Series of Poker (WSOP) brand to NSUS Group Inc. The agreement, as previously disclosed, includes a transaction valued at US$250 million in cash, supplemented by a $250 million promissory note due five years post-closing, backed by the WSOP intellectual property assets involved in the sale.
Caesars Net Revenues Drop by 3.33% in Third Quarter of 2024In alignment with this transaction, several longstanding WSOP executives will join the NSUS leadership team. Ty Stewart will step into the role of Chief Executive Officer for the new WSOP division, with Gregory Chochon taking on the role of Chief Operating Officer. Erik Eidissen will serve as Communications Manager. With over three decades of collective experience managing the WSOP brand, these leaders are set to guide its growth and strategic development under the new ownership.
Agreement to Sell LINQ Promenade
Following the closure of its sale of WSOP, Caesars announced a definitive agreement to sell the LINQ Promenade to a joint venture established between TPG Real Estate (TPG) and Acadia Realty Trust’s Investment Management Platform for a purchase price of $275 million. The transaction, which remains subject to standard regulatory approvals and closing conditions, is projected to finalize by the fourth quarter of 2024.
Tom Reeg, CEO of Caesars Entertainment, Inc said:
Caesars Net Revenues Drop by 3.33% in Third Quarter of 2024
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.