Q3 2024 Caesars Entertainment Inc Earnings Call Transcript
Key Points
- Caesars Entertainment Inc (CZR) reported same-store consolidated net revenues of $2.9 billion and adjusted EBITDA of $1 billion for Q3 2024.
- The Las Vegas segment achieved record non-gaming performance, with hotel and F&B cash revenue driven by strong ADRs and 97.1% occupancy.
- Caesars Digital segment delivered a 41% year-over-year increase in net revenues, achieving an all-time quarterly adjusted EBITDA record of $52 million.
- The company completed significant capital projects, including the $435 million renovation of Caesars New Orleans, enhancing its property portfolio.
- Caesars Entertainment Inc (CZR) successfully executed a $1.1 billion senior unsecured bond issuance, reducing debt and improving financial flexibility.
- The regional segment faced a 13% year-over-year decline in adjusted EBITDA, impacted by new competition and construction disruptions.
- Las Vegas segment's adjusted EBITDA was down 2% year-over-year, primarily due to lower table hold compared to the previous year.
- The company continues to face competitive pressures in several regional markets, including Indianapolis, Tunica, and Chicago.
- Weather-related disruptions affected properties along the Gulf Coast and in Florida, impacting quarterly performance.
- Despite improvements, the digital segment's October performance was negatively impacted by adverse sports betting outcomes.
Hello, and welcome to Caesars Entertainment 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
It is now my pleasure to introduce Senior Vice President, Corporate Finance, Treasury, and Investor Relations, Brian Agnew.
Well, thanks, Andrew, and good afternoon to everyone on the call. Welcome to our conference call to discuss our third quarter 2024 earnings. This afternoon, we issued a press release announcing our financial results for the period ending September 30, 2024. A copy of the press release is available on the Investor Relations section of our website at investor.caesars.com.
Additionally, we announced two press releases, one for the completion of the World Series of Poker sale. And then just a late press release just hit for the sale of the LINQ Promenade, which Tom Reeg will discuss in more detail during his remarks.
Joining me on the call today are Tom Reeg, our CEO; Anthony Carano,
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