Caesars Digital sets “all-time quarterly record” amid igaming ramp-up
Operator records groupwide revenue of $2.9bn for the third quarter of 2024, down 4% despite boost in digital revenue
Caesars Digital recorded revenue of $303m for Q3 2024 — a 40.9% increase when compared to the corresponding period in 2023 — as bosses pointed to sustained gains in online casino.
Adjusted EBITDA for the brand came to $52m in a record performance for the operator, up from $2m in 2023.
Parent company Caesars Entertainment reported revenue of $2.9bn for Q3, representing a 2.6% decrease year-over-year (YOY).
Regional revenue totaled $1.4bn and Las Vegas revenue added £1.1bn, with both segments experiencing a 7.6% and 1.3% YOY decrease, respectively.
During the company’s Q3 earnings call, Caesars Entertainment CEO Tom Reeg revealed the operator was maintaining its ambitions of drawing $500m in annual EBITDA from Caesars Digital in the future.
Reeg suggested that Caesars will look to target igaming states over sports betting markets as a priority moving forward.
The operator recently launched its Horseshoe-branded app in Michigan while it already runs the Caesars and Caesars Palace brands across US igaming states.
He said: “On the question of sports versus igaming, in our $500m projection, the expectation that would be fairly well split 50/50, give or take a few points.
“That means igaming, on a per state basis, moves the needle dramatically more than sports betting.
“If and when there are additional igaming states as we move forward, those would be more impactful than a new sports betting state for us.”
While Reeg talked up the strength of igaming over sports betting, he did note both verticals would remain important parts of the group’s online arsenal ahead of Missouri potentially legalizing sports betting.
Caesars has donated millions of dollars to a campaign group opposing the amendment, although Reeg insisted regulation needed to move at the proper pace.
He added: “We’d like to see OSB [online sports betting] and igaming in every jurisdiction of the US. We think it’s important that it’s done in a manner that makes sense for the operator and for the state.
“You’ve got well established path of legalizing and licensing through the operators that have invested substantial amounts of capital, employed thousands of people and paid hundreds of millions, billions of dollars in taxes.”
Elsewhere, Caesars confirmed the $500m sale of the World Series of Poker to GGPoker’s parent company NSUS Group.