In a report released Tuesday, Caesars Entertainment reported a third-quarter record for adjusted earnings. Same-store adjusted earnings of $1 billion in the third quarter topped the $880 million earned in the third quarter of 2021. Excluding the Caesars digital segment, the adjusted earning was $1.05 billion compared to $1.04 billion a year ago. Caesars digital same-store adjusted earnings sustained a loss of $38 million, versus a loss of $164 million a year ago.
Caesars CEO Tom Reeg noted that the third quarter reflected a new quarterly record for consolidated adjusted EBITDA.
“Results in the quarter also reflect a new quarterly record for our brick-and-mortar properties, led by a new all-time high third quarter EBITDA performance in our regional segment and continued strength in Las Vegas,” Reeg said. “Caesars Digital reported strong revenue growth in the quarter and a smaller than expected EBITDA loss driven by improved operating efficiencies.”
The company reported net third-quarter revenue of $2.9 billion versus $2.7 billion for the same period last year. The net income was $52 million, compared to a year-over-year net loss of $233 million.
As of September 30, Caesars was carrying $13.3 billion in aggregate principal debt outstanding. Total cash and cash equivalents were $944 million, excluding restricted cash of $297 million.
“We continued to reduce debt during the quarter, using net-asset-sale proceeds and free cash flow totaling $880 million,” said Caesars CFO Bret Yunker. “In early October, we successfully upsized our pro-rata bank facilities to $3 billion, including a new $750 million Term Loan A and a $2.25 billion Revolving Credit Facility that will mature in 2028.”
