Caesars Entertainment, Inc. reported a decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, net revenues were $2,874 million, down 4.0% from $2,994 million in Q3 2023. For the nine months ended September 30, 2024, net revenues totaled $8,446 million, a decrease of 3.0% from $8,703 million in the prior year. The decline in revenues was primarily attributed to decreased casino revenues in the Las Vegas segment, impacted by the divestiture of the Rio property and lower table games hold.
Operating income for Q3 2024 was $644 million, down from $724 million in Q3 2023, while net income for the quarter fell to $9 million from $92 million in the previous year. For the nine-month period, the company reported a net loss of $235 million, a significant drop from a net income of $884 million in the same period of 2023. Basic loss per share for Q3 2024 was $(0.04), compared to earnings of $0.34 per share in Q3 2023.
The Caesars Digital segment, however, showed growth, with net revenues increasing by 40.9% to $303 million in Q3 2024, driven by higher iGaming handle and improved sports betting performance. Adjusted EBITDA for the Digital segment rose to $52 million, compared to $2 million in Q3 2023.
Total operating expenses for Q3 2024 decreased by 1.8% to $2,230 million, while total operating expenses for the nine months increased by 0.7% to $6,811 million. Notably, impairment charges of $118 million were recognized in the Regional segment due to decreased projected future cash flows, a stark contrast to no impairment charges in the same period of 2023.
Strategically, Caesars entered into an agreement to sell the World Series of Poker assets to NSUS Group Inc. for $500 million, which closed on October 29, 2024. This sale included a licensing agreement allowing continued operations in the U.S. for the next 20 years. Additionally, the company has been actively managing its debt, with total debt reported at $12,698 million as of September 30, 2024, up from $12,305 million at the end of 2023.
As of September 30, 2024, Caesars had cash and cash equivalents of $802 million, down from $1,005 million at the end of 2023. The company also repurchased 3,872,478 shares of common stock for $141 million under its 2018 Share Repurchase Program, which has now concluded. A new $500 million share repurchase program was authorized on October 2, 2024.
About Caesars Entertainment, Inc.
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