Caesars’ iCasino to reach Q3 online revenue growth of over 40%

Caesars Entertainment has reported a significant boost in online gaming, with its iCasino revenue soaring by over 80% in the third quarter of 2024, contributing to more than 40% year-over-year growth in online revenue.

However, overall revenue for the quarter dropped by more than 2% compared to the previous year. This decline stemmed primarily from the Regional segment’s land-based operations, which faced challenges from new competition, construction disruptions, and tough comparisons, according to CEO Tom Reeg.

Additionally, Caesars announced the sale of its World Series of Poker brand to NSUS Group, the parent company of GGPoker, and confirmed a definitive agreement to sell the LINQ Promenade to a joint venture between TPG Real Estate and Acadia Realty Trust’s Investment Management Platform.

In its Q3 report, Caesars Entertainment posted a total quarterly revenue of $2.87 billion, marking a 2.6% year-over-year decline from $2.99 billion in Q3 2023.

CEO Tom Reeg highlighted that the Las Vegas segment achieved “record third-quarter hotel, F&B, and banquet revenues” due to high occupancy rates and increased cash ADRs. Meanwhile, the Regional segment faced challenges from “new competition, construction disruptions, and difficult year-over-year comparisons.”

Segment-wise, Las Vegas revenue dipped by 1.3% year-over-year to $1.06 billion (down from $1.12 billion), Regional revenue fell 7.6% to $1.45 billion (from $1.57 billion), and Caesars Digital surged by 40.9% to $303 million (up from $215 million). Elsewhere, Managed and Branded revenue dropped 30.6% to $68 million (from $98 million), while Corporate and Other revenue declined slightly to negative $5 million (compared to negative $4 million).

Reeg also noted during the Q3 earnings call that Caesars Digital’s growth was driven by an 83% increase in iCasino revenue. After the quarter ended, Caesars expanded its iCasino operations further with the launch of the Horseshoe Online Casino platform in early October.