Caesars is Actively Reducing Debt While Its Digital Division Sees Profits

Updated:16.11.2023

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Caesars Entertainment Inc. showed greater resilience in the third quarter, reporting an EBITDA profit of $2 million—a promising recovery from a $38 million loss the previous year.

This encouraging update indicates that the company has successfully lowered its debt to $12.45 billion, down from $13.08 billion. The outlook has improved significantly since January 2023, when the company announced an increase in its secured loan facility from $1.75 billion to $2.5 billion to tackle a $4.4 billion debt obligation set to mature in 2024 and 2025.

This news could be a much-needed relief for investors who have had to contend with unsettling headlines about the company over the past year, including junk credit that led to a staggering $2.3 billion in interest expenses.

The Caesars sportsbook and online casino The company has been performing well, boosted by the easing of gambling regulations in several states over recent years, which has contributed to the increase in profits.

Caesars Investors Have Much to Anticipate

Las Vegas ranks as one of the top tourist spots globally, and Caesars, competing with other resorts, constantly strives to host prime events to attract visitors.

For instance, Caesars is preparing to host the Las Vegas Grand Prix of Formula One this November, an event that CEO Tom Reeg believes will significantly benefit the company's growth.

During an analyst call, he mentioned: 'We are excited about the upcoming F1 event in Vegas. We have a strong feeling about it and expect to see an approximate 5% increase in performance this quarter.'

The company is not solely focused on Las Vegas events. Developments at Caesar casinos in Columbus, Nebraska, and Danville, Virginia, along with renovations at its New Orleans location, could also drive positive outcomes.

Initial Agreement Reached with Caesars Entertainment Workers' Union

In additional positive news, an initial agreement has been made with the unions representing around 10,000 hospitality employees.

A new labor contract has been set up, promising 'substantial wage increases' for workers, ensuring job security in the face of job-displacing technologies, and reducing shift hours.

This agreement comes just in time as a strike deadline approaches, and full staffing will be critical for the upcoming Formula One race.

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Dmitry Rogalchuk

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Former Head of Content

The University of British Columbia

Master of Business Administration - MBA, Specialized in Digital Marketing and Business Analytics