Caesars Q3 2023 Financial Results Show Positives For Caesars Digital

Caesars Entertainment has just released its latest revenue report with third quarter data. Plenty of numbers are improved from the previous year, such as the GAAP net income. Something that really stands out with these numbers is the overall improvement when it comes to Caesars Digital in categories like GAAP net income and adjusted EBITDA. With more states giving sports betting the green light, Caesars should continue to see positive numbers for the remainder of 2024.

A Quick Look At Caesars Entertainment Q3 Financial Results

With Caesars Entertainment’s Q3 numbers released today, a few numbers definitely stick out. Net revenues totaled $2.9 billion, overall increasing from 2022’s $2.8 billion. Within the net revenue increase, the Managed and Branded category saw a 40% year-over-year increase from $70 million to $98 million.

When it came to generally accepted account principles (GAAP) net income, Caesars saw a Q3 jump from $52 million to $74 million. The Managed and Branded category once again stood out in terms of GAAP net income, with a 104.5% year-over-year increase from $22 million to $45 million.

The GAAP net incomes also shed some light on the growth of Caesars Digital from year to year. While the category was responsible for $63 million in losses in Q3 2022, 2023 saw a 54% improvement to $29 million. Caesars Digital is behind some of the top online offerings from Caesars Entertainment such as the mobile sports betting app Caesars Sportsbook and the popular iGaming app Caesars Palace Casino Online.

Another interesting category to check out is adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The third quarter of 2023 saw a 3.1% increase from 2022 ($1.01 billion) to 2023 ($1.04 billion) in total adjusted EBITDA. This category saw more positive news for Caesars Digital, which accounted for $38 million in 2022 losses but $2 million in 2023 earnings.

In the press release, Caesars Entertainment Chief Executive Officer Tom Reeg said, “During the third quarter of 2023, the Company achieved an all-time consolidated Adjusted EBITDA record. We experienced Adjusted EBITDA growth year over year in all three of our primary operating segments including Las Vegas, Regional and Caesars Digital. Our Regional segment achieved an all-time quarterly Adjusted EBITDA record as we harvest the recent portfolio investments within this segment.”

In total, the first three quarters of 2023 have seen $8.7 billion in net revenues, $858 billion in GAAP net income, and $3 billion in adjusted EBITDA.

Business SegmentRevenue (in millions)
Food & Beverage$443

What To Expect In Q4 For Caesars Entertainment

It will be interesting to take a look at the Q4 results for Caesars Entertainment, which totaled totaled $2.8 billion in GAAP net revenue last year. Q4 2022 also saw $957 million in same-store adjusted EBITDA and GAAP net losses of $148 million.

One important factor to take into account for the next quarter is the launch of Caesars Sportsbook in the Kentucky sports betting market. Considering the Bluegrass State launched legal online sports betting on September 28, 2023 (just two days before the end of Q3), it’s a bit tougher to see how much impact adding a new betting market will have for the betting and entertainment company. In addition to launching Caesars Sportsbook in the state, the platform opened a retail sportsbook at Red Mile Gaming & Racing, a popular horse racing track in Lexington.

2024 should see more opportunities for Caesars Entertainment as well, considering the North Carolina betting market can launch as early as January 8, 2024.

Business SegmentRevenue (in millions)
Food & Beverage$266
Anthony Elio is the Lead Writer for, focusing on sports betting, online casino gaming, and horse racing. He covers state betting handles, sportsbook partnerships, operator news, and NHL picks. Outside of his work with LINEUPS, Elio has also written for Daily Fantasy Cafe, Innovation & Tech Today, Krazy Coupon Lady, and Residential Tech Today.

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