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LAS VEGAS and RENO, Nev., Nov. 2, 2021 /PRNewswire/ — Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating results for the third quarter ended September 30, 2021.
Third Quarter 2021 and Recent Highlights:
-
GAAP net revenues of $2.7 billion versus $1.4 billion for the comparable prior-year period.
-
GAAP net loss of $233 million compared to a net loss of $926 million for the comparable prior-year period.
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Same-store Adjusted EBITDA of $882 million versus $433 million for the comparable prior-year period.
-
Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $1.0 billion versus $420 million for the comparable prior-year period.
-
Announced the appointment of Sandra Douglass Morgan to our Board of Directors effective Nov. 7, 2021.
-
Company released new CSR report, highlighting ESG achievements and updated long-term targets.
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Our third quarter operating results reflect an all-time quarterly EBITDA record in our Las Vegas segment and a new third quarter EBITDA record for our regional segment. We are encouraged by the early results from our rebranded Caesars Sportsbook launch and we are looking forward to launching additional states by year end and into 2022.”
Third Quarter 2021 Financial Results Summary and Segment Information
After considering the effects of our recent acquisitions and planned or completed divestitures, the following tables present adjustments to net revenues, net income (loss) and adjusted EBITDA as reported, in order to reflect a same-store basis:
|
Net Revenues |
|||||||||||||||||||||||||||||||||||
|
Three Months Ended September 30, |
|||||||||||||||||||||||||||||||||||
|
(In millions) |
2021 |
2021 |
Add: Disc |
2021 Total (c) |
2020 |
2020 Pre-Cons |
2020 Pre-Acq |
Add: Disc |
2020 Total (g) |
||||||||||||||||||||||||||
|
Las Vegas |
$ |
1,017 |
$ |
— |
$ |
— |
$ |
1,017 |
$ |
304 |
$ |
— |
$ |
87 |
$ |
— |
$ |
391 |
|||||||||||||||||
|
Regional |
1,492 |
41 |
13 |
1,546 |
1,055 |
53 |
207 |
(77) |
1,238 |
||||||||||||||||||||||||||
|
Caesars Digital |
96 |
— |
— |
96 |
39 |
43 |
4 |
— |
86 |
||||||||||||||||||||||||||
|
Managed and Branded |
79 |
(8) |
— |
71 |
41 |
(2) |
8 |
(1) |
46 |
||||||||||||||||||||||||||
|
Corporate and Other |
1 |
— |
— |
1 |
4 |
— |
1 |
— |
5 |
||||||||||||||||||||||||||
|
Caesars |
$ |
2,685 |
$ |
33 |
$ |
13 |
$ |
2,731 |
$ |
1,443 |
$ |
94 |
$ |
307 |
$ |
(78) |
$ |
1,766 |
|||||||||||||||||
|
Net Revenues |
|||||||||||||||||||||||||||||||||||
|
Nine Months Ended September 30, |
|||||||||||||||||||||||||||||||||||
|
(In millions) |
2021 |
2021 |
Add: Disc |
2021 Total (c) |
2020 |
2020 Pre-Cons |
2020 Pre-Acq |
Add: Disc |
2020 Total (g) |
||||||||||||||||||||||||||
|
Las Vegas |
$ |
2,369 |
$ |
— |
$ |
— |
$ |
2,369 |
$ |
304 |
$ |
— |
$ |
1,018 |
$ |
— |
$ |
1,322 |
|||||||||||||||||
|
Regional |
4,173 |
151 |
(27) |
4,297 |
1,632 |
106 |
1,267 |
(288) |
2,717 |
||||||||||||||||||||||||||
|
Caesars Digital |
221 |
135 |
— |
356 |
58 |
94 |
53 |
— |
205 |
||||||||||||||||||||||||||
|
Managed and Branded |
206 |
(28) |
— |
178 |
41 |
(3) |
145 |
(47) |
136 |
||||||||||||||||||||||||||
|
Corporate and Other |
10 |
— |
— |
10 |
8 |
— |
8 |
— |
16 |
||||||||||||||||||||||||||
|
Caesars |
$ |
6,979 |
$ |
258 |
$ |
(27) |
$ |
7,210 |
$ |
2,043 |
$ |
197 |
$ |
2,491 |
$ |
(335) |
$ |
4,396 |
|||||||||||||||||
|
Net Income (Loss) |
|||||||||||||||||||||||||||||||||||
|
Three Months Ended September 30, |
|||||||||||||||||||||||||||||||||||
|
(In millions) |
2021 |
2021 Pre-Cons |
Less: 2021 Divest (f) |
2021 Total (c) |
2020 |
2020 Pre-Cons |
2020 Pre-Acq |
Less: 2020 Divest (f) |
2020 Total (g) |
||||||||||||||||||||||||||
|
Las Vegas |
$ |
272 |
$ |
— |
$ |
— |
$ |
272 |
$ |
(162) |
$ |
— |
$ |
(27) |
$ |
— |
$ |
(189) |
|||||||||||||||||
|
Regional |
239 |
(35) |
20 |
224 |
45 |
2 |
7 |
(8) |
46 |
||||||||||||||||||||||||||
|
Caesars Digital |
(190) |
— |
— |
(190) |
11 |
1 |
1 |
— |
13 |
||||||||||||||||||||||||||
|
Managed and Branded |
38 |
(3) |
(27) |
8 |
(3) |
(1) |
(66) |
75 |
5 |
||||||||||||||||||||||||||
|
Corporate and Other |
(592) |
— |
— |
(592) |
(817) |
— |
(88) |
— |
(905) |
||||||||||||||||||||||||||
|
Caesars |
$ |
(233) |
$ |
(38) |
$ |
(7) |
$ |
(278) |
$ |
(926) |
$ |
2 |
$ |
(173) |
$ |
67 |
$ |
(1,030) |
|||||||||||||||||
|
Net Income (Loss) |
|||||||||||||||||||||||||||||||||||
|
Nine Months Ended September 30, |
|||||||||||||||||||||||||||||||||||
|
(In millions) |
2021 |
2021 Pre-Cons |
Less: 2021 Divest (f) |
2021 Total (c) |
2020 |
2020 Pre-Cons |
2020 Pre-Acq |
Less: 2020 Divest (f) |
2020 Total (g) |
||||||||||||||||||||||||||
|
Las Vegas |
$ |
389 |
$ |
— |
$ |
— |
$ |
389 |
$ |
(162) |
$ |
— |
$ |
(266) |
$ |
— |
$ |
(428) |
|||||||||||||||||
|
Regional |
555 |
(21) |
(17) |
… |
|||||||||||||||||||||||||||||||
517
(186)
(21)
(499)
150
(556)
Caesars Digital
(220)
(33)
—
(253)
20
(17)
13
—
16
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