Las Vegas recovery helps Caesars cut loss in Q3 as revenue rockets 86.1%
| By Robert Fletcher
Caesars Entertainment Inc. was able to reduce its net loss to $233m (£171m/€201m) in the third quarter of its 2021 financial year after experiencing an 86.1% year-on-year jump in revenue.
Total revenue for the three months through to September 30 – which include the US operations of William Hill but not the rest of the operator, even though it still owns the entire business – amounted to $2.69bn, up from $1.44bn in the corresponding period last year.
Caesars said the increase was mainly due to novel coronavirus (Covid-19) restrictions being eased as its casinos, whereas in Q3 of last year the operator was faced with measures such as reduced capacity limits and social distancing.
As such, casino and part-mutuel commissions revenue increased 53.9% to $1.51bn during the quarter, while hotel revenue rocketed 155.5% to $511m. Caesars also saw food and beverage revenue climb 173.2% to $347m and other revenue 134.8% to $317m.