Caesars reported $2.87 billion in total Q3 revenue, below expectations and down from the $3 billion brought in during the third quarter of 2023.
a $9 million loss in the third quarter of 2024 on Tuesday, but the gaming and resort operator came away pleasantly surprised by its online sports betting and iGaming progress. Adjusted EBITDA climbed from $2 million in Q3 2023 to $52 million, an all-time quarterly record.
Volume rose 55% from Q3 2023 despite the new Horseshoe iGaming brand rolling out at the tail end of the quarter. “Tremendously pleased with the way digital has been coming together,” Reeg said. “We had been outpacing our peers in growth by about two times coming into the quarter. I’d guess three times in the third quarter.” Sports betting net revenue also experienced a solid 36% year-over-year increase, driven by an 8.6% hold that was up two points from Q3 2023.
September was an especially good month for sports betting operators, but Reeg said the start to October was one of the worst the company has seen as
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