Caesars Digital Q3 adjusted EBITDA rises 57% to $44 million
Caesars Digital's adjusted EBITDA jumped 57% year over year to $44 million in Q3, with margin improving to 13.5% despite modest revenue growth.
Caesars Digital reported adjusted EBITDA of $44 million in the third quarter, up 57% year over year, according to the company’s Q3 earnings report released Tuesday afternoon after the market closed. Revenue grew 4.8% to $326 million.
The digital division’s adjusted EBITDA margin reached 13.5% in the third quarter, up 4.5 percentage points from the 9.0% recorded last year, the company said. Caesars did not hold a conference call due to its pending acquisition by Fertitta Entertainment.
Sports betting and online casino performance
Sports betting handle ticked up 1.2% to $2.505 billion and hold rose to 7.9%, up from 7.8% last year, according to the report. Online casino handle rose just 1.5% to $4.832 billion, while hold hit 4.0%, up 11.1% from the prior year.
Caesars offered $85 million in digital promotions during the quarter, up from $78 million last year. The company paid $95 million in gaming taxes, up $7 million from last year, though other costs fell by $8 million to $187 million.
Broader casino operations
Total casino revenue grew 6.8% to $1.754 billion for the quarter, across both land-based and online operations, the company reported.
Caesars has paid $22 million in costs related to the merger with Fertitta this year. The company still has $309 million in obligations extending through 2040, including $146 million due through 2030.
Sources
- Legal Sports Report · Industry media · primary source ·
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