Traditional casinos are at the heart of Caesars Entertainment’s business, but the company continues to make strides in sports betting.
Hampered by Caesars casino closings during the quarter caused by Hurricane Ida and California wildfires, the potential of online sports betting has become increasingly apparent.
- The company completed its acquisition of sportsbook William Hill in April for $4 billion.
- It launched its sportsbook app in 11 states with Arizona and Maryland pending review.
- It expects to be profitable in sports betting by the 2023 football season.
Caesars pocketed $2.69 billion in total revenue in Q3 2021, up from $1.44 billion for the same period a year prior.
Last year, Caesars merged with Eldorado Resorts in a deal valued at $17 billion, creating the largest casino and entertainment company in the U.S.
The combined company operates more than 55 casino properties worldwide, including eight hotel properties in Las Vegas, one of which it plans to sell early next year to help alleviate debt.
Caesars isn’t far behind its rival MGM Resorts, which reported $2.7 billion in revenue in Q3 2021, a 140% increase year-over-year, in its latest earnings report on Wednesday.