One is backed by major sports betting companies, including BetMGM, DraftKings and FanDuel, but Caesars wants to stay neutral because of its relationships with Native American tribes, some of whom are backing the other measure, Reeg said. “I’m extremely confident that we will be a profitable business at least by the fourth quarter of ’23,” he said.Ĭaesars is staying out of the race between two competing sports betting ballot initiatives in California. If we don’t, we’re fine waiting.”Ĭaesars’ sports betting operation has held its market share of about 15 percent nationwide despite pulling back nearly $500 million in advertising spending that the company felt was unneeded, Reeg said. “If we have a trade that makes sense for us, we’ll do it.

This has been discretionary for us from day 1, and it remains so,” he said. Reeg said he found investors and analysts’ focus on a deal “kind of amusing” since many doubted the need for a sale when it was first proposed but are now concerned that it’s not happening fast enough. Vici Properties, a real estate investment trust spun off from Caesars, has the right of first refusal on a sale, according to securities filings, and the deadline is at the end of summer. Reeg offered no update on the potential sale of one of Caesars’ properties on the Strip. Reeg said he was encouraged by increased business from the 55-plus demographic and international travelers, two segments that have been down during the COVID-19 pandemic. Total revenue rose from $2.5 billion in the second quarter last year to $2.8 billion this year. Overall, Caesars posted a net loss of $123 million, compared to $71 million in net income in the same quarter last year. “There are not strong enough words to convey how well it’s going in Vegas for us,” Reeg said.ĭespite the nation’s gross domestic product falling for two quarters, “the consumer continues to hold up quite well for us,” Reeg added.

Occupancy rates have climbed 97 percent, he said.

The company reported an all-time-best adjusted pre-tax earnings of $547 million in Las Vegas for the three months ended June 30, up 29.3 percent year over year.ĬEO Tom Reeg said its yearly Las Vegas hotel revenue is on pace to surpass $1 billion for the first time, after the previous monthly record of $91 million was broken in all three months of the quarter. said it posted record results in Las Vegas over the past three months, during its second-quarter earnings call on Tuesday, despite the national economy possibly slipping towards a recession. Cannon/Las Vegas Review-Journal) Entertainment Corp.

An ad announcing “Weekends With Adele” residency on the marquee at Caesars Palace on the Strip in Las Vegas Monday, July 25, 2022.

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