Caesars Entertainment Reports Q2 2024 Operating Results
Strong Growth in Caesars’ Digital Segment
Caesars Entertainment demonstrated significant progress in its digital division during the second quarter of 2024. The company’s online gaming operations showed robust growth, which helped balance softer performance in its traditional land-based hospitality sector, particularly in Las Vegas.
Tom Reeg, CEO of Caesars Entertainment, highlighted that the digital segment achieved one of its best quarters ever. This progress aligns with the company’s financial goals set back in 2021. Much of this digital success stems from effectively leveraging the Caesars Rewards loyalty program to attract and retain customers across its digital platforms.
In Q2 2024, Caesars Digital generated $343 million in revenue, reflecting an increase of 24.3% from $276 million in the same quarter last year. The segment’s adjusted EBITDA doubled compared to the previous year, underlining strong growth fueled by expanding sports betting and iGaming across regulated U.S. markets. For the quarter, Caesars’ total net revenue reached $2.9 billion, marking a 2.9% rise compared to $2.8 billion in 2023.
Mixed Results in Regional and Las Vegas Operations
The company’s regional properties saw revenue growth year-over-year, supported by the addition of two new locations and reinvestment strategies centered around the Caesars Rewards program. Enhancements such as the rollout of a universal digital wallet and a proprietary player account management system in Nevada further improved the customer experience.
Conversely, Caesars faced challenges in its Las Vegas segment where demand softened. Occupancy rates declined slightly to 97% from 99% the previous year, and the regional division faced setbacks due to construction delays and a significant lawsuit settlement.
Las Vegas gaming also experienced lower table games volume and reduced hold percentages against a strong prior year. The summer season forecast remains subdued, with expectations for continued softness into the third quarter. Additionally, international business, particularly from Canadian visitors, diminished, leading to fewer room bookings.
Debt Reduction Efforts Continue
On the financial front, Caesars continued to prioritize lowering its debt levels. Chief Financial Officer Bret Yunker detailed a refinancing deal completed in July that is set to decrease the company’s annual borrowing costs.
Proceeds from a $225 million monetization of the WSOP seller note, along with funds drawn from the revolving credit facility, were used to fully redeem $546 million of 8.125% senior unsecured notes due in 2027. This transaction is expected to save Caesars approximately $44 million annually in interest expenses.
As of June 30, 2025, Caesars had total debt obligations amounting to $12.27 billion, with net debt at $11.29 billion. The company’s cash and cash equivalents rose to $982 million, up from $866 million at the end of 2024. Available liquidity, which includes cash and unused credit facilities, stood at a strong $3.08 billion, providing ample support for ongoing investments in both digital initiatives and land-based property improvements.