{"id":8111,"date":"2024-10-30T05:55:54","date_gmt":"2024-10-30T05:55:54","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/10\/30\/caesars-reports-q3-financials-and-completes-wsop-sale-to-nsus\/"},"modified":"2024-10-30T05:55:54","modified_gmt":"2024-10-30T05:55:54","slug":"caesars-reports-q3-financials-and-completes-wsop-sale-to-nsus","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/10\/30\/caesars-reports-q3-financials-and-completes-wsop-sale-to-nsus\/","title":{"rendered":"Caesars Reports Q3 Financials and Completes WSOP Sale to NSUS"},"content":{"rendered":"
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Caesars Entertainment has completed the $500 million sale of the World Series of Poker<\/a> (WSOP) brand to NSUS Group and released its third-quarter 2024 financial results. Caesars made a calculated move with the deal, which transfers WSOP management to NSUS while preserving a 20-year agreement to stage the WSOP\u2019s main live events.<\/p>\n

Caesars\u2019 Revenue Faces Challenges Despite Digital Gains<\/h2>\n

In the latest quarter, Caesars\u2019 net revenue decreased 2.6% year-over-year to nearly $2.8 billion, with the company posting a net loss of $9 million\u2014an over 112% drop from the prior year. CEO Tom Reeg acknowledged several challenges but highlighted steady gains in Caesars Digital, noting it reached an all-time quarterly record for Adjusted EBITDA with over 40% growth in net revenues.<\/p>\n

The Las Vegas segment faced a modest dip, decreasing by 1.3% year-over-year to reach $1.06 billion, while the regional segment saw a larger 7.6% decline, ending the quarter with $1.45 billion in revenue. Key factors affecting regional performance included new competition and construction disruptions.<\/p>\n

Despite these challenges, Caesars Digital achieved strong growth. Its revenue surged 41% from the prior year, totaling $303 million for Q3 2024. This increase offsets some of the declines seen across other areas of the business.<\/p>\n

Caesars received $250 million in cash and a $250 million promissory note that was due in five years as part of the sale of the WSOP brand. As a result of this agreement, Caesars will continue to stage the world\u2019s top live WSOP events in Las Vegas for the next twenty years. Caesars\u2019 poker rooms will still bear the WSOP logo, and live WSOP Circuit tournaments will still be held at Caesars sites.<\/p>\n

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