Overview
- Las Vegas segment revenue fell to $952 million in Q3, roughly 10% lower year over year, as net income declined to $132 million from $221 million.
- Average daily rate dropped a little over 6% and occupancy fell about five percentage points, resulting in roughly 90,000 lost room nights.
- Table-game hold in Las Vegas was nearly 600 basis points lower, trimming earnings by a little over $30 million, with trends improving from July through September.
- Nevada regulators reported September gaming win down 2.3% statewide and 5.5% on the Strip to $687.8 million, while baccarat plunged nearly 43% and sports betting nearly 40%; the LVCVA reported an 8.8% drop in September visitation.
- Consolidated company revenue was roughly flat at $2.87 billion, and Caesars expects a Q4 lift from a stronger group calendar and events such as BravoCon and the Las Vegas Grand Prix.