A certain local drunk blogger has been pushing rumors of a potential sale of the Flamingo Hotel and Casino, but Caesars Entertainment has officially confirmed that there are no sales in the pipeline and that this certain blogger is once again, FULL OF SHIT.
Tom Reeg, the CEO of Caesars Entertainment, said in an earnings call on Nov. 1, 2022 that “We intend to keep all of our Strip assets as we move forward. We ran into a market where the cash flow of the asset continued to increase, the ability of buyers to raise financing made it a very easy decision for us to keep [it].”
Caesars says it has no immediate plans to sell any of its Las Vegas casinos.
During the earnings call, Caesars Entertainment shared that the company generated a net income of $52 million (on revenue of $2.89 billion) for the quarter ending Sep. 30th. You can listen to the Caesars Entertainment Q3 2022 earnings call here.
Caesars Entertainment Third Quarter 2022 and Recent Highlights:
- GAAP net revenues of $2.9 billion versus $2.7 billion for the comparable prior-year period.
- GAAP net income of $52 million compared to net loss of $233 million for the comparable prior-year period.
- Same-store Adjusted EBITDA of $1.0 billion versus $880 million for the comparable prior-year period.
- Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $1.05 billion versus $1.04 billion for the comparable prior-year period.
- Caesars Digital same-store Adjusted EBITDA of $(38) million versus $(164) million for the comparable prior-year period.
- Company published latest CSR report on October 10, 2022, highlighting ESG achievements and progress toward long-term targets over the past year.
