Caesars Reports 100% Ownership Of Horseshoe Casino In Earnings Call

Written By Dan Holmes on November 3, 2023
Caesars now owns 100% of Horseshoe Casino Baltimore.

The Horseshoe Casino Baltimore is now completely owned by Caesars. That revelation came out during Caesars Entertainment’s Q3 earnings call this week.

In 2021, Caesars acquired around three quarters of ownership of the Horseshoe, which features the largest gaming space in Maryland.

Caesars paid $66 million in cash to acquire the remaining 24% of the casino.

Caesars properties in Vegas did well in Q3

Maryland houses six casinos. The Horseshoe consistently comes in third behind MGM National Harbor and Live! Casino and Hotel for monthly revenue. Maryland online casinos remain illegal. However, voters might be given an opportunity to change that in 2024.

According to Caesars CFO Bret Yunker, the company has “applied over $700 million of cash flow to debt reduction [year-to-date],” which helped it to complete the acquisition “of the remaining equity interest in our Baltimore asset.”

Joining CFO Yunker on Thursday’s call were Caesars CEO Tom Reeg; President and COO Anthony Carano; and Eric Hession, president of sports and online gaming.

Reeg said Caesars properties in Las Vegas “remained healthy during the third quarter with occupancy increasing to 96.6% versus 93.6% in the prior year.”

Revenues from Vegas casino resorts were up 4%, “driven by higher occupancy and higher ADRs, which drove record cash hotel revenues, record gaming revenues and record food and beverage revenues,” according to the earnings report.

Caesars reports solid gains in iGaming

There was other notable news shared with stakeholders in the earnings call this week.

  • Caesars Las Vegas segment generated $494 million of adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), with a margin of 44% for Q3 2023.
  • Those figures for Q3 of 2022 (July-September) set an all-time quarterly company record for EBITDA.
  • Caesars Digital generated $2 million of adjusted EBITDA, compared to $38 million EBITDA loss last year, fueled by a strong quarter from Caesars Sportsbook platforms (including Caesars Sportsbook Maryland).
  • During the third quarter, online sports betting handle increased 14% compared to Q3 of 2022.
  • Online casino or iCasino handle improved 38% year-over-year.
  • Caesars anticipates the Harrah’s Hoosier Park property expansion will open in Q4, and also: “[W]e expect to have the new Versailles Tower rooms in Vegas” open during the final three months of 2023.
  • The company expects new casino resorts or hotels in Danville, VA, and Columbus, NE, to open in the fourth quarter.
  • Caesars sports betting app is now available in 24 states where mobile wagering is legal. The company also operates Caesars Casino in six states.
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Dan Holmes

Dan Holmes writes about sports betting, sports media, casino and sports betting legislative matters for several of the Play sites, including PlayMaryland, PlayMichigan and PlayMassachusetts. He's the author of three books, and previously reported for Major League Baseball, as well as the National Baseball Hall of Fame and Museum. He lives near Lake Michigan with his daughters.

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