Caesars Entertainment Reveals a “Solid” Third Quarter

More US casino companies are releasing their financial statements. Officials within Caesars Entertainment have just revealed the company’s third-quarter reports. Fortunately, the company managed to bring in some serious revenue over 2019’s Q3.Caesars Entertainment

This company is in the middle of some major changes. Today, we’re going to look at Caesars’ third-quarter reports. We’ll also talk about what’s in store for this company in 2020. Let’s get into it!

Quarter Three Proves Successful For Caesars

This week, Caesars Entertainment finally revealed the company’s financial statements for the year’s third quarter. Some analysts were concerned that the company was losing money. It was in the middle of a complete overhaul and many were unaware of the impact that this would have.

Fortunately, things are looking great. These reports show that Caesars generated revenue of $2.24 billion during Q3. This represents a 2.3% increase from the same time period in 2018.

This company also recorded a $68 million operating loss and a net loss of $359 million. Amazingly, Caesars still brought in a profit of $110 million. This is great news for shareholders. Caesars has been working hard to generate revenue in different ways this year.

Tony Rodio, CEO of Caesars Entertainment, commented on the revenue reports to the media this week.

“We are pleased to have delivered solid financial results in the third quarter with net revenue growth across all business verticals, despite headwinds across our portfolio. Revenue performance was driven by our Las Vegas region due to increased consumer demand, with particular strength in the hotel business which continues to outpace prior years across properties. Coupled with corporate expense reductions, this led to strong adjusted EBITDA growth as well as margin expansion.”

Majority of Revenue Came From Las Vegas

Unsurprisingly, the vast majority of revenue came from Las Vegas. It’s clear that Vegas remains the true hub for this company. Revenue from Las Vegas increased by 7% to $973 million.

Gamblers appeared to be unlucky during Q3. Reports show a 17.3% rise in gambling revenue in Las Vegas during these three months. Hotel occupancy was also up three points to 95.6%.

In other parts of the country, things weren’t quite as successful. Revenue from the rest of Caesars’ US operations fell by a little less than 1%. Significant losses were reported in Atlantic City.

Caesars Entertainment’s revenue from online gambling businesses and international casinos fell by 4% to $144 million.

Quarter four should be even better for Caesars. The company is set to receive an additional $516 from the sale of the Rio Hotel & Casino in Las Vegas.

Next year will represent a massive change for this major casino operator.

Caesars Entertainment Set to Merge With Eldorado Resorts

Back in June, Eldorado Resorts announced that it was set to purchase Caesars Entertainment for an astounding $17 billion. It’s the largest merger of two casino companies in history. Initially, it was said that this merger would be finalized before the end of the year.

Things are taking longer than expected, though. Now, it appears that this deal will be concluded sometime in 2020.

These two companies must gain approval from several state gambling commissions before this deal can be finalized. The Federal Trade Commission must also approve the merger. Officials want to ensure that this deal does not create a monopoly-like situation.

Both of these companies are selling properties, too.

Based on multiple reports, Caesars Entertainment is set to be taken over by Eldorado Resorts early next year. We’ll need to wait and see how this affects the US casino industry moving forward.

Q3 proved to be successful for Caesars. 2019’s fourth quarter is likely to be even better. Stay tuned for more US casino news over the next few weeks!

Atlantic City’s Ocean Casino is Making a Serious Comeback

Atlantic City is now considered one of the premier destinations in the United States. For years, Ocean Casino has been considered one of the worst gambling venues in the city. Recently, however, this hotel-casino has been posting some impressive revenue figures.

View Over Atlantic City

Owners of this venue are insisting that they’re not going anywhere. Today, we’re going to take a quick look into Ocean Casino’s recent revenue surge. Let’s get into it!

Atlantic City Continues to Bring in Major Revenue

About a year ago, Atlantic City was struggling to bring in any visitors. The recession had taken a major toll on this city and many of the top casinos here were forced to close down. Some felt that the city’s gambling industry was permanently destroyed.

Fortunately, this was not the case. Over the past decade, this city has slowly recovered. There are now many casinos here, most of which are bringing in massive revenue figures every single month. Some attribute this recovery to the city’s legalization of sports betting.

New Jersey was instrumental in getting PASPA struck down. It was the first state aside from Nevada to make sports betting legal. This form of gambling has become extremely popular here and attracts many visitors from states such as New York and Massachusetts.

For almost all of 2019, gambling revenue has increased in this city. Some of these casinos have managed to stand out from the rest of the pack. The Borgata Hotel & Casino, in particular, brings in millions more than any other gambling venue every single month.

Ocean Casino is consistently one of the lowest-earnings gambling venues in Atlantic City. Recently, it’s begun to make a comeback.

Ocean Casino Beings to Generate More Revenue

As we just mentioned, Ocean Casino is one of Atlantic City’s poorest-performing gambling venues. Almost every single month, this hotel-casino makes less than all others in the city. Over the past three months, however, it’s experienced a surge in gambling revenue. Owners are claiming that it’s a trend that will continue.

This establishment has seen double-digit revenue increases in July, August, and September. It appears that October’s revenue increased massively as well. Some are beginning to wonder if this venue will become one of Atlantic City’s next major casino resorts.

Mike Donovan, senior vice president and chief marketing officer of Ocean Casino, commented on these revenue figures to the media this week.

“If you look at our numbers, they speak for themselves,” he said. “We’re going to keep doing what we’re doing and build on the success that we’ve had this year. Ocean is going to be here for a long time.”

It’s amazing news for owners of this casino. There’s a lot to be excited about.

This year, Atlantic City and Las Vegas have been competing over sports betting revenue. How’s this battle playing out?

Atlantic City Now Considered Sports Betting Capital of the US

Sports betting has been legal in New Jersey for more than a year. Today, every casino in this state offers sports betting odds. These casinos also operate online casinos which help to generate a huge amount of money every single month.

This summer, New Jersey surpassed Las Vegas’ sports betting revenue. It was a historic moment, leading many to wonder what the future of the US gambling industry would look like.

Some of the top gambling analysts in the country now believe Atlantic City to be the US sports betting capital. That’s tough to argue against, as revenue here continues to increase almost every single month. Even Ocean Casino is generating serious money from its sports gambling operations.

Hope is that sports betting helps to keep Ocean Casino’s operations up and running. It’s a fantastic casino and one that’s working hard to compete with the city’s big dogs.

Stay tuned for more Atlantic City gambling news over the next few weeks!

Nevada Gambling Winnings Surpassed $1 Billion in September

The state of Nevada is experiencing some massive revenue gains this year. New reports indicate that Nevada gambling winnings surpassed $1 billion last month. It’s the fifth time in 2019 that casinos here have brought in more than a billion dollars.Nevada Sign On Highway

Things are clearly going well in this state. Today, we’re going to look at which forms of gambling brought in the most money here in September. We’ll also talk about which areas of the state managed to generate the most revenue. Let’s get into it!

Nevada Proves It’s Still the Casino Capital of the US

Nevada, and specifically Las Vegas, has always been considered to be the gambling capital of the US. Recently, however, several states have expanded their gambling industries. It seemed as if some parts of the country could overtake Nevada in terms of gambling revenue.

This is beginning to seem less likely. Nevada’s Gaming Control Board has confirmed that casinos in this state won more than $1 billion in September. In total, casinos here managed to bring in $1.059 billion.

It’s a massively successful number for the state, which heavily relies on gambling revenue to function.

Casinos have now generated more than a billion dollars for the fifth time this year. Nevada gambling winnings in September even set a new record. It was the most money ever made during this month. The previous record was held in 2007.

No other state can currently compete with Nevada’s gambling industry. New Jersey is pulling in impressive revenue figures, yet it’s not quite at Nevada’s level. We’ll need to wait and see how long this winning streak continues for.

Baccarat Helps to Boost Nevada Gambling Winnings

Baccarat is one of the most popular casino games in the world. In case you’re unaware, this is a common table game available in almost all Nevada casinos. It’s grown extremely popular over the years and has proven to be a huge earner for casinos around the country.

According to the Nevada Gaming Board, this game helped to generate a significant amount of money last month. Michael Lawton, a senior research analyst for the Gaming Control Board, commented on the earnings from this game to the media this week.

“Baccarat held 19.47 percent compared to a very weak 9.81 percent last year,” he said. “This stronger hold offset soft volumes, as baccarat volume totaled $557.1 million which was a decrease of $160.7 million or 22.4 percent (from last year).” 

Interestingly, Lawton claims that baccarat’s trends aren’t exactly great.

“Although this month’s baccarat results were a significant improvement over last year, the long-term trend for the state’s baccarat business remains choppy at best, as win is currently down 9.3 percent calendar year to date and volumes are down 12.4 percent.”

Slot machines also contributed to Nevada gambling winnings last month. This form of gambling helped to bring in $690.2 million. This represents an 8.3% increase from the same month in 2018.

Las Vegas Continues to Bring in the Most Money for Nevada

Las Vegas is home to many of the biggest and best casinos in the world. The Las Vegas Strip, in particular, features a massive number of world-class gambling venues. Most of these casinos generate a huge amount of money every single month.

Overall, Clark County managed to bring in $913.6 million in September. This is up more than 8% from the same period last year. Las Vegas Strip revenue increased by 7% to $584.2 million.

Amazing, Downtown Las Vegas experienced the biggest Nevada gambling winnings increase last month. This area of the city brought in $65.9 million, an increase of 19.9% from 2018. This is great news, considering gambling revenue in the Downtown area fell last month by 1.9%.

Nevada has seen its casinos generate an increase in revenue for the past four months. Soon, the Las Vegas Convention and Visitors Authority will release the state’s official tourism numbers from last month.

Nevada gambling winnings continue to increase. Stay tuned for more casino news on this city over the next few months!

Las Vegas Sands Revenue Reports Are Revealed

One of the biggest and most profitable casino companies in the world has just released it’s Q3 financial reports. Interestingly, the Las Vegas Sands revenue came in slightly lower than anticipated. It’s a disappointing blow for this company, which is currently working to expand its presence overseas.

Las Vegas Sands Logo

Today, we’re going to look at exactly how much money this company managed to bring in over 2019’s third quarter. We’ll also look at some of the things LVS has planned over the next few years. Let’s get into it!

2019 Proves to Be an Interesting Year for Las Vegas Sands

As we’ve already mentioned, Las Vegas Sands is one of the biggest and most lucrative casino companies in the world. It’s had an interesting 2019, with fluctuating revenue earnings and continued expansion in Asia. Fortunately, the company’s quarter two financial reports came out solid.

In quarter two, LVS revenue jumped by more than 15% when compared to the same month in 2018. The company recorded a net income of $1.108 billion and had a stock share price of $1.24. Rob Goldstein, CEO of the company, claimed it was the best quarter in LVS’ history.

Officials within Las Vegas Sands have made it clear that they are continuing to invest abroad. Macau, in particular, is a major investment point for this company. LVS is continuing to invest more than $2 billion into its operations in Macau.

To some, this is a cause for concern. Macau has struggled to generate revenue for almost all of 2019. The US-Chinese trade war and protests in Hong Kong have lessened the number of gamblers visiting this city. Las Vegas Sands isn’t deterred, however, and continues to pump money into its resorts here.

Unfortunately, things haven’t gone quite as smoothly over the past three months for this company.

Las Vegas Sands Revenue Reports for Q3 Are Finally Out

LVS has officially come out with its earnings report. According to company officials, it saw $3.25 billion in revenue during quarter three. Operating income fell to $899 million for a decrease of 2.5% compared to quarter 3 of 2018. Net income fell by 6.6% to just $533 million.

When comparing these figures to the year’s second quarter, the results look abysmal. Of course, it’s important to note that Q2’s earnings were significantly boosted by the sale of Sands Bethlehem. This sale provided the company with $138 million.

Sands China’s revenue dropped by 2% to $2.08 billion. Most of the decline is attributed to the Sands Cotai Central, where revenue fell by 9.3%. This popular hotel-casino is currently being converted into The Londoner.

Sheldon Adelson, the founder of Las Vegas Sands, managed to make an appearance during the company’s revenue call. The casino mogul is unfortunately battling non-Hodgkin’s Lymphoma and barely spoke. He did claim to be happy about the company’s increased shareholder dividends.

The decline in Las Vegas Sands revenue earnings isn’t too concerning. This company remains one of the most powerful casino operators in the world.

LVS Continues to Push Into the Japanese Market

Last year, Japan officially approved plans to legalize casino gambling. Over the past year and a half, lawmakers here have worked on ways to get this new industry up and running. Soon, the government will begin offering licenses to different casino companies.

Only three of these casino licenses will be handed out. Las Vegas Sands is making it clear that they want to make it into this country. Not long ago, officials at LVS claimed that they want to open a casino-resort in either Osaka or Yokohama.

Las Vegas Sands revenue figures from Q3 aren’t having an impact on these plans. Most analysts believe that Japan will become one of the most lucrative casino markets in the world. If LVS is able to break into the Japanese market, it will likely experience massive revenue gains.

Of course, competition is high. Many of the biggest US casino companies are also attempting to obtain a Japanese casino license. We’ll need to wait and see which ones are chosen by Japan’s soon-to-be-established casino regulator.

Make sure to stay tuned for more Las Vegas casino news over the next few weeks!

Iowa Is Doing Pretty Well Thanks to Gambling

Iowa’s treasury has been overflowing thanks to the gambling industry, as it received a lot of cash to fill the coffers in 2018. The Iowa Racing and Gaming Commission (IRGC) published a report recently that shows some really interesting figures, one of them being that the casino industry in the state brought about $1.5 billion to it. This is, by far, the best year for Iowa since 2012. After all the taxes, the share that Iowa’s bank account received was $321.86 million.

What is more interesting at the moment is that the number of people who visit the casinos in Iowa has decreased over the past couple of years. How is it that the revenue from casinos increased, then?

Well, there are a couple of other factors that affected that, and one of the primary factors is that Iowa’s economy has been very stable lately. Up until 2012, everything looked great, but 2013 saw a significant downturn due to the global crisis. People still visited casinos, but the amount of money they were willing to spend on casino games was much lower back then. The economy of Iowa started going up again, and it seems that 2018 was the year the state fully recovered. At the moment, the unemployment rate in Iowa is only 2.5%, which is one of the lowers rates in the entire country. The personal income in the state is up by 5.5% in comparison to 2016.

Iowa has a total of 19 non-tribal casinos, and according to IGRC, the slot revenue from them was $1.31 billion with the final take going to Iowa being $156.80 million. The casino that was definitely the winner in the revenue competition was Horseshoe Council Bluffs venue which is operated by Caesars Entertainment. It offers a total of 1,400 slots and 60 table games which are scattered across a 60,000 sq ft gaming floor. The total amount of tax revenue generated in this casino for the year of 2018 was $37.50 million.

The next casino on the list was Ameristar, which contributed a total of $33.41 million in taxes. Ameristar is actually the only riverboat casino in the state of Iowa, and it offers currently five gaming tables for high-rollers and 51 high-limit slots on the 38,500 sq ft of gaming space.

Iowa actually has a pretty long gambling tradition, and the current state of gambling is as such thanks to the Pari-Mutuel Wagering Act from 1983. Harness racing and greyhounds were introduced only two years after that, and the first riverboat casino was founded back in 1991. Ever since then, the gambling industry in Iowa has been flourishing and thriving. The only time there was a dip was back in 2013, but the state managed to fully recover from that, and the industry is running full speed ahead.

Iowa will also legalize sports betting very soon, it seems. In fact, just a couple of weeks ago, the Governor of Iowa, Kim Reynolds, signed off on the legislation related to sports gambling. Once up and running, this activity could bring approximately $5 to $10 million annually to the state of Iowa. The IRGC will also be the main regulatory body for sports betting and will oversee it along the way. The Commission still has to make a couple of more additions to the rules before sports gambling officially becomes available in Iowa. Iowa will, therefore, become the 11th state to have approved sports gambling. If everything goes well, the residents of Iowa will have an opportunity to place bets on the new NFL season which start in September.