The Michigan studio will broadcast games to Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino.

It includes five blackjack tables (one reserved for VIPs), one roulette table, and one baccarat table. All tables feature custom-branded felts featuring iconic Caesars destinations and each online casino platform.

Select tables also feature custom felts co-branded through partnerships with professional sports teams.

In a press release, Matthew Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital, said:

“Our third live dealer studio expands our fully customized live dealer experience that is already extremely popular in Pennsylvania and New Jersey into another key jurisdiction where our online casino platforms are live.”

“The studio design takes inspiration from our flagship destination, Caesars Palace, to authentically recreate the atmosphere of Las Vegas for online players. We look forward to our Michigan players enjoying the new experience.”

Caesars’ Bespoke Game Strategy Continues to Grow

The branded live dealer studio marks another step in the company’s strategy of expanding its library with Caesars-branded content.

The operator unveiled its first bespoke game, Caesars Cleopatra, in August 2023, shortly after introducing its Caesars Palace Online Casino standalone app. The standalone casino’s goal was to deliver a better product, which would help the company gain a higher market share. To achieve that, Caesars employed a branded game strategy.

Since then, it has unveiled over a dozen bespoke games, including slots like:

• Caesars Palace
• Caesars Palace Megaways
• Caesars Cleopatra
• Caesars Fortune
• Caesars Emperors Gold
• Caesars Palace Garden of the Gods
• Caesars Palace Frenzy

Additional games include Caesars Palace Riches LuckyTap, Caesars Palace Slingo, Caesars Palace first-person blackjack, and the live dealer table games.

Branded Content Strategy Drives Market Share Gains

The bespoke product strategy has helped Caesars achieve some of the standalone app’s goals. In Michigan, the platform held a 4.5% market share in July 2023, a month before the debut of Caesars Cleopatra. That placed it in sixth spot out of 15 operators in the state.

A year later, in July 2024, Caesars Palace Online Casino’s market share had climbed to 6.3%, moving up one spot.

The latest data from Michigan shows that in May 2025, online casinos generated $251.5 million in gross gaming revenue, with Caesars Palace Online Casino capturing a 6.6% market share. While still in fifth place, it’s narrowing the gap to the fourth-placed BetRivers Casino, which had just over 7% market share.

A similar scenario is unfolding in New Jersey. For May, when online casinos generated $246.8 million in gross gaming revenue, Caesars Palace Online Casino captured a 7.3% market share. Caesar’s market share is nearly one percent higher than May 2024, when it held a 6.4% market share.

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As the state prepares to award three highly sought-after downstate casino licenses, these impressive sports betting figures underscore the enormous potential of New York’s gaming market.

Notably, five of the eight casino bidders also operate mobile sportsbook platforms, giving them a unique advantage in both market familiarity and customer reach. Despite facing one of the highest tax rates in the country, New York remains a magnet for operators eager to tap into its massive betting base.

But how are these operators performing — and could their success in online sports betting give them a critical edge in the fierce race for these coveted casino licenses?

June 2025 Sports Betting Revenue

New York’s sports betting market generated $1.65 billion in handle in June, the lowest figure in over a year. However, despite the handle dip, operators maintained a record 12.5% hold rate.

As a result, the state generated gross gaming revenue of $206.5 million, a 54% year-over-year increase. As the state collects 51%, tax receipts were $105 million.

June marked the second consecutive month surpassing $200 million in gross revenue, and the fifth in the past year. In that period, mobile sportsbooks have contributed over $1.1 billion in tax revenue.

As expected, FanDuel and DraftKings dominated the market, together capturing 78% of the market. For the trailing 12 months, the market leader FanDuel alone has surpassed $1 billion in gross gaming revenue.

How the Casino Bid Hopefuls Fared

MGM Empire City

Among the casino bidders, BetMGM, co-owned by MGM Resorts and Entain, reported approximately $116.6 million in handle (about 7% market share) and $11.9 million in gross gaming revenue in June. That represented a 16% increase year-over-year in handle and an impressive 74% increase in revenue.

MGM Resorts plans to transform its Empire City Casino in Yonkers into a full-scale casino. At $2.3 billion, the transformation is the lowest-valued. Still, it is among the front runners due to the lower resources needed to convert. Additionally, the project already contributes tax revenue and has little opposition.

Caesars Times Square

While the New York Gaming Commission did not post Caesars Entertainment’s Caesars Sportsbook monthly revenue figures on its website, it did load the weekly ones. They show that Caesars Sportsbook closely trailed BetMGM.

While Caesars’ handle remained mostly flat compared to June 2024 (about 5 or 6% market share), its gross gaming revenue grew significantly, thanks to improved hold rates and marketing. (As the weeks did not coincide with the whole month, full figures cannot be given.)

Caesars’ casino proposal, Caesars Times Square, developed in partnership with SL Green and Jay-Z’s Roc Nation, aims to transform Times Square. While its “elevated entertainment” concept promises an economic boost for the neighborhood, it faces strong opposition, especially from the theater industry.

The Avenir

Rush Street Interactive, which operates the BetRivers platform, is a partner in The Avenir bid in Manhattan. For June, the mobile platform brought in $40.4 million in handle (about 2.5% market share) and $3.7 million in revenue.

These figures represented a 41% decrease in handle, but a 48% increase in revenue.

The Avenir, a $5 billion Manhattan project which includes a 1,000-room Hyatt Destination hotel, is being developed by Silverstein Properties, which is behind One World Trade. The developer is among the most politically connected companies in New York, which could help its cause.

Still, it faces various West Side community organizations and local politicians’ opposition.

Bally’s Bronx

Bally’s Corporation’s Bally Bet sports betting platform is among the smaller players in the New York market. In June, it generated $9.9 million in handle (approximately 0.6% market share) and $791,201 in revenue. Still, that represented a 44% yearly increase in handle and a 20% rise in revenue.

Bally’s bid is relying on job creation and an economic boost for the Bronx. As a result, it has received support from most Democratic leaders in the Bronx. The Trump Organization also stands to benefit financially if Bally’s receives a license from the land-purchase deal.

The company faced concerns about whether it could finance the $4 billion project. However, it recently announced a $3.2 billion sale of its International Interactive Division to Intralot, which will give it a much-needed financial injection.

Resorts World New York City

June was Resorts World Bet’s last month, as it announced it would shut down on June 30. That reflected in the platform’s performance, which ranks last in the state in terms of market share. In June, it generated only $2.75 million in handle (about 0.17% market share) and $229,357 in revenue.

These figures represented a 63% year-over-year decline in handle and a 60% decline in revenue.

The exit of its sportsbook has not steered its parent company, Genting Group, to pursue a full casino license for its Queens racino.

Like MGM’s Empire City, many consider Resorts World New York City a frontrunner as it’s an operational racino. It has minimal opposition and strong support among local politicians and organizations.

Could Knowledge of NY Consumers Help with Casino Applications?

While the five operators trail FanDuel and DraftKings in sports betting revenue, their sports betting experience could give them an advantage: deep knowledge of New York bettors.

Their existing data covers wagering patterns, peak betting seasons, promotional effectiveness, and player demographics.

They can leverage this information to cross-promote between the digital platform and physical property, creating tailored experiences to resonate with local players. For example, through their loyalty programs, they can offer targeted bonuses or invite top online bettors to exclusive in-person events.

Additionally, familiarity with the brands could enhance consumer engagement, which in turn could help satisfy community advisory committees (CACs) that may seek operators committed to regional economic growth and responsible gaming.

What Lies Ahead

New York expects to announce the three casino license winners by the end of the year. Before that, the license hopefuls must get approval from their CACs, which were recently formed.

These committees must hold at least two public hearings to gather community input. During this stage, committees can also request that applicants modify or adjust their proposals to better address community concerns.

After the hearings, the CACs will vote on the licensees, with a two-thirds approval requirement. The applications approved by CACs will then move to the Gaming Facility Location Board for final recommendation.

The post New York Sportsbooks See a 54% YoY Revenue Increase in June: How Do the Casino Bid Hopefuls Fare? appeared first on CasinoBeats.

YGAM

The Young Gamers and Gamblers Education Trust has announced the appointment of four student employees to continue its ongoing university engagement programme.

The charity employs students in living wage part-time jobs to deliver awareness campaigns to their contemporaries at university about the risks associated with gaming and gambling.

The new salaried positions are student design manager, student user experience manager, student research manager, and student journalism manager.

These roles will focus their activities on campaigns targeting universities during the coming year, this includes the launch of the new Student Hub website.

Pete Woodward, YGAM’s head of delivery for university and student engagement, stated: “It’s incredibly important for the team at YGAM to have students working with us. They understand the current context of life in higher-education and our organisation reaps the benefits every day of producing resources for students, by students.”

DraftKings

DraftKings has confirmed the appointment of Jocelyn Moore and Valerie Mosley to the company’s board of directors effective immediately.

The pair will fill two newly created on the board, which will now consists of 15 members, and follows the group’s recent announcement that Michael Jordan will serve as a special advisor.

“I am very much looking forward to working closely with both Valerie and Jocelyn as we continue to grow DraftKings,” said Jason Robins, DraftKings co-founder, CEO and chairman of the board. “They each bring a unique skill set that will complement those of our existing members while simultaneously bringing new perspectives and ideas to the table.”

Tropicana Atlantic City

Caesars Entertainment has unveiled Jacqueline Grace as senior vice president and general manager for Tropicana Atlantic City, one of four resorts the company owns and operates in the local gaming market.

The appointment is pending regulatory approval, and will see Grace bring more than 20 years of experience within the financial and gaming industries to the Atlantic City market, most recently having served as vice president and assistant general manager at Caesars’ Horseshoe Baltimore property.

“I started my gaming career in Atlantic City and I’m thrilled to return and join one of the top destinations in the market,” commented Grace. “This is an exciting time for our company, and I’m looking forward to working with the team to further position Tropicana for continued growth and success.

“As I watched our company evolve into the new Caesars Entertainment, I was impressed by the Carano family’s mantra of ‘family-style service’ and their commitment to establishing a workplace culture that emphasises engagement, while empowering team members to deliver exceptional service to our customers. I look forward to continuing this leadership style at Tropicana and I’m excited to work with the exceptional team there.

Soft2Bet

Casino and sportsbook platform provider Soft2Bet has hired Max Portelli as its new chief financial officer, bringing years of experience in accounting and auditing roles.

Portelli began his career with KPMG Malta before becoming the financial reporting accountant for the airline of the Maltese islands. Prior to joining Soft2bet, he spent more than five years working as CFO for payment services provider Entercash.

Boris Chaikin, Soft2Bet CEO, commented:“We are thrilled to name Max Portelli as our new Chief Financial Officer, and have no doubt that he will be a fantastic asset for our company going forward.

“Max’s extensive experience and skills speak for themselves, and on behalf of the entire team I’d like to welcome him warmly into the Soft2Bet family.”

Champion Sports

Champions Sports has named Simon Noble as head of sportsbook product, bringing a wealth of knowledge built up during a 20-year career in roles at Pinnacle Sports, Intertops, Full Tilt Poker and The Workshop

In the role, Noble will be responsible for defining, articulating and executing the product vision to deliver “best in class solutions” with the aim of increasing market share and driving growth.

Mark Robson, CEO of Champions Sports, said: “I am thrilled to welcome Simon to the team and for Champions Sports to leverage his incredible skills and unique understanding of the industry.

“These are challenging and uncertain times for sports betting operators and Simon’s experience will prove vital in helping our partners adapt and capitalise.”

The post Part 42 | On the move: Recruitment round-up appeared first on CasinoBeats.

Following a competitive procurement process led by the Ontario Lottery and Gaming Corporation (OLG), the province announced that Caesars will continue managing gaming and non-gaming operations at the Windsor casino through a 20-year agreement beginning in 2026.

This decision brings stability and optimism to Windsor’s tourism and gaming sector. Caesars Windsor, which first opened its doors in 1994 and has been managed by Caesars for the past 17 years, is not just a casino; it’s a cornerstone of the local economy.

The property employs around 1,800 people, making it one of the largest employers in the Windsor-Essex region. Each week, the casino draws about 70,000 visitors, many from the United States, cementing its role as the area’s top tourism driver.

The new agreement is more than a business deal; it’s a commitment to the community. Since 2018, Caesars Windsor has contributed over $53 million to local initiatives through OLG’s Municipality Contribution Agreement, supporting everything from infrastructure to social programs.

The casino and its employees have donated more than $16 million and 100,000 volunteer hours to regional causes, reflecting a deep-rooted partnership with Windsor and its residents.

Caesars Promises Continuity at Windsor Casino

The future promises continuity and enhancement for guests. Caesars Windsor will maintain its rewards program, dining and entertainment options, luxury accommodations, and event spaces.

The 20-year deal also ensures job security for current employees. OLG requires Caesars to retain staff for at least 18 months after the agreement begins, and union contracts will remain in force.

This measure, praised by local officials and labor leaders, provides peace of mind in a region where cross-border competition from Detroit’s casinos is fierce.

Caesars’ selection over other contenders, including Mohegan and Bally’s, underscores the brand’s strong track record and ties to the community.

Tom Reeg, CEO of Caesars Entertainment, expressed enthusiasm for the future, emphasizing the company’s “commitment to delivering exceptional guest experiences and supporting Windsor’s growth.”

Legal Battle Ongoing in Nevada

The Clark County District Court, Nevada, is considering a lawsuit where Caesars is accused of “negligence and wrongful death.” The case is brought by the family of a man who was killed in his Las Vegas Strip hotel room.

Two women were observed leaving the victim’s room ten minutes after entering, and they have pleaded guilty to second-degree murder and robbery. Both were ordered to serve between 10 and 25 years behind bars. 

The post Caesars Entertainment Secures 20-Year Extension to Operate Windsor Casino appeared first on CasinoBeats.

Attorneys representing Bryan Angel Altamirano-Solano’s mother and father filed a lawsuit against Caesars Entertainment in the Clark County District Court (Nev.) earlier this month.

A housekeeper found Altamirano-Solano dead from a gunshot wound in a Caesars Palace hotel room on May 15, 2023, according to authorities. Surveillance footage showed two 20-year-old women, Erika Covington and Arionna Taylor, arriving at the room alongside Altamirano-Solano that morning and then exiting 10 minutes later.

As reported by the Las Vegas Review Journal, it wasn’t until approximately eight hours later that Altamirano-Solano, 25, was discovered inside the fifth-floor room with a fatal gunshot wound to the chest.

Both women pleaded guilty to second-degree murder and robbery with a deadly weapon and earlier this year were ordered to serve between 10 to 25 years in prison.

“I would like to send my condolences to Bryan’s family,” Covington said at her sentencing. “I deeply, genuinely apologize for the grief and the pain that’s been brought to you guys’ family.” Taylor, meanwhile, declined to speak.

Family Alleges Negligence and Wrongful Death

Altamirano-Solano’s family alleges that Caesars Entertainment did not have the proper measures in place to keep Altamirano-Solano safe.

“Defendant Caesars had policies and procedures for its security personnel to escort sex workers off its property,” the lawsuit read. “Defendant Caesars failed to report and record interactions with sex workers, contrary to its own policies and procedures.”

As such, the family is seeking at least $65,000 in general and compensatory damages.

“It wasn’t enough just taking his belongings,” Altamirano-Solano’s father, Victor Altamirano, said at the sentencing. “They had to kill him. I ask for justice for my son.”

Lawyers with Bighorn Law, Joshua Berrett and David Finegold, also contend that Caesars Place should be responsible for funeral expenses, as well as damages for grief, loss of support, and loss of companionship, for “directly and proximately” causing Altamirano-Solano’s death.

Both women will be eligible for parole in 2033 while receiving credit for time served. 

Resorts World Las Vegas also Under Scrutiny

Caesars Entertainment is not the only hotel operator under fire. Resorts World Las Vegas (RWLV) recently received the second-largest penalty in Nevada’s gaming history, $10.5 million. 

Although the nature of allegations is vastly different, RWLV was found to have significantly breached its anti-money laundering responsibilities. The allegations centered around Matthew Bowyer, a South Californian bookmaker who was reported to have over 700 clients. 

The settlement showed that Bowyer racked up over $8 million in losses while gambling at Resorts World. Additionally, company executives granted Bowyer extended luxury perks typically afforded to high-rollers without questioning the source of funds. 

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With Horseshoe Online Casino going live in the Garden State, the igaming platform is now operational in its fifth jurisdiction in North America, as the brand is also present in Michigan, Pennsylvania, West Virginia and the Canadian province of Ontario.

“We are excited to announce that Horseshoe Online Casino is officially live in the Garden State. New Jersey is the fifth jurisdiction where the cutting-edge online casino app and desktop platform is live in,” Caesars said in a LinkedIn post.

“Players on Horseshoe Online Casino in the US can earn Reward Credits through their play that can be redeemed for exclusive experiences at more than 50 world-class Caesars Rewards destinations including Caesars Atlantic City, Harrah’s Resort, and Tropicana Atlantic City. 

“The platform also debuts with promotions offering digital players the chance to win real-world experiences at top Caesars destinations such as Horseshoe Las Vegas.”

Caesars launched the Horseshoe Online Casino brand at the beginning of October. 

Building on the Horseshoe brand, the platform was first rolled out in Michigan through the operator’s partnership with the Sault Ste. Marie Tribe of Chippewa Indians.

Recently, Caesars completed its World Series of Poker brand sale to NSUS Group, the parent company of GGPoker, in addition to entering a definitive agreement to sell the LINQ Promenade to a joint venture between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust.

Last month, the operator also reported a more than 80% increase in icasino for the third quarter of 2024, supporting online revenue growth of over 40% year-over-year.

The post Caesars launches Horseshoe Online Casino brand in New Jersey appeared first on CasinoBeats.

10%

The UK Gambling Commission has reported an online total gross gambling yield (GGY) increase of over 10% year-over-year for the country’s gambling market in the second quarter of 2024.

Slots GGY also increased by more than 15% in comparison to the same period last year, but the Commission did include the caveat that one operator has re-classified some of its products, impacting the data.

Publishing its Q2 data for the UK gambling market – July to September – the Commission noted that online operator GGY data, covering approximately 80% of the online gambling market, stood at £1.32bn, an 11% increase YoY.

However, the quarter’s figure was down on the £1.46bn reported during the Q1 data release earlier this year in August.

The number of total bets and/or spins increased by 12% YoY in Q2 to hit a new high for the third consecutive quarter of 25.2 billion. Meanwhile, the average monthly active accounts in the quarter increased by 8%.

Slots GGY hit a new high as well with £680m in the quarter, up 16% YoY, as the number of spins grew by 13% to 23.3 billion, while the average monthly active accounts rose by 16% to 4.4 million per month. 

The number of online slots sessions lasting longer than an hour rose by 9% YoY to 10 million, while the average session length remained at 17 minutes. 

Approximately 6.1% of all sessions lasted more than one hour (Q2 2023: 6.6%), but the number of spins per session and the GGY per session has fallen in comparison to the same quarter the previous year to 142 (2023: 147) and £4.13 (2023: £4.20) respectively.

$4.18bn

MGM Resorts International declared a record Q3 consolidated net revenue of $4.18bn across the third quarter of 2024, up 5% YoY (Q3 2023: $3.97bn).

Net income attributable to MGM Resorts in the quarter was $185m (2023: $161m), while consolidated adjusted EBITDAR stood at $1.1bn.

Revenue per segment, casino was $2.12bn (2023: $2.1bn), rooms stood at $883.6m (2023: $827.1m), food and beverage came in at $755.3m (2023: $698.3m) while entertainment, retail and other was $411.3m (2023: $385.7m). Reimbursed costs were $11.9m (2023: $11.6m).

Operations per location, Las Vegas Strip Resorts revenue increased by 1% YoY to $2.13bn (2023: $2.11bn) due to “an increase in non-gaming revenue, partially offset by a decrease in casino revenue”.

Vegas’ adjusted property EBITDAR increased by 2% YoY to $731m (2023: $714m) and included “approximately $37m of business interruption insurance proceeds related to the September 2023 cybersecurity issue”.

Net revenues for regional operations rose by 3% YoY to $952m (2023: $925m) primarily due to casino revenue increasing. Regional adjusted Property EBITDAR stood at $300m (2023: $293m) and included approximately $15m of business interruption insurance proceeds related to the aforementioned cybersecurity issue.

MGM China revenue grew by 14% YoY to a record $929m (2023: $813m) as operations benefited from the removal of COVID-19-related restrictions which occurred in Q1 2023. The segment’s adjusted property EBITDAR increased by 5% to a new high of $237m (2023: $226m).

Revenue from BetMGM – MGM Resorts’ online joint venture in the US with Entain – increased by nearly 20% YoY, which the operator says was “more than doubling the revenue growth” achieved in Q2.

0

There was relief for UK gambling as previously no speculated tax rises for the industry were included in the 2024 budget. 

Delivered by Chancellor Rachel Reeves, the budget was Labour’s first for almost 15 years and saw tax increases of £40bn as she sought to secure economic stability for the UK. 

Reeves emphasised that it was essential for the government to take such drastic action, taking aim at the economy and a £22bn black-hole that her party inherited from its Conservative predecessors. 

However, the plans drew significant criticism from opposition leader Rishi Sunak, who accused Labour of “fiddling the figures” and going back on manifesto promises. 

Amidst much speculation however, there was relief for UK Gambling as it continues on a path of regulatory overhaul with the news that gross gaming yield bandings will be frozen from 1 April 2025 to 30 March 2026. 

There were also plans announced for reform of remote gambling duty – aligning gambling offered over the internet, telephone, TV and radio into a single tax, in a bid to “close loopholes in the system”. 

$2.87bn

Publishing its Q3 results, Caesars Entertainment reported a total revenue for the quarter of $2.87bn, down 2.6% YoY (Q3 2023: $2.99bn).

Revenue per segment, Las Vegas fell by 1.3% YoY to $1.06bn (2023: $1.12bn), Regional decreased by 7.6% to $1.45bn (2023: $1.57bn) and Caesars Digital increased by 40.9% to $303m (2023: $215m).

Elsewhere, Managed and Branded revenue declined by 30.6% YoY to $68m (2023: $98m) while Corporate and Other revenue fell to minus $5m (2023: minus $4m).

Looking at online operations closer, CEO Tom Reeg mentioned during Caesars’ Q3 earnings call that Caesars Digital increases were supported by icasino growing by 83% during the quarter.

Caesars’ net income came in at a loss of $9m (2023: $74m net income), while adjusted EBITDA stayed flat at $1bn.

Adjusted EBITDA per segment, Las Vegas fell by 2.1% YoY to $472m (2023: $482m), Regional declined by 13.4% to $498m (2023: $575m) and Caesars Digital came in at $52m (2023: $2m).

Reeg noted that Caesars Digital’s adjusted EBITDA was a new all-time quarterly record “driven by over 40% growth in net revenues”.

Managed and Branded adjusted EBITDA fell by 5% YoY to $19m (2023: $20m) while Corporate and Other adjusted EBITDA dropped by 11.1% to minus $40m (2023: minus $36m).

As of 30 September, Caesars had $12.7bn in aggregate principal  debt outstanding. Total cash and cash equivalents were $802m, excluding restricted cash of $124m.

The post UK budget, Caesars and MGM: the week in numbers appeared first on CasinoBeats.

However, total revenue for the three months fell by more than 2% YoY, after declines were seen across land-based operations in its Regional segment, which CEO Tom Reeg says was impacted by “new competition, construction disruption and difficult comparisons”.

The operator also announced the completion of its World Series of Poker brand sale to GGPoker‘s parent company NSUS Group, in addition to entering a definitive agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia).

Caesars Digital growth

Publishing its Q3 results, Caesars reported a total revenue for the quarter of $2.87bn, down 2.6% YoY (Q3 2023: $2.99bn).

Reeg noted that results in its Las Vegas segment reflected “record third quarter hotel, F&B and banquet revenues driven by strong occupancy and cash ADRs”, while its Regional segment was “negatively impacted by new competition, construction disruption and difficult comparisons versus the prior year”. 

Revenue per segment, Las Vegas fell by 1.3% YoY to $1.06bn (2023: $1.12bn), Regional decreased by 7.6% to $1.45bn (2023: $1.57bn) and Caesars Digital increased by 40.9% to $303m (2023: $215m).

Elsewhere, Managed and Branded revenue declined by 30.6% YoY to $68m (2023: $98m) while Corporate and Other revenue fell to minus $5m (2023: minus $4m).

Looking at online operations closer, Reeg mentioned during Caesars’ Q3 earnings call that Caesars Digital increases were supported by icasino growing by 83% during the quarter.

The operator continued to grow its icasino operations after the quarter concluded with the launch of the igaming platform Horseshoe Online Casino at the beginning of October.

Adjusted EBITDA stays flat

Caesars’ net income came in at a loss of $9m (2023: $74m net income), while adjusted EBITDA stayed flat at $1bn.

Adjusted EBITDA per segment, Las Vegas fell by 2.1% YoY to $472m (2023: $482m), Regional declined by 13.4% to $498m (2023: $575m) and Caesars Digital came in at $52m (2023: $2m).

Reeg noted that Caesars Digital’s adjusted EBITDA was a new all-time quarterly record “driven by over 40% growth in net revenues”.

Managed and Branded adjusted EBITDA fell by 5% YoY to $19m (2023: $20m) while Corporate and Other adjusted EBITDA dropped by 11.1% to minus $40m (2023: minus $36m).

As of 30 September, Caesars had $12.7bn in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $802m, excluding restricted cash of $124m.

CFO Bret Yunker stated: “On October 17, we successfully closed on a new $1.1bn senior unsecured refinancing which, along with financings earlier in the year, continue to set the stage for significant interest expense savings in 2025. 

“As of today, we have received $250m in cash proceeds from the World Series of Poker brand sale. We are excited to be nearing the completion of our multi-year Caesars New Orleans renovation and permanent Caesars Virginia projects.”

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The transaction has been closed for the previously reported $500m price tag, which equates to $250m in cash and a $250m promissory note due five years after the transaction’s closing secured by the WSOP intellectual property assets being sold.

While Caesars has sold WSOP to NSUS, the operator will continue its relationship with the poker brand for several more years, both in a land-based and online manner.

Through the deal, Caesars’ Las Vegas casinos will retain the right to host the flagship WSOP live tournament series for the next 20 years. The live event has been hosted in the Horseshoe and Paris casinos since it moved from the Rio in 2022.

In addition, Caesars Digital will receive a licence to continue operating WSOP online for the foreseeable future in Nevada, New Jersey, Michigan and Pennsylvania.

However, the operator did note that it “will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions”.

Caesars’ brick-and-mortar poker rooms will continue to feature WSOP branding, while the operator’s destinations will also have preferential rights to host live WSOP Circuit events.

Several WSOP executives will also now take on leadership roles within the NSUS structure, bringing more than 30 years of combined experience to help lead the brand through its next phase under the new ownership.

Ty Stewart has been named the CEO of the newly formed WSOP subsidiary, Gregory Chochon has been appointed as Chief Operating Officer and Erik Eidissen has joined as Communications Manager. 

Back in August, NSUS Group CEO, Michael Kim, commented on the deal, noting that the group intends to expand the poker brand worldwide.

“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the WSOP, the world’s most renowned poker brand,” stated Kim.

“We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for WSOP, ensuring players have an increasingly improved, safe, and seamless poker experience. Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth.”

Eric Hession, President of Caesars Digital, said: “We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand. 

“This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve. We can’t wait to see what NSUS has in store for growing the WSOP’s legacy in poker, and we look forward to continuing to deliver an unmatched and familiar experience to poker players going forward.”

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Through the collaboration, Caesars Palace Online Casino and Caesars Sportsbook & Casino players in the Keystone state will gain access to the game developer’s titles, including 9 Coins Grand Gold Edition, Magic Spins and Hot Slot: 777 Crown, as well as its mechanics such as Cash Infinity, Hold the Jackpot, Sticky to Infinity.

Wazdan noted that its agreement with Caesars in Pennsylvania was made possible thanks to Light & Wonder’s aggregation platform.

“We’re delighted to follow up our recent milestone entry into Pennsylvania with another premier brand partnership launch as it offers considerable consolidation in an exciting market,” commented Andrzej Hyla, Chief Commercial Officer at Wazdan.

“Our quality, innovative content is proving to be a hit with US players and along with our roadmap of upcoming experiences, the future is extremely bright for Wazdan in North America.”

Outside of the Keystone state, Caesars and Wazdan also have partnerships in place for online casino content in New Jersey and Michigan, in addition to a collaboration in the Canadian province of Ontario.

“The launch in Pennsylvania marks our third US launch with Wazdan, and we’re thankful to bring their diverse portfolio of casino titles to more of our players,” added Ricardo Cornejo Rivas, Vice President of Online Gaming at Caesars Digital.

“We look forward to bringing even more thrilling content to our lobbies as this relationship matures.”

Wazdan’s deal with Caesars is the developer’s second such agreement in Pennsylvania after securing a partnership with Rush Street Interactive in September.

Izabela Słodkowska-Popiel, Wazdan’s Head of Account Management, also recently spoke to CasinoBeats about the company’s strategy for expanding its presence in Latin America.

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