There was more resilience from Caesars Entertainment Inc. in the third quarter, with the company reporting an EBITDA profit of $2 million - an encouraging comeback following a loss of $38 million last year.
The positive news means the company has reduced its debt to $12.45 billion, down from $13.08 billion. The outlook looks rosier than in January 2023, when the company announced it was upping a secured loan term facility from $1.75 billion to $2.5 billion to eliminate a $4.4 billion debt liability due in 2024 and 2025.
It could represent an exciting respite for investors, who have been dealing with some rather scary company headlines over the previous 12 months, including junk credit inducing a $2.3 billion interest expense.
The Caesars sportsbook and online casino has also been faring well, with the relaxing of gambling restrictions around several states over the last few years helping drive profits up.