written and last updated by
Sam Smith at
15 Oct 2024
Journalist, Editorial Department
Casino operator Caesars Entertainment remains optimistic about its financial prospects for 2024. A key argument for this outlook is the potential for high revenues from Taylor Swift's concerts scheduled for October at the Caesars Superdome in New Orleans.
This forecast has been bolstered by JP Morgan analyst Joseph Greff, who noted that the singer's dedicated fan base will significantly aid the gaming operator in overcoming economic challenges. "Management has highlighted a substantial increase in the popularity of its venue in New Orleans, largely driven by Taylor Swift's concert series at the Caesars Superdome," Greff stated.
However, the upcoming concerts are not the only factor contributing to this positive trend. The operator is currently completing renovation and expansion projects at its gaming properties, including Caesars Palace, where upgrades to the high-limit gaming area are underway. The project aims to expand the gaming space by 30%. Additionally, the Formula 1 race in Las Vegas, scheduled for November, is expected to serve as another revenue driver for the company.
According to Greff, the operator is confident in achieving strong profits from hotel rooms in the fourth quarter of 2024, particularly with new projects in New Orleans and Danville. These properties are anticipated to rank among the top in terms of EBITDA—earnings before interest, taxes, depreciation, and amortization.
At the same time, the operator continues to successfully develop its online business. iGaming platforms such as Caesars Palace Online and the recently launched Horseshoe iCasino app in Michigan are showing solid results. This success is attributed to an expanding customer base, driven by the implementation of multi-brand strategies and innovative gaming features.
It is worth noting that Caesars has reported its financial results for the second quarter of 2024.
