Caesars Entertainment came out with its official declaration that it will deliver its standalone iCasino application sometime in the third quarter of 2023. According to the President of Caesars Sports and Online Gaming, Eric Hession, the iCasino application will be yet another feather in the company’s hat. In his opinion, this will open the doors for a much more enhanced level of connectivity where all of its customers are concerned. It will also help in providing improved game content.
Caesars also divulged that plans are afoot to start testing its in-house player account management system sometime in the imminent future. This will pave the way for introducing a shared wallet that will eventually see the light of day sometime in 2024. Also on the cards is the company’s delivery of its Liberty Tech application elsewhere in the state of Nevada.
At the present moment, Caesars is providing sports betting opportunities in thirty North American territories, out of which 22 are where the company offers mobile wagering. Over and above all, it provides online casino games in five territories. As per the CEO of Caesars Entertainment, Tom Reeg, the delivery of the application will reflect positively on their slot vertical. In his opinion, EBITDA will get the third thrust when their iGaming share equalizes with their sports betting share.
It was earlier this year when the company’s digital arm almost reached the neutral point, with revenues reaching $238 million, as compared to the last year, which witnessed an EBITDA loss of $554 million. This came about because of the brand-building exercise that the company carried out, as well as the various state launches in New York and Louisiana. The present income generated speaks volumes about the positive effect of the company’s promotional activities and the success story behind the launches carried out in Ohio and Massachusetts. In this regard, however, the company saw an overall loss of $3.5 million.
According to Reeg, the prediction is that they will see themselves in a much better position by the fourth quarter of this year. At the rate they seem to be progressing, the future will undoubtedly open the doors for better fortunes for the company. In his view, most of their digital-based business is conducted beyond the territory of Nevada, and he is absolutely certain that all of the losses incurred during the setting up of the company will be more than adequately made up for.
