During its third-quarter earnings call, Caesars Entertainment updated investors on the progress of the Harrah’s Hoosier Park expansion.
The Anderson property one of five Indiana casinos Caesars owns and operates. Their heavy presence in the state should give the Vegas-based gaming giant access to any future Indiana online casino industry.
Planning for a $40 million upgrade to Harrah’s Hoosier Park Racing and Casino began in 2019. However, several issues led to repeated delays in completing the construction of the capital project. But Caesars President and Chief Operating Officer Anthony Carano told investors it should be completed in the coming weeks.
“We are anticipating a Q4 opening for our Harrah’s Hoosier Park property expansion,” Carano said.
Executives also highlighted the company’s strong third-quarter revenue buoyed by strong performances in regional markets.
Construction setbacks for Harrah’s Hoosier Park
Currently, Hoosiers Park has 40 tables game, 1,450 slot machines, a 54,000 square foot gaming floor, plus a full-service race and sportsbook. The expansion will add 30,000 square feet, 150 slot machines, 11 table games, a bar and a restaurant.
However, the Covid-19 pandemic and lockdowns halted construction.
During that time, some of the plans for the renovation were altered. Supply chain issues in the construction industry also hampered progress. With these setbacks, Caesars missed its mid-July opening day target.
Despite missing the deadline, Caesars still hosted the Breeders Crown Championship harness racing event at Hoosiers Park last October. Furthermore, it generated a record handle.
Record third-quarter revenue and sports betting perks
When discussing the positive revenue reports from regional markets, Caesars executives mentioned Indiana and expect that expansion in the state will continue to spur revenue growth.
“The returns from our projects that have come online like Charles, Virginia, Horseshoe Indianapolis have been quite strong and have offset the weakness in the properties that are competitively impacted. And as you saw, we set an all-time quarterly record for EBITDA and margin was stable.”
Bettors who use the Caesars Sportsbook Indiana also enjoyed watching live games within the app this fall via the recently launched NFL streaming of nationally televised games.
During the NFL regular season, Horseshoe Indianapolis is running a Colts touchdown multiplier promo where patrons get double the Caesars Rewards for each touchdown the team scores. Patrons can swipe their Caesars Rewards cards at the casino for the multiplier and watch nationally televised Colts games from within the sports betting app.
According to Caesars President of Sports and Online Gaming Eric Hession, the company saw increased bettors watching the NFL within the app.
“We’re very excited to be one of the few operators to basically trial this for the NFL and our partners. We do see uptick in terms of customers watching it on our app,” Hession said
Future plans for the Caesars Sportsbook app include adding more sports and a betting overlay to the streaming content.
“The next big step is going to be able to overlay wagering opportunities while customers are watching it,” Hession added.
He also said the addition of overlay betting is still under development.
A rosy outlook for fourth quarter results
Even though Harrah’s Hoosier Park, Horseshoe Hammond, and Caesars Southern Indiana saw a year-over-year revenue decline, the parent company still had a robust third quarter.
“Stable guest demand, combined with excellent performance from our completed capital projects and newly opened facilities, helped to offset competitive pressures in a few of our markets,” Carano said. “Our regional segment is benefiting from a diversified portfolio across the United States.”
The longevity of this trend will be revealed when the company releases its fourth-quarter earnings in early 2024.
“We are looking forward to a strong finish to 2023,” Carano said. “Consumer demand remains strong, and our capital projects are winding down.”
