The new Caesars Palace Online Casino is earning high marks from company executives, who touted the standalone product’s success during a recent investor call.
Top brass from Caesars Entertainment and Caesars Digital say the recently launched online casino is performing as intended. The platform made its New Jersey online casino debut in August.
Eric Hession, CEO of Caesars Digital, noted that Caesars Palace Online Casino is attracting more internet slot players, which generates a significantly higher hold (amount won by the casino) than table games.
“What I would say is that the thesis of the new iCasino app is following exactly the script,” he said.
“We’re seeing a much higher percentage of slot players, which if you recall on our prior app (Caesars Sportsbook & Casino), it was heavily table focused, and then as a result, we’re seeing improved hold in that particular app, which we think over time will ultimately create a whole lot more value for us.”
Caesars Palace NJ creates excitement for Caesars’ future
In addition to launching Caesars Palace Online Casino NJ, Caesars rolled out its online casino in Pennsylvania, Michigan, West Virginia and Ontario, Canada. The quarterly earnings update provided on Oct. 31 only includes one month’s worth of data.
Caesars Entertainment CEO Thomas Reeg said the start of the fourth quarter is off to a promising start.
“We’re particularly pleased with the way the fourth quarter has begun in digital. Excited about the momentum that we’ve got in online casino now that we’ve launched Caesars Palace Online and what we’ll be able to deliver in the coming quarters,” Reeg said.
While most of Caesars’ competitors offer a combined NJ online sportsbook and online casino, the Reno-based gambling giant went the other way. Caesars Palace Online Casino and Caesars Sportsbook NJ are intentionally designed to create unique gaming experiences for different types of bettors.
Over the summer, Reeg had this to say about where Caesars was trying to go in the online betting space:
“We are fully aware that we have seen significant competition in the iCasino space, we don’t expect that we’re just going to come in and run everybody over. But we feel like we’ve got the product to start to build market share, and wrapping that into Caesars rewards has been and will continue to be powerful for that business.”
Caesars becomes ‘quite competitive’ thanks to standalone NJ online casino
Since taking over the Caesars Entertainment brand and assets in 2020, the current ownership has benefitted from online casino gaming in NJ.
All told, NJ online gambling revenue reported by Caesars’ online entities has continued to grow (and evolve) in the last few years. According to public data, internet gambling revenue generated by Caesars Interactive Entertainment and Tropicana has risen by 71% and 90%, respectively, since 2019.
Hession told investors that Caesars Palace Online Casino and the revamped Caesars Sportsbook are upgrades.
“As we head into 2024, we believe that our product in both sports betting and iCasino are significantly improved from prior periods and quite competitive.”