Caesars Palace Online Casino Off To A Great Start, Per Company Execs
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On a recent investor call, Caesars company executives praised the success of its new standalone online casino mobile app product, Caesars Palace Online Casino NJ. The new app debuted in August and is already gaining notoriety internally at the company.
“What I would say is that the thesis of the new iCasino app is following exactly the script,” Eric Hession, CEO of Caesars Digital 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.,” he added.
App Launched in Multiple Territories
In addition to the New Jersey online casino, the app was launched in Pennsylvania, Michigan, West Virginia, and Ontario, Canada. The quarterly earnings report, which came out on October 31, only had one month of data due to its newness.
“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,” said Thomas Reeg, Caesars Entertainment CEO.
The move to create standalone apps for its online sportsbook and casino goes against the grain compared to competitors, but they did it intentionally.
“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,” Reeg also said.
Revenue Figures are Positive
According to public data, internet gambling revenue generated by Caesars and Tropicana has risen by 71% and 90%, respectively, since 2019.
“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,” Hession said.
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