American gambling giant Caesars Entertainment has plans to expand its digital presence. The company is considering launching a standalone icasino app later this year and bolstering its iGaming footprint.
Caesars, which continues to rapidly expand across the retail and digital sector in more regulated states, believes that the new app will be a great opportunity to engage more customers in the US.
The new app will be focused on increased game content and some brand-new proprietary offerings, the casino company promised. In addition, it will sport improved marketing capabilities in an effort to reach more people and spread awareness of the new offering.
If everything goes according to Caesars’ plan, the new app should hit the markets no later than Q3 2023.
Caesars’ chief executive, Tom Reeg, is certain that the new app will provide a significant boost to the company’s slot business. Currently, players can only access the operator’s online casino games through its sports betting app, which is not that intuitive to all players.
In addition, boosting iGaming is sure to boost the company’s EBITDA as well, Reeg pointed out.
The Operator Has Big Plans
Caesars Entertainment has big plans for the following months. The company will soon begin testing a proprietary player-account management (PAM) system.
Caesars hopes that these efforts will eventually culminate in a shared wallet that Caesars fans will be able to use across all of the operator’s verticals. The shared wallet is expected to be launched next year.
In addition to that, Caesars plans to roll out its Liberty tech stack app to Nevada before the NFL season commences.
Caesars Hopes to Generate Positive EBITDA in 2023
Caesars just posted its Q1 results, highlighting its performance during the quarter and publishing its plans for the year. As announced by the company, a key focus in the following months will be reducing the company’s outstanding debts.
In Q1, the company’s revenues from all segments increased to $2.8 billion, with a net revenue of $238 million just from its digital verticals. The company’s overall net losses in Q1 declined by over half a billion dollars, showcasing Caesars’ efficient strategy.
Caesars’s earnings declined because of the expenses related to the launch of betting in Ohio and Massachusetts. Furthermore, the company posted subpar Super Bowl results. However, Caesars is optimistic that it will be able to generate positive EBITDA by the end of 2023.
Caesars currently offers sports betting in 30 states and online sports betting in 22 states. Online casino gaming is yet to reach the same popularity in the US but Caesars is keen on exploring this promising vertical.
In other news, Caesars recently added High 5 Games to its portfolio in Pennsylvania.