Caesars Q1 2025 net revenue reported to be $2.8bn, also witnesses net loss of $115m

Caesars Entertainment has released its financial results from the first quarter of 2025, including a rise in net revenue of 2.1% from the prior year period to $2.8bn, as well as a net loss of $115m which actually equates to a 29% decrease from the $158m loss reported during Q1 2024. 

The growth seen in net revenue during Q1 2025 was mainly highlighted by a 18.8% year-over-year increase from the operator’s Caesars Digital segment, which generated $335m of revenue throughout the period. Caesars’ Las Vegas and Regional segments produced $1bn and $1.4bn of revenue throughout the first quarter of 2025, respectively, which equates to a decrease of 1.9% and an increase of 1.7% from the prior year period. 

While the company still witnessed a net loss of $115m during Q1 2025, none of the Las Vegas, Regional or Caesars Digital segments generated losses year-over-year, as a $328m loss stemmed from the Corporate and Other segment. Caesars also managed to generate an increase in adjusted EBITDA for the first quarter of 2025, rising by 4.1% to reach $884m during the period. 

“During the first quarter of 2025, consolidated adjusted EBITDA grew 4% over prior year driven by significant gains in our Digital segment which delivered a new Q1 record, growth in our regional segment with strong contributions from recently opened properties and a solid quarter in Las Vegas against a tough Super Bowl compare last year,” Caesars CEO Tom Reeg said. 

Caesars Digital witnessed the largest year-over-year growth of any segment by far in adjusted EBITDA, rising by nearly $40m from Q1 2024 to eclipse $43m during the first quarter of 2025. The operator’s Regional segment reported a Q1 2025 adjusted EBITDA of $440m, good for an increase of 1.6% year-over-year, while the Las Vegas segment produced $433m of adjusted EBITDA, representing a 0.7% decrease from the prior year period. 

Good to know: Las Vegas Sands released its financial performance throughout Q1 2025 on April 23, which included decreases year-over-year in net revenue, adjusted EBITDA and net income, said to be primarily attributed to an increase in interest expense and effective income tax rate

Casino operations was the largest driver of revenue for Caesars throughout the first quarter of 2025, reporting nearly $1.6bn of revenue for an increase of 3.8% year-over-year. Food & beverage accounted for $435m of the total revenue reported for Q1 2025, while Hotel operations generated an additional $482m. The former represents an increase of 3.1% from the prior year period, while Hotel operations revenue decreased by 2.2% year-over-year. 

For the operator’s expenses throughout Q1 2025, Casino operations accounted for $861m of expenses during the period, while Food & beverage and Hotel represented $275m and $151m, respectively. General and administrative operations cost Caesars $483m of operating expenses during Q1 2025, with Depreciation and amortization accounting for an additional $357m. 

At the time of writing, Caesars share price sits at $27.99 per share following the Q1 2025 report on April 29, which represents a decrease of 0.25% from where it began on the day. The share price peaked at $28.80 right as the market closed at 4pm local time, but has settled at the current $27.99 price. 

Kirk Geller

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