Caesars reports Q2 net revenue of $2.5bn
Caesars Entertainment has announced second quarter 2021 net revenue of $2.5bn, up from $127m over the same period in 2020.
The Las Vegas-based company generated quarterly net income of $71m versus a loss of $100m for the comparable prior-year period.
Caesars’ same-store adjusted EBITDA of $1bn marked an all-time quarterly record and was up from -$131m in Q2 2020.
Caesars reported Las Vegas segment same-store revenue of $855m and EDBITDA of $423m. CEO Tom Reeg said Las Vegas hotel occupancy neared 90% beginning in May.
“May was the best month in the history of Las Vegas for Caesars from an EBITDA perspective,” Reeg said. “June was better than May, and then July was better than June.”
Reeg said he expects third quarter occupancy to finish “significantly ahead” of second quarter despite the return of indoor mask mandates as Las Vegas battles another wave of Covid-19 cases.
The company’s regional segment produced same-store revenues of $1.5bn and EBITDA of $621m.
Caesars Digital, which includes online gaming and sports betting, finished the quarter with $117m in same-store net revenues and adjusted EBITDA of $2m,
Reeg said the period between the company’s April acquisition of William Hill and this week’s launch of Caesars Sportsbook was a “stand and stop.”
The rebranded Caesars Sportsbook is available in 17 states plus Washington, DC.
“What you’re going to see is us leaning the entire organization into this vertical,” said Reeg, citing an ad campaign with JB Smoove and Patton Oswalt that will debut August 5.
Reeg said the company will invest $1bn into Caesars Sportsbook over the next two-and-a-half years to build its customer base. Reeg said he believes Caesars can generate cash-on-cash returns at maturity in excess of 50% of what it invests.
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