Caesars reaches $2.83bn in Q1 revenue
The resort and casino operator reports increase in EBITDA, a decrease in net loss, and has plans for future developments.
Caesars Entertainment (Caesars) has reported its first-quarter financial results for this year, including Q1 total revenue of $2.83bn. The resort, casino and sportsbook operator also recently had its app and stock opportunities positively reviewed by an analyst at B Riley Securities.
Of Caesars’ 50+ properties, its 10 Las Vegas hotel & casino locations made up $1.13bn of the total first-quarter revenue. Regional US properties accounted for $1.39bn. Both figures are an increase year-on-year from $914m in Las Vegas, and $1.36bn in regional revenue.
However, while revenue experienced a yearly increase and remained nearly constant from the previous quarter, Caesars has reported overall net losses for every quarter of 2022, and Q1 of this year is no different. 2023’s first quarter suffered a net loss of $136m, compared to 2022’s first quarter loss of $680m.
Caesars’ adjusted EBITDA reached $958m, a 223% increase year-on-year. Tom Reeg, CEO of Caesars, commented, “We delivered another strong quarter led by a new Q1 adjusted EBITDA record in Las Vegas.”
Earlier this week, Caesars reported that it plans to integrate Horeshoe’s Jubilee Tower into its Paris Las Vegas property. It has also recently entered a new partnership in Ontario with Wazdan, as well as launched Tropicana Online Casino in Pennsylvania.
Reeg added, “Results in our regional segment remained consistent with prior quarters especially when excluding the impact of bad weather in northern Nevada. Our digital segment was nearly break even in the quarter despite launching operations in Ohio and Massachusetts.”
Caesars is also one of the companies bidding for a New York City Casino license, with a view to operating a casino in Times Square. This plan has received both support and opposition from local businesses. Gaming America’s May/June issue will look at this licensing process in-depth.
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