Caesars reports revenue fall in Q1, net loss raises by $22m
Quarter saw record occupancy with Super Bowl hitting town and March Madness tournament being played.
Caesars has reported its first quarter operating results for the 2024 year, ended Mar. 31. The net revenues for the three month period came in at $2.7bn, a slight decrease versus the $2.8bn made during the comparable period in 2023. Its net loss also saw a small increase as the number raised from $136m in Q1 2023 to $158m in Q1 2024. Caesars Digital saw revenue growth, though, as major sporting events such as the Super Bowl came to Las Vegas in Feb. and the March Madness men’s and women’s college basketball tournaments occurred at the end of Q1.
“Operating results during the first quarter in Las Vegas are a combination of record occupancy, driven by the Super Bowl and international visitation for Chinese New Year, offset by lower-than-expected hold. In our Regional segment, results reflect weather related weakness in January and early February partially offset by our new property openings,” Caesars CEO Tom Reeg said.
“Caesars Digital delivered strong revenue growth despite lower-than-expected hold in online sports due to unfavorable outcomes for the Super Bowl and March Madness. Moving past the first quarter headwinds, we remain optimistic toward improved operating results throughout the balance of the year.”
The newly released financial results come at an interesting time for Caesars Digital, especially, as new upgrades were just announced for its online casino mobile app, including the implementation of a first-time multi-lobby navigation layout. Revenue totals for Caesars Digital were reported at $282m for Q1 2024, a rise from the $238m total reported at the end of Q1 in 2023. The 18.5% increase was the only positive change in the net revenue report for Caesars in Q1.
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