May 4, 2021 Casino, Land-Based

Caesars Entertainment reports Q1 2021 net revenue of $1.7bn

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Caesars Entertainment announced first quarter 2021 net revenue of $1.7bn, a 259% year-on-year increase on a GAAP basis.

Same-store adjusted EBITDA was $548m compared to $410m for the same period a year prior.

Net loss for the quarter was $423m versus net loss of $176m for the comparable prior-year period.

Las Vegas same-store revenues fell 40% in Q1 to $497m, while adjusted EBITDA declined 27%. Caesars’ Regional segment saw same-store revenues remain flat for the quarter, while adjusted EBITDA grew 69%.

Caesars CEO Tom Reeg said, “Our first quarter results improved significantly versus the fourth quarter of 2020 as the pace of vaccinations across the country accelerated and consumers started to resume more normal behavior. We are excited to see the dramatic improvement in operating efficiencies throughout our enterprise which we believe are sustainable going forward."

Casino and pari-mutuel commissions revenue was $1.14bn versus $340m for the comparable prior-year period. Hotel revenue grew to $215m compared to $48m in Q1 2020.

The company had $15bn in aggregate principal amount of debt outstanding as of March 31, 2021. Total cash and cash equivalents were $1.8bn.

"We are excited about the ongoing improvement in operating trends which we expect will lead to increased free cash flow generation," said Bret Yunker, Chief Financial Officer. "We ended the quarter with $1.8 billion of unrestricted cash and our revolver availability remains unchanged at $2.1 billion."

Caesars concluded a $3.7bn acquisition of British bookmaker William Hill on April 22. Caesars plans to sell William Hill's international business.

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