Zona de Azar USA – Caesars Entertainment Sets Las Vegas Record with Strong Q1 Earnings

USA.- May 4th 2023 www.zonadeazar.com In an earnings call Tuesday, Caesars reported net revenues of $2.8 billion as compared to $2.3 billion, a 17.9% increase, for the first quarter of 2022. Las Vegas had revenues of $1.13 billion compared to $914 million a year ago, an increase of 23.7%. Regional properties recorded $1.38 billion in revenue compared to $1.36 billion year over year, a 2.2% gain.

Same-store Adjusted EBITDA was $958 million versus $296 million for the comparable prior-year period. It was $533 million in Las Vegas compared to $400 million a year ago and $448 million at regional properties versus $459 million a year ago.

Caesars Digital same-store Adjusted EBITDA was a loss of $4 million versus a loss of $554 million for the first quarter of 2022.

“We delivered another strong quarter led by a new Q1 Adjusted EBITDA record in Las Vegas,” said Caesars CEO Tom Reeg. “Results in our regional segment remained consistent with prior quarters, especially when excluding the impact of bad weather in northern Nevada during the quarter. Our digital segment was nearly breakeven in the quarter, despite launching operations in Ohio and Massachusetts.”

The net loss of $136 million compares to a net loss of $680 million for the comparable prior-year period. Las Vegas reported $293 million in net income compared to $168 million a year ago. Regional properties reported net income of $75 million versus $124 million a year ago.

As of March 31, Caesars had $13.2 billion in aggregate principal debt outstanding. Total cash and cash equivalents were $965 million, excluding restricted cash of $258 million.

Edited by: @MaiaDigital www.zonadeazar.com