Caesars Entertainment reports $423m net loss for Q1

Caesars has reported financial results for the first quarter.
Caesars has reported financial results for the first quarter.

The company has reported financial results for the first quarter of the year showing a fall in revenue and an increase in net losses.

US.- Caesars Entertainment has revealed its first-quarter results showing a drop in revenue to $1.70bn, down from $1.83bn in Q1 2020. The company’s net loss reached $423m, compared with $176m in the same period last year.

Caesars said revenue from its operations in Las Vegas fell 39.5 per cent year-on-year to $497.0m, but that revenue from regional operations jumped 26.8 per cent to 21.2 per cent to $1.11bn, thanks in part to its merger with Eldorado Resorts.

EBITDA rose from $410m to $548m.

CEO Tom Reeg said: “The first quarter improved significantly against the fourth quarter of 2020 as the pace of vaccinations across the US accelerated.”

The company has bought the UK-owned sportsbook William Hill.

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