Caesars Entertainment revenue rises 2% in Q2 2023

Las Vegas revenues for Caesars dropped 1.2 per cent.
Las Vegas revenues for Caesars dropped 1.2 per cent.

Caesars Entertainment has reported that its second-quarter revenue increased to $2.9bn.

US.- Caesars Entertainment has reported financial results for the quarter ended June 30. The company has reported revenue of $2.9bn, up 2 per cent compared to the same period last year. During the three-month period, the company also recorded a net income of $920m compared to a net loss of $123m the prior year. H1 net revenue totals $5.7bn.

EBITDA for Q2 was $1bn, up from $978m for the comparable prior-year period; and Same-store Adjusted EBITDA, excluding the Caesars Digital segment, was $996m versus $1bn in Q2 2022.

CEO Tom Reeg summed up the report in a news release: “The second quarter of 2023 reflected continued strength in our business,” said Reeg. “Demand remains strong in both Las Vegas and our regional markets. Caesars Digital posted its first quarter of positive adjusted EBITDA since our rebranding to Caesars Sportsbook in the third quarter of 2021. Our capital investments are generating stronger than expected returns based on recent new property openings.”

Breaking down its Q2 net revenue, Caesars’ regional revenue made more than its Las Vegas properties, with the company’s regional revenue standing at $1.5bn, a 1 per cent rise on Q2 2022. Las Vegas revenues for Caesars dropped 1.2 per cent in Q2 to $1.13bn, compared with a year ago. Additionally, Caesars Digital saw a 42 per cent rise annually, making $216m in Q2 2023.

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