Caesars Entertainment revenue rises 23% in Q1 2023

Caesars Entertainment has reported that its first-quarter revenue increased to $2.8bn.

US.- Caesars Entertainment has reported financial results for the quarter ended March 31. The company has reported revenue of $2.8bn, up 23 per cent compared to the same period last year. EBITDA was $958m, up 223 per cent year-on-year, while its net loss was $136m, compared to a $680m loss in Q1 2022.

Caesars chief executive Tom Reeg said: “We delivered another strong quarter led by a new Q1 Adjusted EBITDA record in Las Vegas. 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 break even in the quarter despite launching operations in Ohio and Massachusetts.”

Caesars Entertainment registered $1.56bn in casino revenue, up 22.7 per cent year-on-year; $503m in hotel revenue; $427m in food and beverages; and $315m in other revenue. In terms of divisional performance, regional operations generated $1.39bn in revenue, up 2.2 per cent year-on-year, while Las Vegas revenue was 23.7 per cent higher at $1.13bn.

Digital revenue improved from a loss of $53m to post $238m in revenue, while managed and branded revenue grew 4.5 per cent to $69m and corporate and other revenue hit $3m.

See also: Caesars announces $100m plans for Jubilee Tower at Horseshoe Las Vegas