Online drives Caesars second quarter revenue

Finance News

Caesars Entertainment reported $2.88 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 2.1%.

The casino operator, which runs Caesars Atlantic City and Caesars Palace, has benefited from a shift in consumer spending toward services.

GAAP net income of $920 million compared to net loss of $123 million for the comparable prior-year period, with the increase primarily driven by a release of $940 million of valuation allowance against deferred tax assets associated with our REIT leases.

Same-store Adjusted EBITDA of $1.0 billion versus $978 million for the comparable prior-year period.

Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $996 million versus $1.0 billion for the comparable prior-year period.

The profit decline was partly offset by a smaller loss in the company’s new sports betting and online gaming focused digital segment compared to last year.

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “The second quarter of 2023 reflected continued strength in our business. 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.”