Caesars Entertainment, Inc. Achieves Strong Second Quarter 2023 Results
Las Vegas, NV – Caesars Entertainment, Inc. (NASDAQ: CZR), a leading casino and entertainment company, has announced its operating results for the second quarter ending on June 30, 2023. The company’s CEO, Tom Reeg, expressed satisfaction with the positive performance, highlighting the robust demand in both Las Vegas and regional markets, as well as the successful turnaround of their digital segment.
Key Highlights of Q2 2023:
- Healthy Revenue Growth: Caesars reported GAAP net revenues of $2.9 billion, showing an increase from the prior year’s $2.8 billion during the same period.
- Profit Turnaround: The company achieved a significant transformation in its financials, with a GAAP net income of $920 million, a substantial improvement compared to a net loss of $123 million in the same period last year. This turnaround was mainly attributed to a release of $940 million of valuation allowance against deferred tax assets linked to the company’s REIT leases.
- Steady EBITDA Performance: Caesars demonstrated consistent operational strength, recording a Same-store Adjusted EBITDA of $1.0 billion, up from $978 million in the corresponding period of the previous year.
- Digital Segment Rebound: The Caesars Digital segment showcased remarkable progress, posting a positive Same-store Adjusted EBITDA of $11 million, a remarkable turnaround from the negative $(69) million reported in the prior-year period.
Tom Reeg, the Chief Executive Officer of Caesars Entertainment, Inc., praised the company’s performance during the second quarter of 2023. Reeg emphasized the ongoing strong demand in both the Las Vegas market and regional markets. He also highlighted the exceptional achievement of Caesars Digital, which attained positive adjusted EBITDA for the first time since its rebranding to Caesars Sportsbook in 2021. Reeg further noted that the company’s strategic investments have surpassed expectations, with recent property openings yielding impressive returns.
The success of the second quarter underscores Caesars Entertainment, Inc.’s commitment to enhancing its portfolio and maintaining a strong foothold in the competitive casino and entertainment industry. With its diverse offerings and strategic business decisions, the company continues to solidify its position as a leader in the market.
This article is based on the information provided in the official press release from Caesars Entertainment, Inc. The author does not own any shares or have any financial interests in the company mentioned in this article.