The gaming behemoth Caesars Entertainment has shared its quarterly report for the period of three months concluding on March 31. The report paints a picture of slightly dipping revenue along with an increase in net loss, however, the company’s solid financial footing continues.
The company revealed a net revenue of $2.7 billion for the first fiscal quarter. It is a minor reduction from the $2.8 billion recorded in the corresponding period of the previous year. Furthermore, the company disclosed a net loss of $158 million, marking a significant increase from the $136 million tallied in Q1 2023.
As per the EBITDA results, Caesars witnessed a reduction in same-store adjusted EBITDA. For Q1 2024, the figure came up to $853 million, thus depicting a marked decrease from the $947 million declared the previous year. The digital adjusted EBITDA of Caesars, however, climbed from a loss of $4 million in Q1 2023 to a profit of $5 million in Q1 2024.
Even though obstacles were encountered during the first quarter of 2023, Caesars managed to keep most of its metrics relatively stable. Meanwhile, one of its significant rivals, Bally’s, succumbed to a net loss due to multiple stumbling blocks.
Expectations High for Better Results in FY 2024, says CEO Reeg
The results were addressed by Tom Reeg, the chief executive officer of Caesars Entertainment. He accredited their business in Las Vegas to the Super Bowl and the international visitors owing to the Chinese New Year, which led to record-breaking occupancy. However, these benefits were somewhat diminished by a weaker-than-anticipated hold.
Moreover, Reeg shed light on specific weaknesses reflected in the company’s regional segment results.
The company also reportedly experienced a lesser hold in online sports betting than projected due to “unfortunate outcomes for the Super Bowl and March Madness.” However, the overall performance of the company’s digital segment was commendable, as stated by Reeg.
Regardless of these challenges, Reeg is optimistic about Caesars’ prospects for 2024.
We continue to anticipate improved operating results as the year progresses, despite the obstacles encountered in the first quarter.
Tom Reeg, CEO, Caesars Entertainment
The Gaming Titan Continues its Success Trajectory
In addition to the first quarter performance of Caesars, the company earned the prestigious RG Check accreditation during this period. The accolade highlighted the company’s commitment and effective practices in responsible gambling, education of players, protection endeavors, and team member training, solidifying its position at the forefront of social responsibility.
Last March, the company extended its alliance with the National Hockey League. This agreement granted Caesars access to NHL IP, thereby enabling them to create new hockey-themed games.
