Caesars Q1 results: Net loss reduced to $115m 

Key points: 

– Caesars Entertainment has reported revenue of $2.8bn, up 2.1%

– Net loss reduced by $43m year-on-year

– Net income from regional operations was down 51.2% to $20m 

Caesars Entertainment has released its financial results for the first quarter of 2025. 

In total, Q1 revenue came to $2.8bn, up 2.1% year-on-year. Of this, $1bn came from Las Vegas operations, down 1.9%, while regional revenue came to $1.39bn, up 1.7%. Caesars Digital, however, reported a sizeable jump in quarterly earnings, up 18.8% year-on-year to $335m.  

Net loss for the quarter totalled $115m, down 27.2%. 

Revenue by vertical 

Looking at Caesars’ sources of income, casino earnings totalled $1.59bn, up 3.8% year-on-year. Food and beverage revenue was also up, growing by $13m year-on-year to a total of $435m. Hotel and other revenue both faced year-on-year decline, down $11m and $9m to $482m and $283m respectively. 

While general and administrative expenses were down, all other spend was up across Caesars’ segments. Casino expenses grew $9m year-on-year to $861m, while food and beverage costs were up $12m to $275m. Hotel expenses were also up, growing by $14m to $151m, while other spend remained relatively stagnant, up $1m to $95m.  

Total operating expenses therefore came to $2.31bn, up 2.2% year-on-year. As such, operating income was up by only $3m, totalling $488m. 

Good to know: Comparison to competitors

Company                     Revenue change (%) year-on-year

Caesars Entertainment                             2.1

Entain                                                          9

BetMGM (50% owned by Entain)             34

FDJ United                                               -1.4

Las Vegas Sands                                   -3.4

Boyd Gaming                                            3.2

Svenska Spel                                            -4

Churchill Downs                                        9

Results by segment 

Looking at Caesar’s adjusted EBITDA by segment, Las Vegas generated $433m, down 0.7%. Following a similar pattern to revenue, regional adjusted EBITDA was up 1.6%, coming to $440m — the same adjusted EBITDA that Caesars’ Vegas segment reported this time last year. Digital adjusted EBITDA grew significantly, from $5m to $43m. 

By net income (loss), Las Vegas saw a dip of 8.8%, totalling $177m for the quarter. Regional operations faced a particularly sharp decline, dropping 51.2% to $20m, while net loss or income data was not provided for Caesars Digital.  

Overall though, with corporate expenses lower year-on-year, from $381m to $328m, the decreases in net income from both Vegas and regional operations still resulted in a reduced net loss from last year. It totalled $115m, down $43m year-on-year.  

Comments 

On the results, Chief Financial Officer Bret Yunker said: “We continue to expect 2025 to benefit from meaningfully lower year-over-year capital expenditures and cash interest expense. When combined with strong operating fundamentals, free cash flow this year will show a significant improvement. Accelerating free cash flow in 2025 will allow us to continue to reduce debt alongside opportunistic share repurchases during market dislocations.”