Caesars Entertainment reports Q2 revenue of $2.5bn

By Gambling Insider

Caesars Entertainment Inc. has released its second-quarter results for this year.

During the three months ending 30 June 2021, Caesars generated revenue of $2.5bn, up from $127m in the same period a year earlier.

The Las Vegas-based company said it had a diluted income per share of $0.34, after reporting a loss per share of $1.25 in the second quarter of last year.

Caesars reported net revenue of $855m from its Las Vegas operations in the second quarter of this year, up from $109m a year earlier. The net income totalled $71m, after reporting a net loss of $100m in the same period a year earlier.

“Our second quarter operating results improved significantly versus the first quarter of 2021 driven by continued strength in our regional markets and a dramatic improvement in results in our Las Vegas segment,” said Caesars CEO Tom Reeg.

Caesars Digital, the sports betting and online gaming segment, generated net revenues of $117m.

Caesars rebranded and launched a new marketing campaign for its new Caesars Sportsbook app following its acquisition of William Hill earlier this year.

As of 30 June, Caesars had $14.7bn in aggregate principal amount of debt outstanding, while total cash and cash equivalents were $1.1bn, excluding restricted cash of $622m.

Caesars CFO Bret Yunker commented: “We anticipate that our balance sheet will be further enhanced through improved operating trends and expected asset sale proceeds. We paid down $325m of debt during the quarter and remain committed to further debt reduction.”

TAGS:

Share This Post



NEWS SPONSOR

More News

The upcoming Global Gaming Awards Las Vegas are just within reach, at the G2E trade show in Las Vegas, and we are pleased to announce that the full Shortlist is now...






Thanks to Covid-19, online gambling has seen an unprecedented surge in growth, with one of the biggest areas being the online bingo industry. Bingo rarely receives the same respect as other games...