Caesars Entertainment has published its second quarter financial results, recording a 10.6% revenue increase driven by its Las Vegas business.
For Q2, the company generated $2.8bn in revenue, up from last year’s $2.5bn.
But more importantly, Caesars posted an all-time quarterly EBITDA record for its Las Vegas operations, highlighting Sin City’s continued rebound from Covid-19.
This latter segment produced $1.1bn in net revenue, an over 30% increase from last year and approximately 40% of Caesars’ Q2 total.
Moreover, adjusted EBITDA for Las Vegas amounted to $547m, up year-on-year from $423m for a 29.3% rise.
However, overall adjusted EBITDA was down 3.3% due in large part to a general downturn for land-based gaming elsewhere, alongside Caesars’ digital operations posting a widened EBITDA loss.
The company’s “Regional” business experienced a 15% adjusted EBITDA decrease, down from $602m to $513m, while Caesars Digital recorded a $69m EBITDA loss.
For H1, meanwhile, Caesars’ Las Vegas business has undergone a 62% adjusted EBITDA rise, while Regional has experienced a 2% drop and Digital’s loss has widened from $7m to $623m.
Overall adjusted EBITDA for H1 is down by nearly 17%, though Caesars’ net revenue has increased by 15%. Despite these mixed results, Caesars Entertainment CEO Tom Reeg remained optimistic.
“Our second quarter results reflect a consolidated EBITDA record for our brick-and-mortar properties led by an all-time quarterly EBITDA record in Las Vegas and continued strength in our regional markets when compared to 2019,” he said.
“Operating results in our digital segment improved dramatically versus the first quarter and we are optimistic regarding trends in this segment for the balance of the year.”
These results do not appear to have deterred shareholders either. Caesars’ stock price was up by 6.8% at the close of trading on Tuesday.