Caesars Entertainment reports $136m net loss for Q1 2023
However, Caesars has seen a 21% increase in revenue, with its net loss still down on previous quarters.
Caesars Entertainment has reported its operating results for the first quarter of 2023. The reports show total revenue of $2.8bn, which has risen 21% year-on-year.
Caesars has reported an increase in revenue on Q1 2022 in all departments, with $1.59bn for casino revenue, $427m in food and beverage, $503m in hotel revenue and $315m coming from other sources. Yet, despite the increase in revenue, Caesars still reported a net loss of $136m for Q1.
Caesars also reported that EBITDA was up to $958m for the period, which is a big increase from the reported $296m for Q1 2022, rising 223%.
Caesars will look to
build upon these numbers, having made a number of partnerships already this year, with companies such as White House Studios, Inspired Entertainment and Konami Gaming.
Tom Reeg, Caesars CEO, commented on the results, “We delivered another strong quarter led by a new Q1 adjusted EBITDA record in Las Vegas.
“Results in our regional segment remained consistent with prior quarters especially when excluding the impact of bad weather in northern Nevada during the quarter. Our digital segment was nearly break even in the quarter despite launching operations in Ohio and Massachusetts.”
Caesars reported a net loss of $136m compared to $680m loss this time last year, with the net loss this year being just a fifth of what it was in Q1 2022.
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