Key highlights:
- Caesars’ Q2 revenue increases 2% annually to $2.9bn
- Its Q2 adjusted EBITDA hits $1bn
- Meanwhile, its Q2 net income hits record high of $920m since 2020 – a $1.04bn rise on Q2 2022
- H1 net revenue totals $5.7bn
Caesars Entertainment has revealed its Q2 2023 report, showing that it made $2.9bn in net revenue – representing an increase of 2%.
Breaking down its Q2 net revenue, Caesars' regional revenue made more than its Las Vegas properties – with the company's regional revenue standing at $1.5bn, a 1% rise on Q2 2022.
Additionally, Caesars Digital saw a 42% rise annually, making $216m in Q2 2023.
Below is a graph that shows Caesars’ regional revenue from Q2 2020 to Q2 2023, which highlights the stability of its regional revenue since Q2 2021 – however, Q2 2020 is a victim of the Covid-19 pandemic, totalling $114m.
Caesars total net revenue also remains stable, showing incremental growth since Q2 2021 – with an 11% rise from Q2 2021 to Q2 2022 and a 2% rise from Q2 2022 to Q2 2023.
Looking specifically at Caesars’ Las Vegas business, in Q2 2023, the Mecca of US gambling reported $1.12bn – down 1% on Q2 2022.
For Q2 2021, Las Vegas’ revenue totalled $855m, which saw a 34% rise when Caesars' Q2 2022 recorded $1.14bn. It was only in the doldrums of Covid that Las Vegas’ figure hit a low of $109m.
Meanwhile, Caesars’ net income for Q2 2023 totalled $920m, a massive rise from the $123m loss it made in 2022 – an increase of $1.04bn. The data below shows Caesars’ net income since 2020 and the uneven Q2 net income results it has seen.
Furthermore, Caesars’ adjusted EBITDA for Q2 2023 totalled $1bn, a 3% rise on 2022’s $978m. Since Q2 2021, Caesars’ adjusted EBITDA has shown a similar stability to its revenue, with Q2 2021 also totalling $1bn a $1.15bn rise on 2020’s Q2 Covid stricken adjusted EBITDA of -$11m.
“Caesars’ 2023 H1 adjusted EBITDA rose by 54% annually, totalling $2bn”
Additionally, Caesars’ H1 report shows a $5.7bn net revenue sum, up 12% on H1 2022’s $5.1bn.
Much like its Q2 net income, at $784m, Caesars’ H1 2023 net income sees a significant rise on H1 2022, which reported an $803m loss.
Caesars’ 2023 H1 adjusted EBITDA rose by 54% annually, with $2bn reported – compared to the $1.3bn it highlighted in H1 2022.
For the year so far, Caesars is currently enjoying a high in its share prices, with a 2023 apex of $59.38 recorded on July 26. Its low came on May 31, when it recorded a price of $41.01. At the time of writing, the price is sat at $57.79.
