Caesars Digital, Las Vegas demand drive Q2 Caesars growth

Caesars Entertainment has recorded a 2.1 per cent year-on-year increase in net revenues to US$2.9bn in Q2, with CEO Tom Reeg highlighting “strong” demand in Las Vegas and a 42.1 per cent improvement from Caesars Digital.

The group also posted net income of $920m compared to a net loss of $123m for the comparable prior-year period. Adjusted EBITDA in Q2 for Caesars, meanwhile, was $1bn versus $978m a year ago.

Las Vegas revenues for Caesars dropped 1.2 per cent in Q2 to $1.13bn, compared with a year ago.

However, for the first six months of the year, that revenue figure is up 9.9 per cent to $2.26bn compared with H1 2022.

And net loss for the Las Vegas segment dropped in Q2 to $261m from $313m in Q2 last year – a decrease of 16.6 per cent.

While there was an improvement of 0.5 per cent in regional revenue to $1.46bn, Caesars Digital showed significant improvement, its revenue climbing 42.1 per cent in Q2 to $216m from $152m a year ago.

Reeg said: “The second quarter of 2023 reflected continued strength in our business. Demand remains strong in both Las Vegas and our regional markets.

“Caesars Digital posted its first quarter of positive adjusted EBITDA since our rebranding to Caesars Sportsbook in the third quarter of 2021.

“Our capital investments are generating stronger than expected returns based on recent new property openings.”