Caesars reports first-quarter EBITDA record

Caesars Entertainment has reported record Q1 EBITDA on booming Las Vegas operations and said the outlook for the remainder of the year remains solid.

Caesars posted GAAP net revenues of $2.3bn versus $1.8bn for the comparable prior-year period. The GAAP net loss of $680m compared to a net loss of $423m for the comparable prior-year period, the company reported.

Same-store adjusted EBITDA was $296m versus $521m for the comparable prior-year period. In turn, same-store adjusted EBITDA, excluding the Caesars Digital segment, came in at $850m versus $530m for the comparable prior-year period.

CEO Tom Reeg commented: “Our first-quarter operating results reflect sequential improvement each month of the quarter in revenues and EBITDA.

“Our Las Vegas segment posted an all-time first-quarter EBITDA record and our regional segment delivered solid EBITDA and margin growth. Consumer trends remain healthy and we are optimistic for the balance of the year.”

Source: Asia Gaming Brief