Strong First Quarter 2023 Financial Results for Caesars Entertainment
LISTEN TO THIS ARTICLE:Caesars Entertainment Inc., a giant of the land and online gambling industry, has reported excellent financial results for Q1 2023. The company saw its net revenues grow to $2.8 billion, up from $2.3 billion in Q1 2022.
The strong results for Q1 2023 were driven by several areas. It announced impressive results for its Las Vegas properties, with revenues up by 23.7% and same-store adjusted EBITDA up 33.3% to $533 million. Its net revenues from regional properties grew 2.2%, with same-store adjusted EBITDA of $448 million.
Revenues were also up for Caesars Digital, the company’s online and sports betting operations. It saw same-store adjusted EBITDA of minus $4 million compared to minus $544 million for the same period in 2022. The company has made a number of investments in its digital operations in recent years, and the new figures suggest that they are paying off. For instance, it has signed partnership deals with a number of leading iGaming providers, such as IGT and Playtech, to develop innovative gaming and betting products.
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.
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