In its Q1 update this week, Caesars Entertainment Inc posted a better showing than in the previous quarter of 2020, although against a backdrop of continued net losses year over year.
The company reported net sales of $1.7 billion, up 259.2 percent on a GAAP basis and down 16 percent on a same-store basis versus Q1 2020, with a net loss of $423 million compared to $176 million the previous year. Adjusted EBITDA for the same-store segment was $548 million, up from $410 million in the prior-year quarter.
Dramatic improvement in operating efficiencies
Tom Reeg, the company’s CEO, explained: “Our first quarter results improved significantly versus the fourth quarter of 2020 as the pace of vaccinations across the country accelerated and consumers started to resume more normal behaviour. We are excited to see the dramatic improvement in operating efficiencies throughout our enterprise which we believe are sustainable going forward.”
Caesars posted same-store net sales of $1.9 billion and adjusted EBITDA of $548 million after combining the effects of ongoing and discontinued operations.
A comparable same-store basis for Q1 2020 covers Caesars Entertainment Inc’s results of operations combined with Caesars Entertainment Corporation’s operations prior to the closing of the acquisition of Former Caesars and excludes results of operations for assets that have been divested.
Same-store sales fell 39.5 percent and adjusted EBITDA fell 26.7 percent in the first quarter in the company’s Las Vegas division. Same-store sales were flat in the company’s Regional division, but same-store adjusted EBITDA rose by 69.2 percent.