Caesars Praises Regional Market Strength In Q2 Report
Author: Joe Kizlauskas
Last Updated: 23rd February 2023
Caesars Entertainment has praised the strength of its regional markets, as well as a “dramatic improvement” in Las Vegas, as the company reports a considerable improvement in second-quarter results compared to the COVID-19-ravaged time a year ago.
Net sales for the second quarter ended June 30, 2021 was $2.5 billion ($127 million in 2020), with $71 million in net profits compared to a loss of $100 million in 2020, and same-store adjusted EBITDA reaching a new high of $1 billion, a significant improvement over the $131 million loss in 2020.
Caesars reported same-store revenue of $855 million and adjusted EBITDA of $423 million in its Las Vegas segment, while its regional section recorded revenue and adjusted EBITDA of $1.5 billion (2020: $114 million) and $621 million (2020: -$8 million), respectively.
Same-store net revenue was $117 million (2020: $11 million), with adjusted EBITDA of $2 million (2020: $5 million) for Caesars Digital, the company’s sports betting and online gaming division.
Strong regional market and a strong Las Vegas segment
Caesars Entertainment CEO Tom Reeg had this to say about the company’s performance: “Our second quarter operating results improved significantly versus the first quarter of 2021 driven by continued strength in our regional markets and a dramatic improvement in results in our Las Vegas segment.
“With the William Hill acquisition now closed, we have officially rebranded our sports betting operations to Caesars and we launched our new comprehensive marketing campaign on August 2, 2021.”
The company’s performance during the first six months of the year was also documented, with revenue of $4.29 billion (2020: $600 million), a net loss of $352 million (2020: -$276), and adjusted EBITDA of $1.53 billion (2020: $92 million).
Bret Yunker, chief financial officer at Caesars said: “We anticipate that our balance sheet will be further enhanced through improved operating trends and expected asset sale proceeds. We paid down $325m of debt during the quarter and remain committed to further debt reduction.”