Caesars Entertainment Reports Strong Q2 2023 Financial Results
Caesars Entertainment, Inc., a renowned casino and entertainment company, has unveiled its operating results for the second quarter of 2023, showcasing impressive financial performance.
During Q2 2023, Caesars recorded GAAP net revenues of $2.9 billion, indicating significant growth compared to the same period last year when revenues stood at $2.8 billion.
Notably, the company reported GAAP net income of $920 million, a remarkable turnaround from a net loss of $123 million in the comparable prior-year period. This increase in net income can be attributed to the release of a $940 million valuation allowance against deferred tax assets associated with Caesars’ REIT leases.
The Same-store Adjusted EBITDA for Q2 2023 amounted to $1.0 billion, exceeding the $978 million recorded in the same quarter last year. However, when excluding the Caesars Digital segment, the Same-store Adjusted EBITDA was slightly lower at $996 million, compared to $1.0 billion in the prior year.
Caesars Digital, the company’s digital segment, showcased promising progress by achieving positive Same-store Adjusted EBITDA of $11 million in Q2 2023. This marks a significant milestone since the rebranding to Caesars Sportsbook in Q3 2021.
Tom Reeg, the Chief Executive Officer of Caesars Entertainment, expressed satisfaction with the second-quarter results: “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.”
Looking ahead, Caesars Entertainment remains optimistic about its growth trajectory and aims to capitalize on market opportunities, delivering long-term value to shareholders and stakeholders.