Caesars reports positive results for the first quarter of 2023

Caesars Entertainment has released its financial results for the first quarter of this year, which ended March 31. According to the national accounting standards (GAAP), net revenues amounted to $2.8 billion (about 233 billion rubles). A similar quarter in 2022 brought in $2.3 billion (191.4 billion rubles).

The net loss reached $136 million (11.3 billion rubles), a significant year-over-year decrease. The previous figure was $680 million (RUR 56.59 billion). Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $958 million (79.72 billion rubles), down from $296 million (24.63 billion rubles) in the previous quarter.

Caesars Entertainment CEO Tom Rigg said, We had another strong quarter led by a new record first quarter adjusted EBITDA in Las Vegas. Results in our regional segment remained in line with previous quarters, especially if we exclude the impact of the poor weather conditions in northern Nevada during this period. Our digital segment was virtually breakeven despite launching operations in Ohio and Massachusetts.

According to Bret Juncker, CFO, the company also managed to pay off the Caesars Forum Convention Center mortgage bond in full in the amount of $400 million (33.28 billion rubles). The bond was due to mature in 2025, but by closing the debt in advance, Caesars saved more than $32 million (2.66 billion rubles) in interest expense.

Juncker also said: We remain committed to reducing permanent debt by $1 billion for the third year in a row. We ended the quarter with a total net leverage calculated on our bank line of credit of 4.2x as of March 31, 2023.

Meanwhile, the U.K. Gambling Commission won the Great Place to Work award.

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