Caesars Entertainment, Inc. has recently disclosed its financial performance for the first quarter of 2024, providing insights into its operational trajectory. Despite navigating a challenging landscape, the company recorded a marginal decline in GAAP net revenues, down to US$2.7 bn (£2.16 bn/€2.53 bn) from US$2.8 bn in the corresponding period of the previous year. Similarly, there was a net loss of US$158 million, compared to US$136 million in the prior year.
In terms of operational segments, Las Vegas witnessed a 4.5% decrease in net revenues, totaling US$1.03 bn, while Regional net revenues declined slightly by 1.7% to US$1.37 bn. Notably, Caesars Digital displayed resilience, showcasing a robust 18.5% increase in net revenues, reaching US$282 million.
Adjusted EBITDA, a key indicator of operational performance, also experienced a decline to US$853 million from US$947 million year-on-year. However, amidst these figures, Caesars Entertainment, Inc. maintains a strong liquidity position, with US$726 million in cash and cash equivalents, reflecting a steadfast commitment to financial stability.
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Operating results during the first quarter in Las Vegas are a combination of record occupancy, driven by the Super Bowl and international visitation for Chinese New Year, offset by lower-than-expected hold. In our Regional segment, results reflect weather related weakness in January and early February partially offset by our new property openings. Caesars Digital delivered strong revenue growth despite lower-than-expected hold in online sports due to unfavorable outcomes for the Super Bowl and March Madness. Moving past the first quarter headwinds, we remain optimistic toward improved operating results throughout the balance of the year.”
