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Caesars Entertainment, Inc. Reports First Quarter 2023 Results
LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)-- Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":" LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)--\nCaesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 and Recent Highlights:\n\n\n\nGAAP net revenues of $2.8 billion versus $2.3 billion for the comparable prior-year period.\n\n\n\nGAAP net loss of $136 million compared to net loss of $680 million for the comparable prior-year period.\n\n\n\nSame-store Adjusted EBITDA of $958 million versus $296 million for the comparable prior-year period.\n\n\nSame-store Adjusted EBITDA, excluding our Caesars Digital segment, of $962 million versus $850 million for the comparable prior-year period.\n\n\n\nCaesars Digital same-store Adjusted EBITDA of $(4) million versus $(554) million for the comparable prior-year period.\n\n\n\n\n\n\nTom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “We delivered another strong quarter led by a new Q1 Adjusted EBITDA record in Las Vegas. Results in our regional segment remained consistent with prior quarters especially when excluding the impact of bad weather in northern Nevada during the quarter. Our digital segment was nearly break even in the quarter despite launching operations in Ohio and Massachusetts.”\n\n\nFirst Quarter 2023 Financial Results Summary and Segment Information\n\n\nAfter considering the effects of our acquisitions and completed divestitures, the following tables present adjustments to net revenues, net income (loss) and Adjusted EBITDA as reported, in order to reflect a same-store basis:\n\n\n\n\nNet Revenues\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n\n\n(In millions)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022 Adj.(a)\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdj. 2022\n\n\n\n\nTotal\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\n\nLas Vegas\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,131\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n914\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n—\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n914\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n23.7\n\n\...