Business
Caesars Entertainment, Inc. Reports Second Quarter 2022 Results
LAS VEGAS and RENO, Nev., Aug. 2, 2022 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the Company") today reported
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":"LAS VEGAS and RENO, Nev., Aug. 2, 2022 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) (\"Caesars,\" \"CZR,\" \"CEI\" or \"the Company\") today reported operating results for the second quarter ended June 30, 2022.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2022 and Recent Highlights:\nGAAP net revenues of $2.8 billion versus $2.5 billion for the comparable prior-year period.GAAP net loss of $123 million compared to net income of $71 million for the comparable prior-year period.Same-store Adjusted EBITDA of $978 million versus $1.0 billion for the comparable prior-year period.Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $1.05 billion versus $1.01 billion for the comparable prior-year period.Caesars Digital same-store Adjusted EBITDA of $(69) million versus $2 million for the comparable prior-year period.As of July 2022 the company has repaid approximately $770 million of outstanding debt on a year-to-date basis, including a $630 million repayment of the Caesars Resort Collection Term B-1 Loan and $100 million of open market repurchases of our outstanding notes.Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, \"Our second quarter results reflect a consolidated EBITDA record for our brick and mortar properties led by an all-time quarterly EBITDA record in Las Vegas and continued strength in our regional markets when compared to 2019. Operating results in our digital segment improved dramatically versus the first quarter and we are optimistic regarding trends in this segment for the balance of the year.\"\nSecond Quarter 2022 Financial Results Summary and Segment Information\nAfter considering the effects of our recent acquisitions and planned or completed divestitures, the following tables present adjustments to net revenues, net income (loss) and adjusted EBITDA as reported, in order to reflect a same-store basis:\nNet Revenues\nThree Months Ended June 30,\n(In millions)\n2022\n2022 Adj.(a)\nAdj. 2022\nTotal \n2021\n2021 Adj.(a)\nAdj. 2021\nTotal\n% Change\nLas Vegas \n$ 1,142\n$ —\n$ 1,142\n$ 855\n$ —\n$ 855\n33.6 %\nRegional\n1,455\n(1)\n1,454\n1,490\n26\n1,516\n(4.1) %\nCaesars Digital\n152\n—\n152\n86\n31\n117\n29.9 %\nManaged and Branded\n74\n—\n74\n66\n(10)\n56\n32.1 %\nCorporate and Other\n(2)\n—\n(2)\n5\n—\n5\n*\nCaesars\n$ 2,821\n$ (1)\n$ 2,820\n$ 2,502\n$ 47\...