Business
Caesars Entertainment, Inc. Reports Second 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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 and Recent Highlights:\n\n\n\nGAAP net revenues of $2.9 billion versus $2.8 billion for the comparable prior-year period.\n\n\n\nGAAP net income of $920 million compared to net loss of $123 million for the comparable prior-year period, with the increase primarily driven by a release of $940 million of valuation allowance against deferred tax assets associated with our REIT leases.\n\n\n\nSame-store Adjusted EBITDA of $1.0 billion versus $978 million for the comparable prior-year period.\n\n\nSame-store Adjusted EBITDA, excluding our Caesars Digital segment, of $996 million versus $1.0 billion for the comparable prior-year period.\n\n\n\nCaesars Digital same-store Adjusted EBITDA of $11 million versus $(69) million for the comparable prior-year period.\n\n\n\n\n\n\nTom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “The second quarter of 2023 reflected continued strength in our business. Demand remains strong in both Las Vegas and our regional markets. Caesars Digital posted its first quarter of positive adjusted EBITDA since our rebranding to Caesars Sportsbook in the third quarter of 2021. Our capital investments are generating stronger than expected returns based on recent new property openings.”\n\n\nSecond Quarter 2023 Financial Results Summary and Segment Information\n\n\nAfter considering the effects of our completed divestitures, the following tables present adjustments to net revenues, net income (loss) and Adjusted EBITDA as reported, in order to reflect a same-store basis:\n\n\n\n\nNet Revenues\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n\n\n(In millions)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022 Adj.(a)\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdj. 2022 Total\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\nLas Vegas\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,128\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,142\n\n\n\n\n\n\n \n\n\n\n\n\...