Bret Yunker
Caesars Entertainment Reports Second Quarter 2023 Results
Caesars Entertainment has reported operating results for the second quarter ended June 30, 2023.
Second Quarter 2023 and Recent Highlights:
- GAAP net revenues of $2.9 billion versus $2.8 billion for the comparable prior-year period.
- GAAP 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 REIT leases.
- Same-store Adjusted EBITDA of $1.0 billion versus $978 million for the comparable prior-year period.
- Same-store Adjusted EBITDA, excluding Caesars Digital segment, of $996 million versus $1.0 billion for the comparable prior-year period.
- Caesars Digital same-store Adjusted EBITDA of $11 million versus $(69) million for the comparable prior-year period.
Tom Reeg, CEO of Caesars Entertainment, said: “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.”
Bret Yunker, Chief Financial Officer of Caesars Entertainment, said: “On July 17th we permanently repaid the $250.0 million Baltimore Term Loan, priced at SOFR plus 4.0%, due July 2024, following our acquisition of the remaining 24% equity ownership in the property. Total net leverage under our bank credit facility was 4.2x as of June 30, 2023, and we expect to continue reducing debt and leverage in the second half of 2023.”
Caesars Entertainment has reported revenue of $2.7bn for the third quarter of 2021 (Q3 2021), a 93% increase from the prior-year period.
Las Vegas operations represented $1.01bn of the total revenue, with Regional representing $1.49bn. Caesars Digital amounted to $96m, with Managed and Branded and Corporate and Other representing $79m and $1m respectively.
The company reported a net loss of $233m compared to a net loss of $926m for the prior-year period, while Adjusted EBITDA was $882m versus $433m for the prior-year period.
Adjusted EBITDA excluding the group’s Caesars Digital segment was $1bn, versus $420m for the same period in 2020.
Highlights within the period include the appointment of Sandra Douglass Morgan to the company’s Board of Directors, effective 7 November 2021, and the release of the group’s new Corporate Social Responsibility report, which included its Environment, Social and Governance update, and updated long-term targets.
Tom Reeg, CEO of Caesars Entertainment, said: “Our third quarter operating results reflect an all-time quarterly EBITDA record in our Las Vegas segment and a new third quarter EBITDA record for our regional segment.”
“We are encouraged by the early results from our rebranded Caesars Sportsbook launch and we are looking forward to launching additional states by year end and into 2022.”
Bret Yunker, CFO of Caesars Entertainment, said: “As of October 19th 2021, we have repaid a total of $975 million of traditional debt on a year to date basis. When combined with the repricing and issuance of lower cost debt during the third quarter, our pro forma interest expense has been reduced by approximately $75 million on an annual basis.
“We expect further debt reduction to come from strong operating cash flows and expected asset sale proceeds.”
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