News Casino 4 May 2022
Caesars Entertainment reports $680m loss for Q1 2022
By Peter Lynch
Caesars Entertainment, Inc. has reported net loss of $680m for the first quarter of 2022, compared to a net loss of $423m for the prior-year period.
Revenue for Q1 2022 amounted to $2.29bn, a 21% increase from the first quarter of 2021. Regional operations led the way for such revenue, climbing 14% year-on-year to $1.36bn. Las Vegas operations followed with $914m, an 84% increase from Q1 2021.
Casino and pari-mutuel commissions represented $1.29bn of total revenue, followed by Hotel at $383m. Food and beverage and Other represented totals of $339m and $278m respectively.
Adjusted EBITDA was $296m for the period, compared to $521m for the first quarter of 2021. And Adjusted EBITDA excluding the group’s Caesars Digital segment was $850m, compared to $530m.
“Our first quarter operating results reflect sequential improvement each month of the quarter in revenues and EBITDA,” said Caesars Entertainment, Inc. CEO Tom Reeg. “Our Las Vegas segment posted an all-time first quarter EBITDA record and our regional segment delivered solid EBITDA and margin growth. Consumer trends remain healthy and we are optimistic for the balance of the year.”
As of 31 March 2022, the operator had $14.3bn in aggregate principal amount of debt outstanding, with total cash and cash equivalents at $814m, excluding restricted cash of $451m.
Caesars Entertainment, Inc. CFO Bret Yunker commented: “Our properties are performing above expectations and we anticipate significant debt reduction in 2022 through a combination of strong operating cash flows and expected asset sale proceeds.”
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