May 4, 2022 3 min read

Caesars Entertainment Reports 21% Revenue Rise and $680 Million Loss for Q1

After reaching its highest revenue of all time ($9.6 billion) in 2021 and setting the scene for an even more lucrative 2022, Caesars Entertainment has now published its first-quarter results. Did the Reno-based hotel and casino entertainment company kick off 2022 on a similar note? Let’s find out.

21% Revenue Boost for Q1 2022

For starters, Caesars Entertainment’s first quarter 2022 report shows the company managed to generate $2.29 billion in revenue during the period that ended on March 31. Compared to last year’s $1.79 billion in revenue, the new number marks an increase of close to 21% for the same three-month period under review. One of the main triggering factors for the revenue increase was represented by Caesars’ operations in Las Vegas. These went up close to 84% to $914 million in Q1 2022 from $497 million in Q1 2021.

The boost was also triggered by the company’s regional operations which went up 14% on a year-on-year basis, reaching $1.36 billion in the first quarter of the current year from last year’s $1,19 billion. As expected, pari-mutuel commissions and casino stood for $1.29 billion of the total recorded revenue, while hotel operations represented $383 million of the amount. Food and beverage generated $339 million, while other operations added $278 million to the final numbers.

$680 Million in Net Losses

The company has also reported a 52.5% rise in net losses for Q1 2022 compared to Q1 2021, from $423 million to $680 million. Caesars Digital generated $576 million in net losses during the first quarter of the current year from $8 million in the same period of last year. Managed and branded operations recorded a loss of $211 million in Q1 2021, after a positive $15 million net income in 2021. Corporate and other operations added $185 million to the total net loss, from a net loss of $428 million in 2021. Las Vegas and regional operations did well, bringing in a net income of $168 million, respectively, $124 compared to a net loss of $67 million and a net income of $65 during the first quarter of 2021.

As for the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) numbers, Caesars’s report speaks about $296 million for the same period, compared to $521 million for Q1 2021. The adjusted EBITDA that excludes the Caesars Digital segment reached $850 million in Q1 2022 compared to $530 million in Q1 2021.

The group’s chief executive officer Tom Reeg said the first-quarter results are a reflection of their “sequential improvement” that took place on a monthly basis in terms of revenues and EBITDA. The Las Vegas segment also reached an all-time record for Q1 EBITDA, while the regional segment generated “solid EBITDA and margin growth”. Reeg added the company feels optimistic about a well-balanced rest of the year, in the context of the current healthy consumer trends.

At the end of April, Caesars partnered with Emagine in a decision to rebrand the Royal Oak Sports Lounge. The company also signed a multi-year sponsorship deal with the New York Mets, turning into the official sports betting partner of the popular franchise.

After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.

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