Caesars Entertainment Inc recorded promising business growth in the first quarter of this year compared to the last three months of 2020, although still in a scenario of annual net loss.
The organization reported net revenue of $ 1.7 billion, an increase of 259% on a GAAP (Generally Accepted Accounting Principles) basis, while having a net loss of $ 423 million.
Therefore, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached US $ 548 million, against US $ 410 million in the same period of the previous year.
Group CEO Tom Reeg explained the scenario: “Our first quarter results improved significantly compared to the fourth quarter of 2020, as the pace of vaccination (against COVID) across the country accelerated and consumers began to resume more normal behavior ”.
Reep also commented: “We are excited to see significant operational improvement across our company, which we believe to be sustainable going forward”.
After combining the results of continuing operations with the performance of discontinued operations, Caesars Entertainment reported net revenue of $ 1.9 billion and adjusted EBITDA of $ 548 million.
In the Las Vegas business, revenue fell by almost 40% in the first quarter and EBITDA shrank by 26.7%. While in the company’s regional segment, revenues were stable and EBITDA increased by 69.2%.
About Caesars Entertainment
Caesars Entertainment is a group from the United States focused on the gaming market that operates numerous luxury casinos and hotels, including some of Las Vegas’ main ventures. The company is headquartered in Paradise, Nevada, and is recognized as the largest casino operator on the planet.
The organization was founded in October 1937, when its founder William F. Harrah opened a small bingo hall in Reno, also in Nevada. Due to the name of its founder, the group was previously known as “Harrah’s Entertainment”.
