Caesars Entertainment has published its Q1 2023 report, highlighting its financial performance during the period. The company reported an increase in net income, while net losses continued to decline.
In Q1 2023, Caesars saw its quarterly revenues increase to $2.8 billion, representing a 23.7% increase over Q1 2022 results. that the company reported losses of $136 million versus $680 million in the prior year period.
Adjusted Same Store EBITDA for the first three months of the year soared from $296 million to $958 million, representing a 223% increase.
As of March 31, 2023, Caesars’ outstanding debt stood at $13.2 billion. The company’s report added that its total cash and equivalents were $965 million, excluding unrestricted cash of $258 million.
Caesars is pleased with its performance
Caesars CEO Tom Reeg commented on his company’s performance, saying he is happy that Caesars delivered another strong quarter. He noted that Q1 was led by a record quarterly EBITDA in Las Vegas. For reference, adjusted EBITDA posted by the company’s Las Vegas operations was $533 million.
Reeg continued, “Results in our regional segment remained consistent with prior quarters, especially when excluding the impact of severe weather in northern Nevada during the quarter. Our digital segment nearly broke even in the quarter despite the launch of operations in Ohio and Massachusetts”.
Bret Yunker, CFO of Caesars, added that on May 1 of this year, Caesars fully redeemed the $400 million Caesars Forum Convention Center mortgage note due in 2025. 32 million in annual interest expense savings.
Yunker said the company will continue to aim for a third straight year of $1 billion of permanent debt reduction. The CFO concluded: “We ended the quarter with total net leverage calculated on our bank credit facility of 4.2x as of March 31, 2023.”
In early April, Caesars revealed its investment plans and goals online. At the time, the company announced its decision to reduce its outstanding debt, which was echoed in Yunker’s recent statement.
