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Caesars announced the financial results for the second quarter
Caesars Entertainment issued its recent report on their financial performance for the 2nd quarter, showing 10.6% income growth from Las Vegas.
For this time the brand produced 2.8 billion dollars profit, which is more in comparison with 2021’s 2.5 billion dollars.
Significantly the brand showed the outcomes of its Las Vegas’s EBITDA, showcasing that Sin City is recovering from coronavirus.
The segment had 1.1 billion dollars in net revenue, which is 30% more from 2021 and almost 40% of Caesars’ 2nd quarter total. Even more, Las Vega’s adjusted EBITDA was 547 million dollars, 29.3% more than last year.
Though, total adjusted EBITDA was lowered by 3.3% because of the general decline in land-based gaming in other countries, along with the fact that Caesars’ digital operations showed an increased EBITDA loss.
Adjusted EBITDA of the company’s regional business decreased by 15%, from 602 million dollars to 513 million dollars, while Caesars Digital reported a 69 million dollars EBITDA loss.
For this year’s 1st half, adjusted EBITDA of Caesars business in Las Vegas increased by 62%, while in the regional segment there was a 2% drop, and Digital’s losses increased from 7 million dollars to 623 million dollars.
H1’s total adjusted EBITDA decreased by almost 17%, although the net revenue grew by 15%. In spite of the diverse outcomes, CEO T. Reed is still optimistic.
Apparently these results did not scare off shareholders. On Tuesday the brand’s stock price got higher by 6%.