Caesars Entertainment Inc · Q1 2022 earnings

Briefing

Caesars Entertainment reported mixed results for Q1 2022, with revenue growth offset by a net loss, but Las Vegas segment posted a record EBITDA.

Caesars Entertainment, Inc. reported a GAAP net revenue increase to $2.3 billion compared to $1.8 billion in the prior year. However, the company experienced a net loss of $680 million, compared to a net loss of $423 million in the same period last year. Same-store Adjusted EBITDA was $296 million versus $521 million for the comparable prior-year period.

• GAAP net revenues increased to $2.3 billion from $1.8 billion year-over-year.
• GAAP net loss was $680 million, compared to a net loss of $423 million in the prior-year period.
• Same-store Adjusted EBITDA was $296 million, down from $521 million in the comparable prior-year period.
• Las Vegas segment achieved an all-time first quarter EBITDA record.

Headline financials

Revenue & EPS history

Consumer trends remain healthy and the company is optimistic for the balance of the year and anticipates significant debt reduction in 2022 through a combination of strong operating cash flows and expected asset sale proceeds.