Caesars Entertainment, Inc. has released its latest operating results for the second quarter ending on June 30th, 2022 revealing net revenues of $2.82 billion (€2.76 billion) for the period.
Overall earnings fall well short of estimates
The latest figures mark an increase in net revenues of $320 million (€314.2 million) when compared to the same period in 2021. The report also reveals a GAAP net loss of $123 million (€120.77 million) for the same period. This is in stark contrast to the net income of $71 million (€69.7 million) in Q2 2021.
However, same-store adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) excluding Caesars Digital grew from $1.01 billion (€0.99 billion) to $1.05 billion (€1.03 billion) year-on-year. The company’s online gambling arm reported same-store adjusted EBITDA of $69 million (€67.74 million), a significant increase on the $2 million (€1.96 million) reported in Q2 2021.
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., said:
“Our second quarter results reflect a consolidated EBITDA record for our brick and mortar properties led by an all-time quarterly EBITDA record in Las Vegas and continued strength in our regional markets when compared to 2019. Operating results in our digital segment improved dramatically versus the first quarter and we are optimistic regarding trends in this segment for the balance of the year.”
Bret Yunker, Chief Financial Officer went on to add:
“We successfully closed the William Hill non-US sale on July 1st and have applied $730 million in net proceeds to debt reduction as of July 22nd. We continue to invest in our brick & mortar and digital platforms across the U.S. using ample free cash flow.”
Despite the positive impact of the company’s digital businesses, quarterly earnings came to $0.16 per share, falling short of the Zacks Consensus Estimate of $0.25 per share. In the same period in 2021 quarterly earnings came in at $0.48 per share.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.