Caesars Entertainment posts $423m net loss in Q1 as Las Vegas revenue drops

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Caesars Entertainment

Caesars Entertainment reported a net loss of $423.0m (£304.4m/€352.8m) in the first quarter of its fiscal yearThe operator also suffered a 7.1% drop in net revenue.

The legacy Caesars business generated $1.83bn in revenue in the three months ending March 31, down from $1.83bn in the same period in 2020, before it completed its merger with Eldorado Resorts.

Revenue from Caesars’ Las Vegas operations fell 39.5% year over year to $497.0m. But revenue from its regional operations increased 26.8% to 21.2% to $1.11bn, thanks in part to the deal.

Revenue from managed, international, and the digital Caesars Interactive Entertainment (CIE) business dropped 29.1% from $127.0m to $90.0m, while corporate and other revenue also fell 20.0% to $4.0m.

In Q1, revenue from casino and pari-mutuel operations totaled $1.14bn, with food and beverage revenue of $166.0m. Hotel revenue totaled $215.0 million, and other revenue $178.0m.

 

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Nassima Azmzm

Nassima Azmzm

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