Caesars Entertainment has reported operating results for the second quarter ended June 30, highlighting net revenues of $2.8bn versus $2.9bn for the comparable prior-year period.
Net loss of $122m compared to net income of $920m for the comparable prior-year period, with the decrease primarily driven by a release of $940m of valuation allowance against deferred tax assets associated with REIT leases in the prior year.
Same-store adjusted EBITDA of $1bn compared with $1bn for the comparable prior-year period. Caesars Digital adjusted EBITDA was $40m versus $11m for the comparable prior-year period.
Tom Reeg, CEO of Caesars Entertainment, commented: “On a consolidated basis, the company generated $1bn of adjusted EBITDA.
"Our operating results reflect year-over-year growth in adjusted EBITDA in our Las Vegas segment driven by record same store revenues, hotel occupancy and average daily rate.
"Our Caesars Digital segment posted a new second-quarter adjusted EBITDA record, driven by strong revenue growth and solid flow through.
"Regional segment results reflect competition in new markets partially offset by our temporary facility in Danville, Virginia, and our property in Columbus, Nebraska.
"We remain optimistic for the balance of 2024 driven by strong operating trends in our Las Vegas and Caesars Digital segments and the expected openings of the permanent facility in Danville coupled with our $430m capital investment in our newly rebranded Caesars New Orleans property.”
