Caesars Digital Improves in Q2 2023 Report Reveals

Specifically, Caesars Entertainment’s online gaming arm, Caesars Digital, posted a strong quarter in the second quarter ended on June 30. The division includes the Caesars Sportsbook brand which has been fast-growing across the United States at a time of rapid mass market legalization.

Caesars Digital Shows Robust Performance in Q2

Caesars Digital managed to notch up EBITDA gain of $11 million during the quarter, which is more than the $69 million loss it posted a year earlier. This is the first time that the division had reported a positive adjusted EBITDA since the company rebranded to Caesars Sportsbook in Q3 2021, Tom Reeg, Caesars CEO said as part of the financial report.

Caesars though is not only focusing on the sportsbook offer, as the company has realized how profitable the iGaming sector can be in helping it overcome short-term challenges and achieve sustainable and long-term growth as the company now leans in more firmly on the sector.

Sports betting is also helping, not least thanks to the William Hill app and its planned incorporation into Caesars. Nevada has been a part of Caesars’ sports betting strategy, as the operator is virtually dominating the market in the Silver State as well, giving it a comfortable boost to its bottom line.

Caesars is still firmly focused on the land-based sector, however, but the company is also seeing that there is far more wiggle room online, especially at a time when iGaming and sports betting are spreading quickly across the United States. Caesars operations, though, remain fairly strong even without its digital arm, with EBITDA for the remaining operations reaching $1 billion, which is an increase of $978 million from the same period last year.

Better Overall Results in Terms of Debt Reduction

Reeg has chalked this up to strong and sustained demand in the company’s regional and local markets, including Las Vegas, with capital investments generating better-than-expected ROI. All the while, the company has been working methodically towards cutting its debt, which loomed threatening at $13.2 billion at the end of the first quarter but was reduced to $12.7 billion at the end of the second quarter.

This is not yet to say that the company has its debt exactly where it wants to be, but the recent quarter, surging demand for Caesars’ digital and retail products, have all contributed to the final outcome. Meanwhile, Caesars has already started a strong Q3 with its rollout in Puerto Rico by bringing its digital and retail offerings to the jurisdiction.