Caesars Entertainment has published its Q1 2023 report, highlighting its financial performance during the period. The company recorded rising net revenues, while net losses continued to decrease.
In Q1 2023, Caesars saw its quarterly revenues rise to $2.8 billion, representing an increase of 23.7% from Q1 2022’s results. Meanwhile, the company’s net losses decreased as Caesars reported losing $136 million versus $680 million in the prior-year period.
Same-store adjusted EBITDA for the first three months of the year skyrocketed from $296 million to a whopping $958 million, representing an increase of 223%.
As of March 31, 2023, Caesars’ outstanding debts sat at $13.2 billion. The company’s report added that its total cash and cash equivalents were $965 million, excluding unrestricted cash of $258 million.
Caesars Is Satisfied with Its Performance
Caesars’ chief executive officer, Tom Reeg, commented on his company’s performance, saying that he is glad that Caesars delivered another strong quarter. He noted that Q1 was led by a quarterly EBITDA record in Las Vegas. For reference, the adjusted EBITDA recorded by the company’s LV operations was $533 million.
Results in our regional segment remained consistent with prior quarters especially when excluding the impact of bad weather in northern Nevada during the quarter. Our digital segment was nearly break even in the quarter despite launching operations in Ohio and Massachusetts.
Tom Reeg, CEO, Caesars
Bret Yunker, Caesars’ chief financial officer, added that on May 1 this year, Caesars fully redeemed the $400 million Caesars Forum Convention Center mortgage note due 2025. This, he noted, resulted in more than $32 million in annual interest expense savings.
Yunker said that Caesars will continue to aim for a third consecutive year of $1 billion of permanent debt reduction. The CFO concluded:
We ended the quarter with total net leverage as calculated under our bank credit facility of 4.2x as of March 31, 2023.
Bret Yunker, CFO, Caesars
Caesars Wants to Reduce Its Debts
In early April, Caesars unveiled its investment plans and online goals. Back then, the company announced its decision to reduce its outstanding debt, which was echoed in Yunker’s recent statement.
In other news, the casino giant just confirmed its plans to integrate Horseshoe’s Jubilee Tower into Paris Las Vegas. The renovation project will cost Caesars $100 million and will see the tower renamed Versailles Tower.