Caesars Releases Q1 Report and Aims to Minimize Unpaid Debt
Caesars Entertainment has released its Q1 2023 report, which details the company’s financial performance during the period. The report shows that Caesars experienced a rise in net revenues, while net losses continued to decrease.
During Q1 2023, Caesars saw its quarterly revenues increase to $2.8 billion, which is a 23.7% rise from Q1 2022. Additionally, the company’s net losses decreased, with Caesars reporting a loss of $136 million compared to $680 million in the same period last year.
Same-store adjusted EBITDA for the first three months of the year increased from $296 million to $958 million, representing a 223% increase.
As of March 31, 2023, Caesars’ outstanding debts were $13.2 billion, and the company’s report stated that its total cash and cash equivalents were $965 million, excluding unrestricted cash of $258 million.
Tom Reeg, Caesars’ CEO, expressed satisfaction with the company’s performance, noting that Q1 was led by a quarterly EBITDA record in Las Vegas. Reeg also stated that results in the regional segment remained consistent with prior quarters.
Bret Yunker, Caesars’ CFO, announced that the company fully redeemed the $400 million Caesars Forum Convention Center mortgage note due 2025 on May 1, resulting in more than $32 million in annual interest expense savings. Yunker also stated that Caesars will aim for a third consecutive year of $1 billion of permanent debt reduction.
In early April, Caesars announced its investment plans and online goals, including reducing its outstanding debt. The company has also confirmed plans to integrate Horseshoe’s Jubilee Tower into Paris Las Vegas at a cost of $100 million, with the tower renamed Versailles Tower.
Source: gamblingnews.com
