Caesars Entertainment Reports Mixed Q2 2024 Financial Results
Caesars Entertainment has published its financial results for the second quarter of 2024, revealing a total net revenue of $2.83 billion, which is a slight 0.1% decrease compared to the same period last year.
Caesars Entertainment sees net loss of $122 million in the second quarter of 2024.
LISTEN TO THIS ARTICLE:The company reported a net loss of $122 million, a 86% drop. This decline is mainly attributed to a $940 million release of valuation allowance against deferred tax assets linked to its Real Estate Investment Trust (REIT) leases from the previous year.
In Q2 2024, Caesars achieved $1 billion in adjusted EBITDA, a 0.6% increase. The Las Vegas segment experienced growth in adjusted EBITDA due to same-store revenues, higher hotel occupancy, and an increased Average Daily Rate (ADR). Las Vegas operations brought in $1.1 billion in revenue for the quarter.
Strong Performance from Caesars Digital
Caesars Digital continues its Q1 upward trajectory with a 27.8% rise in revenue, reaching $276 million for Q2 2024. On the other hand, the regional segment faced competitive pressures in new markets, which was somewhat offset by operations in Danville, Virginia, and Columbus, Nebraska. Regional operations generated just under $1.4 billion in revenue.
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.
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Major Projects Taking Place in 2024
In June 2024, Caesars completed the acquisition of WynnBet’s Michigan iGaming operations, which includes a long-term extension of iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians. The transition of WynnBet’s iCasino operations to Caesars’ Michigan iGaming platform under a new brand is planned for the second half of 2024, pending regulatory approvals.
Earlier this year, Caesars launched legal mobile sports betting in North Carolina on tribal lands of the Eastern Band of Cherokee Indians and entered the Kentucky sports betting market in September 2023. These expansions are part of the company’s strategy to enhance its digital and regional presence.
As of June 30, 2024, Caesars reported an aggregate principal debt of $12.4 billion, with total cash and cash equivalents amounting to $830 million, excluding $129 million in restricted cash. The company’s liquidity includes a revolver capacity of $2.2 billion, partially offset by commitments to letters of credit and regulatory requirements.
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