Caesars Entertainment published its Q1 report 2023, which highlights its financial performance for the quarter. The company reported increasing net revenues while continuing to reduce net losses.
Caesars’ quarterly revenues increased by 23.7% to $2.8 billion in Q1 2023. Caesars’ net losses also decreased, as the company reported $136 million instead of $680 million for the same period last year.
The same-store adjusted EBITDA in the first quarter of the year soared from $296 to $958, a 223% increase.
Caesars’ outstanding liabilities were $13.2 billion as of March 31, 2023. In its report, the company stated that it had $965 million in cash and cash-equivalents. This excludes $258 million of unrestricted funds.
Caesars is Satisfied With Its Performance
Tom Reeg commented on the performance of his company, stating that he was pleased that Caesars had delivered another strong quarterly. Tom Reeg noted that Las Vegas set a record for quarterly EBITDA in Q1. As a reference, the adjusted EBITDA of the company’s Las Vegas operations was $533 millions.
The results in our regional segment were consistent with previous quarters, especially after excluding the bad weather that occurred in northern Nevada in the third quarter. In spite of launching operations in Ohio, Massachusetts and Ohio, our digital segment almost broke even during the quarter.
Tom Reeg, CEO, Caesars
Bret Yonker is Caesars’ chief finance officer. He said that Caesars redeemed its $400 million Caesars Forum Convention Center Mortgage Note due in 2025 on May 1, this year. He noted that this resulted to a savings of more than $22 million per year in interest expenses.
Yunker stated that Caesars would continue to strive for a third year in a row of reducing debt by $1 billion. The CFO concluded by saying:
As of March 31st 2023, we ended the quarter at a total net leverage of 4.2x.
Bret Yunker, CFO, Caesars
Caesars wants to reduce its debt
Early April, Caesars revealed its online goals and investment plans. The company had announced that it would reduce its debt. This was reiterated by Yunker in a recent statement.
The casino giant just announced its plans for integrating Horseshoe Jubilee Tower in Paris Las Vegas. The $100 million renovation project is expected to cost Caesars and see the tower renamed Versailles Tower.