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Caesars Entertainment has reported second-quarter net revenue of $2.99bn, up three per cent year-on-year, with robust performance from its regional casinos helping to offset a weaker quarter on the Las Vegas Strip as the operator prepares to complete its acquisition by Fertitta Entertainment.
The operator narrowed its net loss to $62m from $82m in the prior-year period, although Adjusted EBITDA declined 3.7 per cent to $920m.
Regional operations continued to be the group’s strongest performer, generating revenue of $1.57bn, an increase of 9.4 per cent, while Regional Adjusted EBITDA climbed 11.2 per cent to $488m. Caesars said the improvement reflected continued customer demand across its nationwide portfolio.
In contrast, Las Vegas revenue fell 3.5 per cent to $1.02bn, with Adjusted EBITDA dropping 12.6 per cent to $410m as the market continued to normalise following several years of exceptional post-pandemic performance.
Caesars Digital generated revenue of $351m, an increase of 2.3 per cent year-on-year, although Adjusted EBITDA declined to $68m from $80m in the comparable quarter as promotional investment and sports betting outcomes weighed on profitability.
Chief Executive Officer Tom Reeg said: “Regional operating results continue to demonstrate the strength and resilience of our diversified portfolio. While Las Vegas faced tougher comparisons, we remain confident in the long-term outlook for the market and continue to see opportunities to grow our digital business.”
The results are expected to be Caesars’ final quarterly earnings release as a publicly traded company following the agreement for Fertitta Entertainment to acquire the operator in a transaction that will take Caesars private. The deal, led by billionaire Tilman Fertitta, is expected to reshape one of the largest gaming operators in the US, combining Caesars’ nationwide casino portfolio with Fertitta’s hospitality and gaming interests.
The acquisition remains subject to customary regulatory approvals and closing conditions.
