LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)--Jul. 30, 2024-- Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating results for the second quarter ended June 30, 2024.
Second Quarter 2024 and Recent Highlights:
- GAAP net revenues of $2.8 billion versus $2.9 billion for the comparable prior-year period.
- GAAP net loss of $122 million compared to net income of $920 million for the comparable prior-year period, with the decrease primarily driven by a release of $940 million of valuation allowance against deferred tax assets associated with our REIT leases in the prior year.
- Same-store Adjusted EBITDA of $1.0 billion versus $1.0 billion for the comparable prior-year period.
- Caesars Digital Adjusted EBITDA of $40 million versus $11 million for the comparable prior-year period.
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “On a consolidated basis, the Company generated $1 billion of Adjusted EBITDA. Our operating results reflect year over year growth in Adjusted EBITDA in our Las Vegas segment driven by record same store revenues, hotel occupancy and Average Daily Rate (ADR). Our Caesars Digital segment posted a new second-quarter Adjusted EBITDA record, driven by strong revenue growth and solid flow through. Regional segment results reflect competition in new markets partially offset by our temporary facility in Danville, Virginia and our property in Columbus, Nebraska. 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 $430 million capital investment in our newly rebranded Caesars New Orleans property.”
Second Quarter 2024 Financial Results Summary and Segment Information
After adjusting for the effects of our completed divestiture, the following tables present adjustments to net revenues, net income (loss) and Adjusted EBITDA as reported, in order to reflect a same-store basis:
Source: Caesars Entertainment
