Caesars Entertainment released its financial results for the period ending March 31, 2022. The company recorded a Q1 net revenue of $2.3 billion, a year-on-year boost from the $1.8 billion earned in the prior-year period. The reported net loss in the same quarter was $680 million.
Caesars saw a busy and mostly positive period with its sports betting launch across a number of states. The growth could be stemming from its Las Vegas based properties, as the land-based segment continues to grow following a tough two years.
The adjusted EBITDA came in at $296 million versus the $521 million recorded during 2021. Excluding the Caesars Digital segment, which had extremely high marketing spend, same-store adjusted EBITDA was $850 million.
Tom Reeg, CEO of Caesars Entertainment said, “Our first quarter operating results reflect sequential improvement each month of the quarter in revenues and EBITDA. Our Las Vegas segment posted an all-time first quarter EBITDA record and our regional segment delivered solid EBITDA and margin growth. Consumer trends remain healthy and we are optimistic for the balance of the year.”
Being one of the first companies to offer sports betting in New York, Caesars started off strong and spent extravagantly on marketing to establish its footing. But rivals FanDuel and DraftKings surpassed the market share quickly enough for the gaming stalwart to hit a speedbump and lead to significant losses.
As of the end of Q1, Caesars Entertainment had an outstanding debt of $14.3 billion and total cash equivalents of $824 million, excluding restricted cash of $451 million.