Led by gains in the digital segment, Caesars Entertainment reported overall gains in revenue and adjusted earnings during the first quarter.
The company reported net revenues of $2.8 billion versus $2.7 billion for the comparable prior-year period.
Caesars reported same-store adjusted EBITDA of $884 million versus $849 million for the comparable prior-year period, a gain of 4%.
Caesars Digital reported adjusted EBITDA of $43 million versus $5 million for the comparable prior-year period.
The GAAP net loss was $115 million compared to a net loss of $158 million for the comparable prior-year period.
Las Vegas reported $1 billion in revenue, down 1% from $1.02 billion in the first quarter of 2024. Regional properties reported $1.38 billion in revenue, up 1.7% from $1.36 billion. Caesars Digital reported $335 million in revenue, up 18.8% from $282 million.
Adjusted earnings fell 0.7% in Las Vegas, while they were up 1.6% at regional properties.
“During the first quarter of 2025, consolidated adjusted EBITDA grew 4% over prior year, driven by significant gains in our digital segment, which delivered a new first-quarter record, growth in our regional segment with strong contributions from recently opened properties, and a solid quarter in Las Vegas against a tough Super Bowl compared to last year,” said Caesars CEO Tom Reeg.
Chief Financial Officer Bret Yunker said Caesars continues to expect 2025 to benefit from meaningfully lower year-over-year capital expenditures and cash interest expense.
“When combined with strong operating fundamentals, free cash flow this year will show a significant improvement,” Yunker said. “Accelerating free cash flow in 2025 will allow us to continue to reduce debt alongside opportunistic share repurchases during market dislocations.”
Caesars repurchased $100 million of shares during April at an average price of $23.84 per share.
