Caesars Entertainment reported second-quarter increases in revenue, income, and adjusted earnings compared to the April-June period in 2022.
During an earnings call on Tuesday, Caesars reported net revenues of $2.9 billion versus $2.8 billion for the comparable prior-year period.
Net income was $920 million compared to net loss of $123 million year over year, with the increase primarily driven by a release of $940 million of valuation allowance against deferred tax assets associated with REIT leases.
Caesars reported same-store adjusted EBITDA of $1 billion versus $978 million during Q2 last year. Same-store adjusted EBITDA, excluding the Caesars Digital segment, was $996 million versus $1 billion in the prior-year period.
Caesars Digital same-store adjusted EBITDA was $11 million versus a loss of $69 million.
“Second-quarter 2023 reflected continued strength in our business,” said Caesars CEO Tom Reeg. “Demand remains strong in both Las Vegas and our regional markets. Caesars Digital posted its first quarter of positive adjusted EBITDA since our rebranding to Caesars Sportsbook in the third quarter of 2021. Our capital investments are generating stronger than expected returns based on recent new-property openings.”
