American betting group Caesars Entertainment has announced that its second quarter financial results showed $2.8 billion in revenues, up 10.6% from last year.
Key financial indicators for the quarter ending June 30th, 2022 were:
- A net loss of $123 million down from a profit of $71 million last year
- Adjusted earnings of $978 million, down from $1 billion last year
- Digital operations generated a loss of $69 million
- Digital earnings were $1.05 billion, up from $1.01 billion
- Las Vegas operations generated $1.1 billion in net revenue, up 30% from last year
- Las Vegas EBITDA was $547 million, up 29.3% from last year
- Operating expenses were up 16.1% to $2.22 billion
- Other expenses were up 5.1% to $514 million
- Pre-tax profit of $88 million, down 12.9%
Commenting on the results Caesars Entertainment CEO Tom Reeg said, "Our second quarter results reflect a consolidated EBITDA record for our brick and mortar properties led by an all-time quarterly EBITDA record in Las Vegas and continued strength in our regional markets when compared to 2019.
"Operating results in our digital segment improved dramatically versus the first quarter and we are optimistic regarding trends in this segment for the balance of the year."