Caesars Entertainment Reports Q1 2021 Results

 

Caesars Entertainment has reported the operating results for the first quarter of 2021.

“Our first quarter results improved significantly versus the fourth quarter of 2020 as the pace of vaccinations across the country accelerated and consumers started to resume more normal behavior. We are excited to see the dramatic improvement in operating efficiencies throughout our enterprise which we believe are sustainable going forward,” Tom Reeg, CEO of Caesars Entertainment, said.

First Quarter 2021 and Recent Highlights:

  • Net revenues of $1.7 billion, an increase of 259.2% on a GAAP basis and a decrease of 16.0% on a same-store basis versus the comparable prior-year period.
  • Net loss of $423 million compared to a net loss of $176 million for the comparable prior-year period.
  • Same-store Adjusted EBITDA of $548 million versus $410 million for the comparable prior-year period.
  • Closed the William Hill PLC acquisition on April 22, 2021.
  • Expanded NFL relationship, becoming one of three official sports betting partners while extending Caesars exclusive casino and iGaming rights.

“We are excited about the ongoing improvement in operating trends which we expect will lead to increased free cash flow generation. We ended the quarter with $1.8 billion of unrestricted cash and our revolver availability remains unchanged at $2.1 billion,” Bret Yunker, Chief Financial Officer of Caesars Entertainment, said.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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