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.