Caesars Entertainment has just released its second quarter financial results for 2023, and while the numbers aren’t astronomical, they’re definitely positive. This is especially the case for Caesars Digital, the betting operator’s online gaming wing.
The release of the financial data comes after the Q1 2023 data showed plenty of positives, from a major jump in EBITDA to a drop in net losses from the previous year. Caesars is also in the midst of preparing for the launch of Kentucky sports betting, with the betting operator coming to agreements with historic race tracks in the state.
Caesars Entertainment Q2 2023 Financial Report Shows Year-Over-Year Growth
|Business Segment||2023 Q2 Rev.||2022 Q2 Rev.|
|Casino||$1.584 billion||$1.549 billion|
|Hotel||$525 million||$519 million|
|Food & Bev||$435 million||$422 million|
|Other||$335 million||$331 million|
Caesars Entertainment has just released its financial repot for the second quarter of 2023, and the numbers show overall improvements when compared to 2022. For example, the same-store adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) eclipsed $1 billion in Q2 2023, a slight boost from Q2 2022’s $978 million.
Generally accepted account principle (GAAP) net revenues also jumped from $2.8 billion for Q2 2022 to $2.9 billion in Q2 of 2023. The most positive news from the report is that Caesars Digital has showed positive EBITDA numbers for the very first time since Q3 2021 when it saw a full rebrand.
Caesars Digital is behind the popular online sports betting app Caesars Sportsbook as well as the iGaming site Caesars Casino Online (also known as Tropicana Casino Online in New Jersey). Caesars Sportsbook has been one of the first mobile betting apps to launch in some new markets in the past year such as Kansas, Maryland, Ohio, and Massachusetts.
— Caesars Rewards (@CaesarsRewards) July 26, 2023
First Quarter Report Reflected Strong Start For Caesars In 2023
On May 2, 2023, Caesars released its first quarter earnings report for 2023, and the numbers were definitely encouraging. Compared to $2.3 billion in Q1 of 2022, Q1 2023 saw $2.8 billion in GAAP net revenues. This represents a 21.7% year-over-year increase. EBITDA was a massive $958 million in Q1 2023, increasing 223.6% from the $296 million total the previous year.
One of the most interesting takeaways from the Q1 report was the major drop in net losses. In Q1 of 2023, Caesars saw a total of $136 million in net losses. This was an 80% decrease from the previous year, when the company saw $680 million in net losses.
We are thrilled to announce partnerships w/ @keeneland & @RedMileKY. The agreements confirm our plans to launch sports betting in KY and include plans to open Central Kentucky’s only brick-and-mortar sportsbook locations, subject to regulatory approvals: https://t.co/JBxlr70kNb pic.twitter.com/SIt3T0l0I3
— Caesars Entertainment (@CaesarsEnt) May 16, 2023
Caesars Preparing For The Kentucky Sports Betting Launch
Caesars Entertainment is getting ready to enter a completely new market as Kentucky sports betting launches next month. Online sports betting will roll out in the state on September 28, 2023, although retail sports betting launches on September 7, 2023, coinciding with the first NFL game of the season between the Kansas City Chiefs and Detroit Lions.
To prepare for sports betting going live in the Bluegrass State, Caesars finalized deals with Red Mile Gaming & Racing and Keeneland Race Course, two of the most popular race tracks in the state. As part of the deal, Caesars retail sportsbooks are planned for both locations, and Caesars Sportsbook Online will be given access to the state’s wagering market.