Caesars Entertainment 1Q Revenue Jumps, Loss Narrows

Dow Jones2023-05-03

Caesars Entertainment posted a narrower loss as revenue grew across all segments in the latest quarter, signaling steady consumer demand for gaming and entertainment even as the economy slows.

The casino and resort management company narrowed its loss to $136 million, or a loss of 63 cents a share, for the first quarter ended March 31, compared to a loss of $680 million, or a loss of $3.18 a share, a year earlier. Analysts polled by FactSet expected a loss of 14 cents a share.

Revenue rose to $2.83 billion from $2.29 billion. Analysts polled by FactSet expected $2.76 billion.

Revenue grew across Caesars' segments, with its sharpest percentage increase coming in hotels which saw more than a 31% jump from a year earlier.

Operating expenses declined to $2.23 billion from $2.3 billion.

Chief Executive Tom Reeg said the quarterly performance was led by results in Las Vegas.

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