written and last updated by
Sam Smith at
31 Jul 2024
Journalist, Editorial Department
Caesars Entertainment has released its operational results for the second quarter of 2024, which ended on June 30. The company's net revenue totaled $2.8 billion (₽241.72 billion), down from $2.9 billion (₽250.35 billion) in the same period last year.
This decline is primarily attributed to the release of a $940 million (₽81.15 billion) valuation reserve related to deferred tax assets associated with its REIT lease in 2023. The company also reported a net loss of $122 million (₽10.53 billion), compared to a net profit of $920 million (₽79.42 billion) during the same period last year.
Adjusted EBITDA remained unchanged at $1 billion (₽86.33 billion). As of June 30, 2024, Caesars' outstanding debt reached $12.4 billion (₽1.07 trillion), while total cash and cash equivalents amounted to $830 million (₽71.65 billion).
Tom Reeg, CEO of Caesars Entertainment, commented on the financial results: "On a consolidated basis, the company achieved $1 billion (₽86.33 billion) in adjusted EBITDA. Our operational results reflect growth in the Las Vegas segment compared to last year, driven by record sales revenue, hotel occupancy, and average daily rates."
Reeg also noted, "The Caesars Digital segment reached a new record for adjusted EBITDA in the second quarter, fueled by significant revenue growth. The results from our regional segment reflect competition in new markets, partially offset by our temporary facilities in Danville, Virginia, and Columbus, Nebraska. We are optimistic about the remainder of 2024, supported by strong operational trends in both the Las Vegas and Caesars Digital segments, the anticipated opening of a permanent facility in Danville, and capital investments of $430 million (₽37.12 billion) in Caesars New Orleans."
Meanwhile, plans are underway for the opening of a casino in North Korea's tallest building.
