Caesars Entertainment Inc has reported operating results for the second quarter of 2021, declaring net revenues of $2.5bn – a massive increase on the figures achieved in Q2 2020.
For Q2 ended June 30, 2021, the firm generated net revenues of $2.5bn, a huge improvement on Q2 2020’s revenue numbers of just $127m following the impact of COVID-19.
After combining the results from the operations of Caesars with William Hill US prior to the acquisition and the results of its properties classified as discontinued operations but were not divested at the end of the period, which are referred to as a same-store basis for the period, the company reported same-store net revenues of $2.6bn.
It achieved a net income of $71m on a GAAP basis compared to a net loss of $100m for the comparable prior-year period. It also recorded a same-store adjusted EBITDA of $1bn, marking significant growth on last year’s negative $131m.
CEO Tom Reeg commented: “Our second quarter operating results improved significantly versus the first quarter of 2021 driven by continued strength in our regional markets and a dramatic improvement in results in our Las Vegas segment.
“With the William Hill acquisition now closed, we have officially rebranded our sports betting operations to Caesars and we launched our new comprehensive marketing campaign on August 2, 2021.”
For the periods ended June 30, 2020, a comparative same-store basis includes the results of operations of Caesars combined with William Hill US prior to the consummation of the acquisition on April 22, 2021, and the operations of Caesars Entertainment Corporation (Former Caesars) prior to the closing of the acquisition of Former Caesars on July 20, 2020 (the Merger) and eliminates results of operations for properties that have been divested.
Broken down into their segments, there was growth across the board for Caesars in Q2 2021 when compared to the same period a year ago. In its Las Vegas segment, the company reported same-store revenues of $855m (Q2 2020: $109m) and same-store adjusted EBITDA of $423m for the quarter.
For its regional segment, same-store revenues were $1.5bn (Q2 2020: $276m) and same-store adjusted EBITDA was $621m. As for Caesars Digital, its sports betting and online gaming segment, same-store net revenues were $117m (Q2 2020: $51m) and same-store adjusted EBITDA was $2m.
Earlier this week, Caesars Entertainment launched a new sportsbook app, Caesars Sportsbook, alongside a multi-million dollar comprehensive marketing campaign.