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Mar 31, 2025
Caesars Q1 2025 Earnings Report
Results for the First Quarter Ended March 31, 2025
Key Takeaways
Caesars Entertainment reported GAAP net revenues of $2.8 billion for the first quarter of 2025, up from $2.7 billion in the prior-year period. The company's net loss attributable to Caesars improved to $115 million compared to a net loss of $158 million in the first quarter of 2024. Adjusted EBITDA increased by 4% year-over-year to $884 million, driven by strong performance in the Digital and Regional segments.
GAAP net revenues increased to $2.8 billion in Q1 2025 from $2.7 billion in Q1 2024.
Net loss attributable to Caesars improved to $115 million in Q1 2025 from $158 million in Q1 2024.
Adjusted EBITDA grew 4% year-over-year to $884 million.
Caesars Digital segment achieved a new Q1 record for Adjusted EBITDA at $43 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Caesars expects 2025 to benefit from significantly lower capital expenditures and cash interest expense compared to the prior year, leading to a substantial improvement in free cash flow. The company plans to use this increased free cash flow to continue reducing debt and opportunistically repurchase shares.
Positive Outlook
- Expectation of meaningfully lower year-over-year capital expenditures in 2025.
- Expectation of meaningfully lower year-over-year cash interest expense in 2025.
- Strong operating fundamentals are anticipated to continue.
- Significant improvement in free cash flow expected in 2025.
- Plans to continue reducing debt.
- Plans for opportunistic share repurchases during market dislocations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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