Caesars Q2 2023 Earnings Report
Key Takeaways
Caesars Entertainment, Inc. reported Q2 2023 results with GAAP net revenues of $2.9 billion and a net income of $920 million, driven by a $940 million release of valuation allowance against deferred tax assets. Same-store Adjusted EBITDA was $1.0 billion. Caesars Digital achieved its first quarter of positive adjusted EBITDA since rebranding.
GAAP net revenues reached $2.9 billion, compared to $2.8 billion in the prior-year period.
GAAP net income was $920 million, a significant increase from the prior-year net loss of $123 million, primarily due to a $940 million valuation allowance release.
Same-store Adjusted EBITDA was $1.0 billion, up from $978 million in the comparable prior-year period.
Caesars Digital reported positive Adjusted EBITDA of $11 million, a substantial improvement from $(69) million in the prior-year period.
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Caesars Revenue by Segment
Forward Guidance
Expect to continue reducing debt and leverage in the second half of 2023.