Caesars Entertainment Inc. has released its second-quarter results for this year.
During the three months ending 30 June 2021, Caesars generated revenue of $2.5bn, up from $127m in the same period a year earlier.
The Las Vegas-based company said it had a diluted income per share of $0.34, after reporting a loss per share of $1.25 in the second quarter of last year.
Caesars reported net revenue of $855m from its Las Vegas operations in the second quarter of this year, up from $109m a year earlier. The net income totalled $71m, after reporting a net loss of $100m in the same period a year earlier.
“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,” said Caesars CEO Tom Reeg.
Caesars Digital, the sports betting and online gaming segment, generated net revenues of $117m.
Caesars rebranded and launched a new marketing campaign for its new Caesars Sportsbook app following its acquisition of William Hill earlier this year.
As of 30 June, Caesars had $14.7bn in aggregate principal amount of debt outstanding, while total cash and cash equivalents were $1.1bn, excluding restricted cash of $622m.
Caesars CFO Bret Yunker commented: “We anticipate that our balance sheet will be further enhanced through improved operating trends and expected asset sale proceeds. We paid down $325m of debt during the quarter and remain committed to further debt reduction.”
