Caesars Entertainment recently released its financial report for Q2 2023. The gambling chain managed to secure 2.9 billion dollars in net revenue.
The 2% hike resulted in Caesars securing a 1% increase in its net revenue for Q2. The gambling and betting company made over 1.5 billion dollars through its Las Vegas properties alone.
Above all, Caesars Digital, the online casino branch, witnessed an annual rise of 42%. The online casino site secured 216 million dollars this quarter.
The casino chain has also secured a stable net revenue, noting gradual growth since 2021. Caesars witnessed an 11% hike from 2021 to 2022 due to the reopening of its gambling services. The hike shrunk to only 2% from Q2 2022 to 2023.
As for the Las Vegas properties of Caesars, the company took a 1% dip from Q2 2022. In 2021, the Las Vegas venues managed to secure 855 million dollars. As expected, the number took a massive stride of 34% increase in Q2 2022.
Caesars made a whopping 1.14 billion dollars during the quarter. This metric has once dropped to a measly 109 million dollars due to the pandemic’s rise.
Besides this, the casino also managed to increase its net income to 920 million dollars. This was a sigh of relief from the 123 million dollar loss the casino encountered in 2022.
Another area of relief for Caesars came through the adjusted EBITDA. The casino secured 1 billion dollars in Q2 2023, to note a 3% increase from 978 million dollars in 2022. The metric had gained stability ever since 2021 when the casino finally overcame the pandemic’s hold.
With an H1 adjusted EBITDA rising over 54% yearly, Caesars seems to be on the right path. The online casino and gambling company has risen in share price as well, currently sitting at 57.79 dollars.