Caesars Entertainment Sees Digital Division EBITDA Surge in Q2 2024

01.08.2024

Caesars Entertainment’s Digital division reported an increase in Adjusted EBITDA, which soared to $40 million in Q2 2024, up from $11 million in the same period last year.

Broader Business Performance

The EBITDA growth was driven by a 27.8% rise in revenue, climbing from $216 million to $276 million.

Despite the digital growth, Caesars’ overall business remains heavily reliant on its regional and Las Vegas land-based casino operations.

The company’s regional casinos generated $1.39 billion in revenue, a slight decrease from $1.46 billion, while its Las Vegas properties contributed $1.1 billion, down from $1.13 billion.

Financial Overview

The company maintained a steady quarterly EBITDA of $1 billion, unchanged from Q2 2023.

However, Caesars reported a net loss of $122 million for the quarter, a significant downturn compared to a net income of $920 million in Q2 2023.

The shift to a net loss was attributed to a release of $940 million of valuation allowance against deferred tax assets associated with REIT leases in the previous year.

At the end of Q2 2024, Caesars held $830 million in cash and cash equivalents, with total liquidity, including borrowing capacity, around $2.95 billion. The company’s net debt increased slightly to $11.6 billion from $11.43 billion at the end of 2023.