Home > Finance > Half year results > Losses widen at Caesars despite 615% revenue growth in first half

Losses widen at Caesars despite 615% revenue growth in first half

| By Robert Fletcher
Caesars Entertainment Inc. saw its net loss increase to $352m during the first half of its financial year, despite experiencing a 615.7% year-on-year increase in revenue.
Caesars Harris Jones board

Total revenue for the six months through to June 30 amounted to $4.29bn (£3.08bn/€3.62bn), up from $600m in the corresponding period last year.

The large increase was due to Caesars’ casinos operating at near-full strength throughout the half. Last year, Caesars was forced to close all of its casinos from mid-March due to novel coronavirus (Covid-19) restrictions, whereas this year the properties remained open with only some measures in place.

Casino and pari-mutuel commissions proved to be the primary source of income for Caesars in the half, with revenue rocketing 534.5% to $2.80bn. Food and beverage revenue was up 28.6% to $450m, hotel revenue jumped 971.9% to $611m and other revenue hiked 1,015.4% to $435m.

Looking at segment performance, Caesar’s regional casino operations led the way with $2.68bn in revenue for the half, ahead of its Las Vegas activities on $1.35bn. A total of $125m came from the Caesars Digital business, with $127m from managed and international operations and $9m from corporate and other activities.

Read the full story on iGB North America.

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