Caesars Entertainment posts $423m net loss in Q1 as Las Vegas revenue tumbles
Revenue in the three months to March 31 amounted to $1.70bn, down from $1.83bn for the legacy Caesars business in the corresponding period in 2020, before it completed its merger with Eldorado Resorts.
Caesars said revenue from its operations in Las Vegas fell 39.5% year-on-year to $497.0m, but revenue from regional operations jumped 26.8% to 21.2% to $1.11bn, thanks in part to the deal.
Revenue from managed, international and the digital Caesars Interactive Entertainment (CIE) business fell 29.1% from $127.0m to $90.0m, while corporate and other revenue also slipped 20.0% to $4.0m.
Breaking this down further, revenue from casino and pari-mutuel operations amounted to $1.14bn in Q1, with food and beverage revenue at $166.0m, hotel revenue $215.0m and other revenue $178.0m.