The first quarter of 2024 was a disappointing one for Caesars Entertainment, with revenue dropping to much lower than Wall Street predicted .
Caesars reported $2.7Billion revenue through the first quarter which was down significantly by 1.2% compared to Q1 in 2023. Las Vegas and Regional locations all saw declines in revenue in what was a difficult month all round for the company.
CEO of Caesars, Tom Reeg, has said the operator is still “optimistic toward improved operating results throughout the balance of the year,” despite the Q1 results.
Caesars reported a total of $158Million net loss in Q1 this year – down 8.2% from figures in 2023.
Reeg stated that “Operating results during the first quarter in Las Vegas are a combination of record occupancy, driven by the Super Bowl and international visitation for Chinese New Year, offset by lower-than-expected hold.
“In our Regional segment, results reflect weather related weakness in January and early February partially offset by our new property openings.”
Caesars reported a 4.5% drop in revenue compared to 2023 from Las Vegas, while Regional operations fell by 1.7% to $1.37Billion.
Caesars Digital Revenue On The Up
Despite the disappointing results for Caesars revenue through Q1, one sector did enjoy a good start to the year with the Digital department improving by 18.5% in revenue on 2023.
“Caesars Digital delivered strong revenue growth despite lower-than-expected hold in online sports due to unfavourable outcomes for the Super Bowl and March Madness.”
The Kansas City Chiefs won the Super Bowl with Vegas taking a heavy hit despite Kansas City being underdogs. Vegas also took a big hit when market favorites UConn came out victorious following March Madness.
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