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CEO Caesars Entertainment Predicts Post-Pandemic Casino Boom post Q1 2021 Earnings Call


Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Our first quarter results improved significantly versus the fourth quarter of 2020 as the pace of vaccinations across the country accelerated and consumers started to resume more normal behavior. We are excited to see the dramatic improvement in operating efficiencies throughout our enterprise which we believe are sustainable going forward.”

First Quarter 2021 Financial Results Summary and Segment Information

For the first quarter ended March 31, 2021Caesars Entertainment, Inc. generated net revenues of $1.7 billion and a net loss of $423 million on a GAAP basis. After combining the results from our continuing operations of Caesars Entertainment, Inc. with the results of our properties classified as discontinued operations but were not divested at the end of the period, which we refer to as a same-store basis for the period, Caesars Entertainment, Inc. reported same store net revenues of $1.9 billion and adjusted EBITDA of $548 million. For the first quarter ended March 31, 2020, a comparative same-store basis includes the results of operations of Caesars Entertainment, Inc. combined with the operations of Caesars Entertainment Corporation (“Former Caesars”) prior to the closing of the acquisition of Former Caesars (the “Merger”) and eliminates results of operations for properties that have been divested. In our Las Vegas segment, same store revenues declined 39.5% during the first quarter and adjusted EBITDA declined 26.7%. In our Regional segment, same store revenues were flat and same-store adjusted EBITDA increased 69.2%.

 

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