Caesars Entertainment saw modest revenue growth during the first quarter of 2025, supported by digital operations and solid regional performance. Despite posting a net loss of $115 million, the company improved on its Q1 2024 loss of $158 million, marking a 29% reduction.
Good to know:
- Caesars Digital brought in 18.8% more revenue than a year ago, reaching $335 million.
- Casino operations generated more than half of Caesars total revenue for Q1 2025.
- Las Vegas Sands reported declines in key financial areas in Q1 2025, impacted by rising interest expenses.
Revenue climbed 2.1% year-over-year to reach $2.8 billion. Much of that came from casino operations, which brought in close to $1.6 billion, up 3.8% from last year. Food and beverage followed with $435 million, a 3.1% increase. Hotel operations contributed $482 million, though that marked a 2.2% drop from the prior year.
The Las Vegas segment generated $1 billion in revenue, down 1.9% year-over-year. Meanwhile, the Regional segment brought in $1.4 billion, growing 1.7% from the same period in 2024. However, the biggest leap came from Caesars Digital, which saw an 18.8% increase and hit $335 million in revenue.
Across all segments—Las Vegas, Regional, and Digital—Caesars avoided any year-over-year losses. The company’s net loss for the quarter was mainly tied to a $328 million shortfall in the Corporate and Other segment.
Caesars also saw its adjusted EBITDA rise by 4.1%, reaching $884 million in Q1 2025. CEO Tom Reeg pointed to strong digital results and stable operations elsewhere:
“During the first quarter of 2025, consolidated adjusted EBITDA grew 4% over prior year driven by significant gains in our Digital segment which delivered a new Q1 record, growth in our regional segment with strong contributions from recently opened properties and a solid quarter in Las Vegas against a tough Super Bowl compare last year.”
Digital operations outpaced all other business units in adjusted EBITDA growth, increasing by nearly $40 million year-over-year to reach $43 million. Regional operations delivered $440 million in adjusted EBITDA, a 1.6% improvement. The Las Vegas segment brought in $433 million, slightly lower than last year’s result by 0.7%.
Looking at expenses, Caesars spent $861 million on casino operations in the first quarter. Food and beverage expenses reached $275 million, while hotel operations cost $151 million. General and administrative costs added another $483 million to the expense sheet, and depreciation and amortization added $357 million.
Las Vegas Sands also released its Q1 results recently, reporting drops in revenue, adjusted EBITDA, and net income. These were mainly caused by higher interest costs and a steeper income tax rate.
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