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Caesars Entertainment, Inc. Reports First Quarter 2021 Results

LAS VEGAS and RENO, Nev., May 4, 2021 /PRNewswire/ — Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating results for the first quarter ended March 31, 2021.

First Quarter 2021 and Recent Highlights:

  • Net revenues of $1.7 billion, an increase of 259.2% on a GAAP basis and a decrease of 16.0% on a same-store basis versus the comparable prior-year period.
  • Net loss of $423 million compared to a net loss of $176 million for the comparable prior-year period.
  • Same-store Adjusted EBITDA of $548 million versus $410 million for the comparable prior-year period.
  • Closed the William Hill PLC acquisition on April 22, 2021.
  • Expanded NFL relationship, becoming one of three official sports betting partners while extending Caesars exclusive casino and iGaming rights.

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, 2021, Caesars 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

Article source: https://www.prnewswire.com/news-releases/caesars-entertainment-inc-reports-first-quarter-2021-results-301283747.html

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