Caesars releases earnings, unveils new approach
Caesars Entertainment reported first-quarter revenues of $2.8bn, a 21% increase year-to-year, but is still rolling out a new plan to boost its earnings in the near future.
The global entertainment brand is aiming to hit $500m in digital earnings before interest, taxes, depreciation and amortization (EBITDA) within the next one to two years. It plans to do this in part by updating its product catalog for customers.
President of Caesars Sports & Online Gaming Eric Hession revealed that the updates will come in three waves. The first will be the launch of a new casino app that prioritizes gaming content.
our existing iCasino business leans toward tables more than our peers”
“We’re particularly excited about that,” said Caesars CEO Tom Reeg. “That’s going to improve in particular our slot business in iGaming because our existing portal is through a sports betting app, our existing iCasino business leans toward tables more than our peers and the iGaming forward app is going to change that for us.”
The second development will be the unification of player wallets across Caesars gaming platforms, such as the casino app, mobile sportsbook, and more. The third and final update will be the migration of its business to its Liberty tech stack.
Caesars’ earnings reveal also saw it take on a net loss of $136m, down significantly from the $680m it took the year prior. The hope is that the updates will also make an impact here and turn the red into black.
Notably, 1Q 2023 digital revenue already soared to $238m in profit after being negative $53m a year ago.