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Caesars Entertainment’s first-quarter revenue rises, losses narrow

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May 2, 2023 at 4:14pm EST

Danny Jacobs

Caesars Entertainment’s losses narrowed as revenue rose across all divisions in the latest quarter, suggesting that consumer demand for games and entertainment remains solid even as the economy slows.

The casino and resort management company’s losses narrowed to $136 million, or 63 cents a share, for the first quarter. …

Danny Jacobs

Caesars Entertainment’s losses narrowed as revenue rose across all divisions in the latest quarter, suggesting that consumer demand for games and entertainment remains solid even as the economy slows.

The casino and resort management company narrowed its loss to $136 million, or 63 cents a share, in the first quarter ended March 31, compared with a loss of $680 million, or $3.18 a share, a year earlier. Analysts polled by FactSet expected a loss of 14 cents a share.

Revenue rose to $2.83 billion from $2.29 billion. Analysts polled by FactSet expected $2.76 billion.

Revenues rose across Caesars’ divisions, led by the hospitality segment, which grew more than 31% from a year earlier.

Operating expenses fell to $2.23 billion from $2.3 billion.

Chief Executive Tom Reeg said the quarterly results were largely driven by results in Las Vegas.

Write to Denny Jacob at denny.jacob@wsj.com

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