Caesars Q2 Report Shows 3350% Increase in Earnings Before Tax for Online Business
Caesars Entertainment, Inc. has released its latest operating results for the second quarter ending on June 30th, 2022 revealing net revenues of $2.82 billion (€2.76 billion) for the period.
The latest figures mark an increase in net revenues of $320 million (€314.2 million) when compared to the same period in 2021. The report also reveals a GAAP net loss of $123 million (€120.77 million) for the same period. This is in stark contrast to the net income of $71 million (€69.7 million) in Q2 2021.
However, same-store adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) excluding Caesars Digital grew from $1.01 billion (€0.99 billion) to $1.05 billion (€1.03 billion) year-on-year. The company’s online gambling arm reported same-store adjusted EBITDA of $69 million (€67.74 million), a significant increase on the $2 million (€1.96 million) reported in Q2 2021