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Hail Caesars on the way to Digital Profit

May 3, 2023

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Hail Caesars on the way to Digital Profit

Caesars reported that its digital business achieved net revenues of $238m in Q1 2023, compared to negative revenues of $53m in Q1 2022. CEO Tom Reeg said he was “cautiously optimistic” that the digital business had seen its last negative EBITDA quarter, with losses curtailed to $4m in Q1 from last year’s half-a-billion levels. Reeg attributed the improvements to a pullback in marketing and promotions, resulting in considerably lower acquisition costs. The digital business is now “fully self-funded,” according to CFO Bret Yunker, and Caesars will be launching a standalone iCasino app to target the core slot customer. Reeg said Caesars was a “builder not a buyer” when it comes to potential M&A in game developers. In Vegas, the company is benefiting from a “virtuous circle” of “extraordinary demand” and “high dollar” group business, and Reeg believes the city is getting better by up-tiering the average customer.

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