search menu
  • Home
  • keyboard_arrow_right Hail Caesars on the way to Digital Profit

Hail Caesars on the way to Digital Profit

May 3, 2023


Background
share close

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.

Rate it
Previous post

Subscribe Newsletter