Caesars Digital Casino 2023
Caesars Digital has reported financial results for the second quarter of 2023. The operator’s revenue in the three months amounted to $216 million. This represents a year-on-year increase of 42%. Casino profits increased by $80 million
Eric Hession, President of Caesars Sports and Online Gaming, stated: “In the second quarter of 2023, we have achieved another significant year-over-year improvement in the performance of our digital segment. This is a record result since the rebrand to Caesars Sportsbook in late 2021. During the quarter, sports betting volume grew 180 basis points year-over-year and casino revenue increased 27%.
The operator said the revenue increase was attributed to the effectiveness of investments in targeted advertising, as well as reduced marketing to both its existing customer base and users located in other states.
“It was difficult to have a conversation with customers when they had to pre-launch the sports betting app each time to get to the casino.”
Additionally, a number of technical improvements are expected to further boost the segment’s results, the first of which is the introduction of a standalone gaming product under the Caesars Palace brand. It has already been launched in several states and is pending regulatory approval in other countries. This, in turn, should mean a much better product and marketing opportunity, in addition to the benefits of the group’s rewards program.
Hession added that the company is very optimistic about this: “We will finally have a product that we can use to work with our current database. “This way, customers who we know are loyal to the Caesars rewards program will be able to switch to the online casino.”
Caesars has also migrated its namesake Nevada app to the Liberty technology platform acquired as part of the William Hill purchase, has begun rolling out its own Sportsbook software for iOS, which is expected to reach 100% adoption in August, and plans to introduce an innovative player account management system that will go live in each state later this year.
Overall, the group’s revenue in the quarter increased by 2.1%, with a net profit of $920 million, compared to a loss of $123 million in 2022. Adjusted EBITDA (earnings before taxes) was $1 billion dollars, 3% more.
Anthony Carano, President and CEO, highlighted the good evolution of operations in the land segment compared to the comparable figures for the same period of the previous year.
In the Las Vegas segment, revenue and EBITDA fell 1.2% and 6.4% to $1.12 billion and $512 million. However, Carano said it was the second-best adjusted EBITDA performance in the second quarter.
Regionally, revenue growth of less than one percentage point to $1.46 billion was matched by EBITDA of $508 million.
“We were pleased to open two new temporary facilities this quarter in Danville, Virginia, and Columbus, Nebraska. They were created due to strong customer demand. Although we faced new competition in some markets during the quarter, customer demand trends remain stable and similar to previous periods. Our large projects continue to generate good returns,” commented Carano.
Since the beginning of the year, the group’s revenue grew by 11.8% to $5.7 billion, net profit reached $784 million and EBITDA increased by 54.2% to $1.96 billion.
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