Caesars Entertainment's second-quarter revenue was slightly lower than the $2.89 billion in the same period last year, marking the group's second consecutive quarter of year-on-year decline, but up 3.3% from $2.74 billion in the first quarter.
The situation in the second quarter was similar to the first quarter, with digital being the most active development area for Caesars Entertainment. This quarter, Caesars Digital revenue increased 27.8% to $276 million. The unit also achieved $40 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), a record high and just one year after achieving positive EBITDA for the first time.
“Our sportsbook net revenue increased 19% year over year driven by essentially flat volume and 7.2% odds,” said Eric Hession, president of Caesars Sports and Online Gaming. "Products in sports continue to improve, with customers responding positively to our growing portfolio of parlay and instant games."
“Caesars Palace’s online revenue continues to grow as a percentage of our total online casino revenue. We are actively diversifying our portfolio by adding new and exciting gaming content, including exclusive Caesars-themed games.”
Herson added that the digital unit could see more growth in the third quarter and beyond following several recent acquisitions.
The acquisitions include WynnBet's Michigan operations acquired in June, and its new Horseshoe-branded online gaming app expected to launch early in the third quarter. Additionally, at the end of the quarter, Caesars Entertainment acquired Australian sports betting technology company ZeroFlucs.
“As we move into the second half of the year, we remain optimistic about the progress we are making in both online sports and online casino. I am confident that we are well positioned to finish the year strongly,” said Husson. “We now offer sports betting in 32 jurisdictions across North America, including mobile betting in 26 of those jurisdictions.”
