Caesars Entertainment aims to increase profitability through a new technology approach. [Image: Shutterstock.com]
Caesars releases earnings, unveils new approach
Caesars Entertainment reported first-quarter revenue of $2.8 billion, up 21% year-over-year, but it’s still coming up with a new plan to boost its earnings in the near future.
The global entertainment brand aims to reach $500 million in digital EBITDA in the next 1-2 years. It plans to do this in part by updating its product catalog for customers.
Eric Hessen, President of Caesars Sports & Online Gaming, revealed that the updates will come in three waves. The first is the launch of a new casino app that prioritizes gaming content.
Our current iCasino business leans towards the tables more than our peers”
“We’re especially excited about that,” said Tom Rigg, CEO of Caesars. “This will in particular improve our iGaming slots business because our current gateway is through a sports betting app, our existing iCasino business is skewed more towards tables than our peers, and iGaming forward will change that for us.”
The second development will be the consolidation of player wallets across Caesars gaming platforms, such as the casino app, mobile sportsbook, and more. The third and final update will be the migration of its business to the Liberty tech stack.
Caesars’ earnings disclosure also saw it post a net loss of $136 million, down significantly from $680 million a year earlier. Hopefully, the updates will have an effect here as well, turning red to black.
Notably, digital revenue for the first quarter of 2023 actually rose to $238 million in earnings from a negative $53 million a year earlier.