Caesars Entertainment, Inc. (NASDAQ:CZR) Q2 2024 Earnings Conference Call July 30, 2024 5:30 PM ET

Company Participants

Brian Agnew - SVP, Corporate Finance, Treasury and IR
Anthony Carano - President and COO
Eric Hession - President, Caesars Sports and Online Gaming
Bret Yunker - CFO
Tom Reeg - CEO

Conference Call Participants

Joe Greff - JPMorgan
Carlo Santarelli - Deutsche Bank
Brandt Montour - Barclays
Dan Politzer - Wells Fargo
Steven Wieczynski - Stifel
Shaun Kelley - Bank of America
Barry Jonas - Truist Securities
John DeCree - CBRE Securities
David Katz - Jefferies
Chad Beynon - Macquarie
Jordan Bender - JMP Securities
Daniel Guglielmo - Capital One Securities

Operator

Hello, thank you for standing by. Welcome to Caesars Entertainment, Inc. 2024 Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Brian Agnew, Senior Vice President of Corporate Finance, Treasury, and Investor Relations. Sir, you may begin.

Brian Agnew

Thank you, Tawanda, and good afternoon to everyone on the call. Welcome to our conference call to discuss our second quarter 2024 earnings. This afternoon, we issued a press release announcing our financial results for the period ended June 30, 2024. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com.

As usual, joining me on the call today are Tom Reeg, our Chief Executive Officer; Anthony Carano, our President and Chief Operating Officer; Bret Yunker, our Chief Financial Officer; Eric Hession, President Caesars Sports and Online Gaming, and Charise Crumbley in Investor Relations.

Before I turn the call over to Anthony, I would like to remind you that during today's conference call, we may make certain forward-looking statements under safe harbor federal securities laws, and these statements may or may not come true.

Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. Please visit our press releases located on our Investor Relations website for a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure.

With that out of the way, I will turn the call over to Anthony.

Anthony Carano

Thank you, Brian, and good afternoon to everyone on the call. Our second quarter delivered consolidated net revenues of $2.8 billion and total adjusted EBITDAR of $1 billion, both flat versus prior year. Our Las Vegas segment delivered a same-store second quarter net revenue record of $1.1 billion and our adjusted EBITDAR of $514 million beat the prior year by 1.2%. These results were driven by continued growth in hotel cash revenue as a result of higher year-over-year occupancy and ADRs and record performance from our food and beverage.