Caesars Entertainment Inc. reported first quarter 2025 results with GAAP net revenues of $2.8 billion, slightly above analyst expectations of $2.79 billion and below the $2.81 billion revenue estimate. The company posted a GAAP net loss of $115 million, an improvement from the $158 million net loss in the prior-year period. Adjusted EBITDA reached $884 million, including same-store Adjusted EBITDA, and exceeded the $878.7 million consensus estimate. Earnings per share for the quarter were -$0.54, wider than the expected -$0.20. Caesars noted quarter-over-quarter improvements in net revenue and net losses, despite a challenging comparison with the Q1 2024 spike from the Las Vegas Super Bowl. The company also reported an 8.7% year-over-year increase in net gaming sports betting revenue, attributed to higher profit margins from parlays, even as March Madness results were unfavorable for the house. The digital division reported $335 million in revenue and $43 million in adjusted EBITDA, up from $5 million in Q1 2024. Caesars aims to join other digital operators such as FanDuel, DraftKings, and BetMGM in achieving a positive full-year 2025 after previous collective losses. Management stated that digital igaming net gaming revenue grew 50% in Q1 and accelerated to 70% growth in the first 26 days of April. Caesars' shares rose 3.2% in pre-market trading following the results. The company expects significant improvement in free cash flow for the full year 2025.