Caesars sees lower leverage, plans $1 billion debt reduction in 2023

By Devika Patel

Knoxville, Tenn., May 3 – Caesars Entertainment Inc. plans to pay down $1 billion of debt this year as its leverage continues to decline.

“Leverage on a traditional and rent-adjusted basis continues to decline as we repay debt and grow EBITDA with traditional net leverage just over 4x and rent-adjusted leverage just over 5x,” chief financial officer Bret Yunker said on the company’s first quarter ended March 31 earnings conference call on Tuesday.

“We continue to target the third consecutive year of $1 billion of permanent debt reduction,” he said.

Caesars is a Reno, Nev.-based gaming and entertainment company.

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