Caesars Entertainment reports full year net revenue of $10.8bn

Caesars Entertainment has reported full-year GAAP (generally accepted accounting principles) net revenue of $10.8bn, an increase of 13% year-on-year.

The operator did, however, record a net loss of $899m, though this was down from a net loss $1bn the previous year.

Adjusted EBITDA for the full year was $3.2bn.

For Q4, meanwhile, the company’s net revenue increased to $2.8bn, a 7% rise. Q4 adjusted EBITDA was $957m, while net loss was $148m.

Tom Reeg, Caesars CEO, said: “Our fourth quarter delivered another set of strong operating results as both our Las Vegas and regional segments each set a new fourth quarter record for adjusted EBITDA. Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead.”

Caesars had $13.1bn in total principal amount of outstanding debt as of 31 December 2022. Except for $265m in restricted cash, the total amount of cash and cash equivalents was $1bn.

Bret Yunker, Caesars CFO, said: “We permanently reduced total debt by over $1.2bn during 2022, resulting in total leverage as calculated under our bank credit facility of 4.4x as of 31 December 2022.

“In addition, we successfully extended $7.5bn of debt facilities maturing in 2024 and 2025 through a $3bn bank syndication completed in October 2022, and $4.5bn of debt capital markets issuance which closed in February 2023.”

Last month, PlayAGS expanded its partnership with Caesars’ iGaming arm, Caesars Sportsbook & Casino.

On that deal, Caesars Digital SVP of iGaming Mathew Sunderland commented: “AGS games are an exciting addition to our collection of online casino games.

“We anticipate this new content to be popular among our players given its successful track record for performing well both online and in brick-and-mortar casinos.”