In terms of consolidated operations, net revenues were $422.4m for the fourth quarter, showing a 23% increase year-on-year. Q4 net income was $200.1m, showing a 303% increase year-on-year. Adjusted EBITDA increased by 26% for the fourth quarter, to $189.7m.
The full year results for 2021 showed a 37% increase in net revenue to $1.6bn. Net income was $354.8m for 2021; showing an increase of $529.4m, from a net loss of $174.5m for 2020.
Adjusted EBITDA for 2021 was $741m, showing a 101% increase compared to 2020.
Net revenue from Las Vegas operations was $420.5m for Q4, showing an increase of 33% year-on-year. Adjusted EBITDA from Las Vegas operations was $204.8m for Q4 2021, a 49% rise.
Full-year net revenue from Las Vegas operations was $1.6bn for 2021, an increase of 46% compared to 2020. Adjusted EBITDA from Las Vegas operations was $785.9m for 2021.
The company’s cash and cash equivalents at 31 December 2021 were $275.3m and the total principal amount of debt outstanding at the end of the fourth quarter was $2.89bn.
During Q4 the company didn’t cease operating its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, as well as its Wildfire Properties, while Texas Station, Fiesta Rancho and Fiesta Henderson were closed.
The operator also closed the sale of Palms Casino Resorts to San Manuel during the quarter.
