Caesars reports Q4, acquires WynnBet's Michigan operations

Caesars Entertainment reports mixed Q4 results but strong full year with digital arm driving turnaround.

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Caesars Entertainment has disclosed its financial performance for the fourth quarter and full year ending 31 December 2023.

The operator reported GAAP net revenue of $2.83bn for the fourth quarter, representing a marginal increase of 0.35% from the corresponding period of the previous year.

Despite this minor uptick in revenue, Caesars recorded a net loss of $72m for Q4, marking an improvement from the net loss of $148m, representing a decrease of 51.35%, in the same period last year.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for same-store locations in Q4 amounted to $930m, a decrease of 2% from $949m in the prior-year quarter.

However, Caesars Digital's adjusted EBITDA experienced a notable improvement, reaching $29m compared to a loss of $5m in the same period a year ago, reflecting an increase of 680%. 

For the full year 2023, Caesars reported GAAP net revenues of $11.5bn, up by 6.48% from $10.8bn in the previous year.

The company also transitioned to a net income of $786m for the full year, compared to a net loss of $899m, showing an improvement of 187.99%, in the prior year.

Same-store adjusted EBITDA for the full year amounted to $3.9bn, showing growth of 21.88% from $3.2bn in the previous year.

Caesars Digital's adjusted EBITDA also witnessed a turnaround, reaching $38m compared to a loss of $666m, indicating an increase of 105.41% in the prior year.

Tom Reeg, Caesars Entertainment CEO, said: “Our fourth quarter operating results demonstrated consolidated net revenue growth, reduced net loss and stable consolidated adjusted EBITDA year over year. Results were driven by a 28% year-over-year increase in Caesars Digital net revenue that generated a 10% adjusted EBITDA margin in the quarter. Full-year results benefited from a 78% increase in Caesars Digital net revenues to approximately $1.0bn, and an over $700m improvement in this segment’s Adjusted EBITDA.”

This disclosure follows Caesars' recent agreement with the Sault Ste Marie Tribe of Chippewa Indians, wherein the company acquired WynnBet's Michigan iGaming operations. This strategic move enables Caesars to enter the growing iGaming market in Michigan and expand its digital presence.

The agreement also includes a long-term extension of iGaming market access rights with the Sault Tribe, allowing Caesars to operate additional digital brands in the state.

In Q3 2023, Caesars Entertainment reported $3bn in revenue, showing growth of 3.4% from $2.9bn in the prior-year period.

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