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NEWS 22 February 2019

Marginal revenue rise for Caesars Entertainment during turbulent 2018

By Tim Poole

Caesars Entertainment has reported a 3% increase in full-year net revenues to $8.39bn for 2018.

The operator firstly included results based on GAAP (General Accepted Accounting Practices), which did not account for the contribution of subsidiaries CEOC or Centaur in previous years.

On this basis, full-year net revenues rose 72% to $8.39bn and full-year net income was $303m, compared to a loss of $368m.

However, in non-GAAP terms, enterprise-wide net revenues showed only marginal growth, while adjusted EBITDAR rose 5% to $2.31bn.

During Q4, net revenues increased 11% on a GAAP basis to $2.12bn, while rising 7% to the same figure in non-GAAP terms.

Q4 net income fell 90% to $198m, as Q4 2017 was boosted by a large nonrecurring tax benefit.

Caesars’ share price fluctuated slightly following its financial update, showing no large movements either way and closing on Thursday at $9.43.

Billionaires Carl Icahn and Tilman Fertitta have recently bought shares in the company but outgoing President and CEO, Mark Frissora, did not address the news in his 2018 round-up.

He said: "In 2018, Caesars delivered a fourth consecutive year of higher net revenues and adjusted EBITDAR, as well as expanded margins.

"While we will be making additional value-added investments in the business this year, our financial priority over the next few years is to further de-lever the balance sheet."

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