Caesars Entertainment has disclosed Q4 2023 net revenues of $2.83 billion, a slight increase from the previous year’s Q4 figure of $2.82 billion but a decrease from the Q3 revenue of $3 billion. Meanwhile, full-year net revenue for 2023 stood at $11.5 billion, up from the $10.8 billion recorded in 2022.
Net loss for the fourth quarter narrowed to $72 million from the $148 million loss in the same period in 2022. However, for the entire year of 2023, Caesars achieved a net income of $786 million, a notable improvement from the $899 million net loss in 2022.
Same-store adjusted EBITDA for Q4 was $930 million, down from the $949 million reported in Q4 2022. For the full year, same-store adjusted EBITDA reached $3.9 billion, up from the $3.2 billion declared the previous year.
“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,” Tom Reeg, Chief Executive Officer of Caesars Entertainment, said.
“Full-year results benefited from a 78% increase in Caesars Digital net revenues to approximately $1 billion, and an over $700 million improvement in this segment’s Adjusted EBITDA.”
Breaking down the figures per segment, Las Vegas Q4 revenue declined to $1.09 billion compared to $1.15 billion in Q4 2022. Regional revenue remained stable at $1.36 billion (Q4 2022: $1.36 billion), Caesars Digital revenue increased to $304 million (Q4 2022: $237 million), Managed and Branded revenue was $68 million (Q4 2022: $72 million), and Corporate and Other revenue reported a $1 million loss (Q4 2022: $2 million).
For the full year of 2023, Las Vegas revenue amounted to $4.47 billion (2022: $4.29 billion), Regional revenue was $5.78 billion (2022: $5.7 billion), Caesars Digital revenue was $973 million (2022: $548 million), and Managed and Branded revenue was $307 million (2022: $282 million).
Despite being a driver of revenue growth, Caesars Digital, alongside Corporate and Other, recorded a net loss during both Q4 and the entire year. Nevertheless, these losses showed improvement compared to the figures reported in the same periods in 2022.
Anthony Carano, President and Chief Operating Officer, called it a breakout year for digital gaming. “We’re particularly excited about what’s going on in iCasino,” added CEO Tom Reeg.
Q4 net income per segment included Las Vegas at $250 million (Q4 2022: $295 million), Regional at $2 million (Q4 2022: $17 million loss), Caesars Digital at an $8 million loss (Q4 2022: $35 million loss), Managed and Branded at $18 million (Q4 2022: $20 million), and Corporate and Other at a $334 million loss (Q4 2022: $411 million loss).
For the full year of 2023, net income per segment was as follows: Las Vegas at $1.04 billion (2022: $1.02 billion), Regional at $377 million (2022: $463 million), Caesars Digital at a $91 million loss (2022: $790 million loss), Managed and Branded at $101 million (2022: $301 million loss), and Corporate and Other at a $643 million loss (2022: $1.29 billion loss).
As of December 31, 2023, Caesars had $12.4 billion in aggregate principal amount of debt outstanding, with total cash and cash equivalents reaching $1 billion, excluding restricted cash of $138 million.
In a strategic move, concurrently with the financial report Caesars announced a partnership with the Sault Ste. Marie Tribe of Chippewa Indians, taking over WynnBET’s operations in Michigan, pending regulatory approval. This collaboration aims to diversify Caesars’ online offerings for its customers.
Original article: https://www.yogonet.com/international/noticias/2024/02/21/70922-caesars-surpasses-115-billion-in-2023-revenue-with-strong-digital-growth-q4-nets-283-billion
