Industry News
Caesars Entertainment Reports 8.9% Increase in Q4 Revenue
Caesars Entertainment has reported financial results for the quarter ended December 31. The company has reported revenue of $2.8 billion, up 8.9% compared to the same period in the previous year. Adjusted EBITDA was $957 million, while net loss was $148 million.
Caesars Entertainment registered $1.55 billion in casino revenue, $511 million in hotel revenue, $424 million in food and beverages, and $335 million in other revenue. Regional revenue was $1.4 billion, up 0.4% year-on-year, while Las Vegas revenue also increased by 11% to $1.15 billion. Digital revenue more than doubled from $116 million to $237 million, managed and branded revenue was level at $72 million, and other revenue hit $2 million.
Tom Reeg, CEO of Caesars Entertainment, said: âOur 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.
âAdditionally, our Las Vegas segment set a new full-year record for adjusted EBITDA. Caesars Sportsbook delivered significantly improved operating results during the fourth quarter which sets the foundation for a strong 2023. Consumer demand remains strong in all of our verticals, and we are optimistic for the year ahead.â
For the full year, the company reported net revenue of $10.8 billion, an increase of 13% year-on-year, and a net loss of $899 million, down from a net loss of $1 billion the previous year. Adjusted EBITDA for the full year was $3.2 billion.
Industry News
Navajo Gaming Honors 186 Team Members for Employee Milestones
This month The Navajo Nation Gaming Enterprise (Navajo Gaming) honored 186 of its total 1200 team members for reaching significant employment milestones including 15, 10, and 5 years of service for the enterprise. The event at Twin Arrows Navajo Casino Resort in Flagstaff, Ariz. showcased the impact and journey of each hard-working team member, with a special highlight for 29 employees who have served for 15 years.
Less than 10 years after Navajo Gaming was created by the Navajo Nation and charged with the mission of creating jobs, increasing revenues, and stimulating incremental economic development within the Navajo Nation, the gaming enterprise created over 7425 direct, indirect and induced jobs with an overall economic output of over a billion dollars.
âNavajo Gaming employs 1200 people, 85 percent of whom are Navajo citizens. The award-winning AAAâs coveted Four Diamond Twin Arrows Casino Resort shares Navajo Culture through architectural nuances and local artists. Each of the property dining eateries feature âNavajo Beef,â and traditional cuisine of the Navajo people, and our invitation to stay, play and relax at one of our four properties or Travel Center is an open welcome to the Navajo Nationâs beautiful scenic transformation,â Matthew Shunkamolah, Interim Chief Executive Officer of Navajo Gaming, said.
Team members recognized for 15 years of services have worked their way up to a wide variety of position within the enterprise from General Manager and Executive Director of Slots, to Director of Security, Food and Beverage Supervisor and Executive Director of Government Affairs.
Industry News
The International Association of Gaming Advisors (IAGA) Announces 2024 International Gaming Summit in Washington, D.C.
The International Association of Gaming Advisors (IAGA) will hold its 41st International Gaming Summit Monday, May 27 through Thursday, May 30, 2024 at The Ritz-Carlton Washington, D.C.
As a premier event that brings together leaders from all global gaming sectors, the Summit will provide operators, suppliers, attorneys, investors, bankers, regulators and other advisor delegates with an unparalleled opportunity to meet and discuss the most important issues facing gaming.
âWe are looking forward to holding this yearâs 41st Annual International Gaming Summit in Washington, D.C., and are pleased to announce an agenda that includes a specific focus on some of the key sports betting issues the rapidly expanding US market is facing. As part of this focus, we will bring together representatives from global sports betting operators, regulatory agencies, professional sports leagues and other experts to discuss how the industryâs sports betting stakeholders can better work together to ensure a sustainable, responsible sports betting environment that is built on best practices lessons learned from other markets,â John Stawyskyj, President of IAGA, said.
âBeyond our sports betting focus, our diverse agenda includes discussions on other issues of importance including the growing impact of fraud and cyber breaches on regulated operators, a look into the federal and state lobbying process, an update on whatâs happening in other gaming markets outside North America, a deep dive into new technologies and how they might impact gaming and more. I look forward to welcoming our delegates to Washington and participating with them in lively discussions about these critical issues and more,â Stawyskyj added.
Industry News
Marker Trax Appoints John Henderson as Senior Vice President of Operations
Marker Trax, a leader in cashless payment solutions for the gambling industry, has announced the appointment of John Henderson as its senior vice president of operations.
As the company continues solidifying its cashless payments sector leadership position, Henderson joins the team to play a key role in leading strategic planning efforts, executing new operator and customer initiatives, directing pursuit of key performance indicators, and ensuring overall product and technology quality control. He reports directly to, and will work closely with, Marker Trax President Charlie Skinner.
Henderson is a seasoned, energetic industry veteran who brings to Marker Trax more than four decades of success in delivering technology-based business solutions, leading innovation-forward companies seeking to increase their industry footprints and to solidify their market shares.
âWeâre cementing our leadership position in the cashless space, and John is the right leader, at the right time, to help guide us there. He has tactical expertise, and a long track record of success in the IT space. More than that, though, heâs always eager to innovate â which aligns perfectly with our philosophy and goals. Weâre lucky to have him on board,â Charlie Skinner, President of Marker Trax, said.
Immediately prior to joining Marker Trax, Henderson served as chief information officer at WorldStrides, a global leader in educational travel services, and helped the company navigate a business and IT transformation program. Henderson has also held client partner roles at Accenture, IBM, and Cognizant, and has served numerous global brands including Choice Hotels, Hilton Hotels, MGM Resorts, Wynn, Disney, and Royal Caribbean.
âEvery step of his career, Johnâs shown natural aptitude for client relationship management and large-scale systems integrations, and a keen, tactical eye for optimizing performance at all levels of an operation. At Marker Trax, weâre increasing our market footprint through continual innovation, and Johnâs tactical leadership will be of tremendous benefit to reaching our goals,â Skinner said.
Hendersonâs addition caps a prolific run of recent accomplishments for the company. It recently unveiled its innovative consumer product, Moolah Play, secured renewed commitment from partner and global payments leader Euronet Worldwide Inc., and is introducing its cashless credit technology into more markets around the country.
-
Interviews4 days ago
Women in iGaming Interview: White Hat Studiosâ Holly Fairweather
-
Latest News4 days ago
White Hat Gaming strengthens executive team with Justin Psaila announced as new Chief Financial Officer
-
Compliance Updates4 days ago
Reputation matters â the importance of supplier licensing
-
Compliance Updates2 days ago
OpenBet bolsters compliance technologies with the launch of geolocation product, OpenBet Locatorâ˘, powered by Amazon Web Services (AWS)
-
Gambling in the USA1 day ago
Kambi Group plc extends Mohegan partnership with on-property sports betting agreement in Pennsylvania
-
Latin America3 days ago
Sportingtech Places New Local Talent Front and Center at BiS SiGMA Americas
-
Compliance Updates3 days ago
North Carolina Lawmaker to Introduce Bill to End College Player Prop Bets
-
Latest News5 days ago
Hard Rock International, Seminole Gaming, Royal Caribbean International and Celebrity Cruises Announce Global Partnership, Bringing Travel Benefits Across Land and Sea