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: “Our 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.
“Additionally, 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.”
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.
