Caesars Entertainment sees revenue fall in 2024
Revenue decreased by 3 per cent year-on-year.
US.- Caesars Entertainment has announced its fourth quarter and full year 2024 financial results. Revenue for the year was $11.2bn, down 3 per cent compared to 2023. Q4 revenue was $2.8bn, down 1 per cent. The company said it continues to focus on operational efficiency and the growth of its digital segment.
For the full year, Caesars posted a net loss of $278m, down from the prior year’s net profit of $786m. The decline was primarily due to a $940m valuation allowance release in 2023 that impacted deferred tax assets.
Adjusted same-store EBITDA for 2024 was $3.7bn, compared to $3.9bn in the prior year. However, Caesars Digital demonstrated year-over-year growth, with adjusted EBITDA increasing to $117m from $38m in 2023.
Caesars’ Las Vegas operations generated $4.27bn in revenuer, down from $4.47bn in 2023. Regional operations in the US contributed $5.54bn, while Caesars Digital reported revenue of $1.16bn, up from $973m a year earlier.
Tom Reeg, chief executive officer of Caesars Entertainment, said: “Our fourth quarter operating results reflect stable conditions in Las Vegas with continued high occupancy and strong ADRs; and competitive pressures regionally partially offset by openings in New Orleans and Danville late in the quarter. Caesars Digital was negatively impacted by favorable sportsbook customer results in both October and December, offset by over 60 per cent growth in igaming net revenue.
“Looking ahead to 2025, the brick-and-mortar operating environment remains stable and we expect another year of strong net revenue and Adjusted EBITDA growth in our Digital segment. When combined with lower capital spending and cash interest expense, 2025 is expected to generate significant free cash flow which we expect will be used to further reduce leverage.”
