Caesars reports 8.9% increase in Q4 revenue
Caesars Entertainment has reported revenue of $2.8bn for the fourth quarter of 2022.
US.- Caesars Entertainment has reported financial results for the quarter ended December 31. The company has reported revenue of $2.8bn, up 8.9 per cent compared to the same period in the previous year. Adjusted EBITDA was $957m, while net loss was $148m.
Caesars Entertainment registered $1.55bn in casino revenue, $511m in hotel revenue, $424m in food and beverages and $335m in other revenue. Regional revenue was $1.4bn, up 0.4 per cent year-on-year, while Las Vegas revenue also increased by 11 per cent to $1.15bn. Digital revenue more than doubled from $116m to $237m, managed and branded revenue was level at $72m and other revenue hit $2m.
Tom Reeg, Caesars CEO, 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 $10.8bn, an increase of 13 per cent year-on-year, and a net loss of $899m, down from a net loss of $1bn the previous year. Adjusted EBITDA for the full year was $3.2bn.
