Caesars Entertainment wraps up Q4 and FY22

Caesars Entertainment has released its Q4 and full-year results for the financial year 2022. The report covers the periods that ended on December 31, 2022, and include a comment by the company’s Chief Executive Officer Tom Reeg, who spoke about the performances the company drove across its online and land-based segments in the fourth quarter and the full year.

Looking at individual results for the fourth quarter, the company reported GAAP net revenue of $2.8bn, an improvement of the $2.6bn reported in Q4 2021. GAAP net loss shortened to $148m compared to $434m in Q4 2021. The company’s same-store Adjusted EBITDA stood at $957m, ahead of the $581m reported a year prior.

The full-year results were similarly encouraging with GAAP net revenues standing at $10.8bn, ahead of 2021’s $9.6bn. The GAAP net loss was $899m, smaller than the $1bn posted in 2021, but still significant. Same-store Adjusted EBITDA for the full year was reported at $3.2bn, ahead of the $3bn posted in 2021.

Reeg was pleased with the overall performance of his company and noted that the fourth quarter was particularly strong. He argued that the company’s Las Vegas and Regional segments were able to contribute to a "quarter record" in terms of Adjusted EBITDA.

"Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead," Reeg noted. The company’s Chief Financial Officer, Bret Yunker, also weighed in and spoke about what the company was able to achieve during the quarter, and not least the opportunity to significantly reduce debt in 2022 by $1.2bn, which will now allow the company to move on a stronger footing in 2023.

In the fourth quarter, Caesars Digital was ahead of 2021’s results as well, with the company reporting $237m in net revenues from the segment compared to $116m in the prior period. Las Vegas also did well in the last three months of the year, reporting $1.15bn in net revenues compared to $1bn in 2021. Caesars Digital though, pulled ahead in the full year 2022, with the company reporting its net revenues for the division at $548m.

Stepping into 2023, Caesars Entertainment is looking to secure a bid for a Times Square casino in New York. The company is collaborating with a number of partners, and the company recently announced a new Caesars Rewards partnership for local merchants in New York City, in an attempt to build up its momentum and presence. However, Caesars cautioned that it would not let itself be caught in an "arms race."

Image credit: Caesars.com