Hail Caesar: $2.6bn in quarterly revenue
Growth is in great excess of what had been seen in 2020.
Caesars Entertainment ended 2021 with a bang, a fact evident from its newly released fourth quarter earnings reports which also summarizes progress made for the entire year. The quarter ended December 31, 2021.
For the fourth quarter, net revenue was at $2.6bn, a full billion dollars over what had been seen the year prior. There was a net loss of $434m, less than the net loss of $555m seen the year before. EBITDA was $561m, against the $348m of Q4 2020.
For the entire year, net revenue was $9.6bn, a significant improvement on the $3.6bn seen the year before. Net loss was $1bn. Again, this was an improvement on the losses of the prior year, when net loss amounted to $1.8bn. EBITDA improved by a great measure too, growing to $3bn from the $1.1bn of 2020.
Other news from the quarter includes the fact that Caesars exceeded the synergy target it established in July 2020, upon a merger with Eldorado Resorts.
Caesars Sportsbook has also now gone live in 22 states. Of these, 16 offer mobile betting.
Group CEO Tom Reed struck a sanguine tone when commenting on the results: “Our quarterly operating results reflect new fourth quarter records for Adjusted EBITDA and Adjusted EBITDA margin in both our Las Vegas and Regional segments. Caesars Sportsbook continues to exceed our expectations for new customer registrations, deposits and market share, especially in recently launched jurisdictions.”
Caesars can likely look forward to another good quarterly report at the end of Q1 2022: it’s market share in New York sports betting – which since January has seen the largest mobile debut in American history – is nonpareil.
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