Caesars Entertainment reports 7.7% revenue increase for Q4 2022
The operator produced $2.8bn in revenue, of which $1.1bn was generated by its Las Vegas operations.
Caesars Entertainment has announced its results for the fourth quarter of 2022, with net revenue of $2.8bn, a 7.7% increase year-on-year.
Its Generally Accepted Accounted Principles (GAAP) net loss stood at $148m when compared to a net loss of $434m for Q4 of 2021.
Adjusted EBITDA was reported at $957m compared to $581m for the same prior year period; a 65% increase. The same-store adjusted EBITDA, excluding the Caesars Digital segment, produced $962m versus $886m for the comparable prior-year period, an incline of 8.6%.
Caesars also released its full-year results for 2022. GAAP net revenues of $10.8bn represented a 12.5% increase and net loss was improved on – decreasing from $1bn in 2021 to $899m in FY2022.
Same-store adjusted EBITDA of $3.2bn was a positive increase compared to the $3bn reported for FY2021. Excluding the Caesars Digital segment of operations, EBITDA increased by 11.4% from $3.5bn in 2021 to $3.9bn in FY2022.
Las Vegas was the strongest performer, as always, for Caesars, posting a $1.1bn revenue for Q4 of 2022, compared to $1bn in the previous year.
Caesars Entertainment CEO Tom Reeg commented: “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.
“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.”
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