Caesars Entertainment has published its operating results for the fourth quarter and full year of 2023.
During the fourth quarter, Caesars posted GAAP net revenues that reached $2.83bn. Net revenue rose slightly when compared to results from the same period last year. The company nearly cut its net loss total in half year-over-year during the fourth quarter.
Caesars reported a Q4 net loss of $72m. Adjusted EBITDA for the quarter reached $930m.
Regarding its full-year results, the company posted $11.5bn in GAAP net revenue, up by nearly $1bn year-over-year.
During the fiscal year, the company posted a GAAP net income of $786m. During 2022, Caesars reported a net loss of $899m.
Adjusted EBITDA grew to $3.9bn for the year from the $3.2bn reported in 2022.
Company CEO Tom Reeg noted that the company’s Caesars Digital brand had a significant impact on the latest report.
He commented further by saying, “Our fourth quarter operating results demonstrated consolidated net revenue growth, reduced net loss and stable consolidated adjusted EBITDA year over year. Results were driven by a 28% year-over-year increase in Caesars Digital net revenue that generated a 10% adjusted EBITDA margin in the quarter.
“Full year results benefited from a 78% increase in Caesars Digital net revenues to approximately $1bn, and an over $700m improvement in this segment’s adjusted EBITDA.”
Since the brand’s formation in Reno, Nevada in 1937, Caesars Entertainment has expanded over the years to include facilities that operate under the Caesars, Harrah's, Horseshoe and Eldorado brand names.
Its Caesars Digital brand recently partnered with Hacksaw Gaming and launched Hacksaw Gaming’s content for the first time in the Canadian province of Ontario.
