Caesars Posts Strong Fourth Quarter and 2022 Results

In its latest trading update released Tuesday, the company revealed that its net revenues for the period between January and December 2022 hit $10.8 billion. When compared to the $9.6 billion reported for the corresponding period in 2021, this result marked a strong increase.

Judging by the recent report, Caesars’ net loss in 2022 was $899 million. This result marked a decrease when compared to the $1.0 billion in net loss for the same period the prior year. Same-store adjusted EBITDA in 2022 hit $3.2 billion, marking an increase when compared to the $3.0 billion reported in 2021. Caesars revealed that excluding its Digital segment, same-store adjusted EBITDA in 2022 was $3.9 billion, versus $3.5 billion for the same period the prior year.

A breakdown provided by the company revealed that its Digital segment, Las Vegas and regional operations helped drive revenue growth in 2022. Caesars Las Vegas’ operations revenue hit $4.3 billion in 2022, marking an increase when compared to the $3.4 billion result from the previous year.

Similarly, regional revenue increased from $5.5 billion in 2021 to $5.7 billion in 2022. Caesars Digital also reported strong growth with the revenue from this segment increasing to $548 million. The figure marked a significant growth considering the 2021 result which was $337 million.

The Company Enjoyed a Stellar Fourth Quarter

Besides its full year results, Caesars released data regarding its fourth quarter performance. In Q4, 2022, the company reported net revenues of $2.8 billion, marking an increase when compared to the $2.6 billion result for the corresponding period in 2021. The new report reveals that the net loss for the fourth quarter was $148 million, compared to a net loss of $434 million for Q4 in 2021.

“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.“

Tom Reeg, CEO at Caesars Entertainment

Caesars’ CEO, Tom Reeg, acknowledged that the company enjoyed a successful fourth quarter and pointed out that the results were driven by its regional and Las Vegas operations. At the same time, he explained that Q4 marked a new record for adjusted EBITDA that hit $957 million.

Speaking about Caesars Sportsbook, Reeg said that it has “delivered significantly improved operating results during the fourth quarter which sets the foundation for a strong 2023.” Finally, the CEO predicted a successful year ahead, considering that consumer demand is strong within all operating segments of the company.