Caesars Entertainment has released its financial figures for the fourth quarter of 2023, showing a modest rise in net revenues to $2.83 billion from $2.82 billion in the same quarter of the previous year. Although this marks an increase, it is a step back from the $3 billion revenue in Q3. The company’s annual revenue for 2023 was $11.5 billion, up from $10.8 billion in 2022.
The company saw a reduction in its net loss for Q4 to $72 million, down from a $148 million loss in Q4 of 2022. For the entire year, Caesars reported a net income of $786 million, a turnaround from the $899 million net loss in 2022.
Tom Reeg, the CEO, pointed out the growth in Caesars Digital’s net revenue by 28% year-over-year, which played a crucial role in achieving a 10% adjusted EBITDA margin for the quarter. “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,” Reeg said.
Revenue details for Q4 show a decline in Las Vegas revenue to $1.09 billion from $1.15 billion in Q4 2022, while regional revenue held steady at $1.36 billion. Caesars Digital experienced growth, with revenue climbing to $304 million from $237 million. Managed and branded revenue slightly decreased to $68 million from $72 million, and corporate and other revenue reported a minor loss improvement.
On an annual basis, 2023 saw increases across several segments, with Las Vegas revenue up to $4.47 billion from $4.29 billion, and regional revenue slightly increased to $5.78 billion from $5.7 billion. Caesars Digital nearly doubled its revenue to $973 million from $548 million, and managed and branded revenue grew to $307 million from $282 million.
Despite these gains, Caesars Digital and Corporate and Other segments faced net losses in both the quarter and the year, albeit showing an improvement from 2022’s figures.
CEO Tom Reeg also highlighted the success in the iCasino space, indicating a positive trajectory for digital gaming, supported by Anthony Carano, President and COO, who called 2023 a standout year for the segment.
By the end of 2023, Caesars reported having $12.4 billion in debt, with cash and cash equivalents totaling $1 billion, not including restricted cash of $138 million.
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