Caesars Entertainment Inc · Q4 2020 earnings

Briefing

Caesars Entertainment, Inc. reported a net revenue increase of 152.9% and an adjusted EBITDA increase of 91.0% on a GAAP basis, but also a net loss of $555 million for the fourth quarter of 2020.

Caesars Entertainment, Inc. reported Q4 2020 results, which were negatively impacted by COVID-19 restrictions. Net revenues increased by 152.9% to $1.5 billion, while the company experienced a net loss of $555 million. Adjusted EBITDA increased to $296 million.

• Net revenues of $1.5 billion, an increase of 152.9% on a GAAP basis.
• Same-store net revenues were $1.6 billion, a decrease of 37.5% versus the comparable prior-year period.
• Net loss of $555 million compared to net loss of $13 million for the comparable prior-year period.
• Adjusted EBITDA of $296 million on a GAAP basis, up 91.0% year over year.

Headline financials

Revenue & EPS history

Early results in the new year indicate a strengthening of consumer demand as restrictions have been lifted and demand levels normalize, especially at regional, non-destination properties. With vaccinations underway, the company is optimistic about the year ahead and look forward to the recovery of travel and tourism in the U.S. and especially Las Vegas.