Caesars Entertainment Inc · Q4 2023 earnings

Briefing

Caesars' Q4 2023 operating results demonstrated consolidated net revenue growth, reduced net loss, and stable consolidated Adjusted EBITDA year over year.

Caesars Entertainment, Inc. reported Q4 2023 results with net revenues of $2.83 billion and a net loss of $72 million. The results were driven by a 28% year-over-year increase in Caesars Digital net revenue, which generated a 10% Adjusted EBITDA margin.

• GAAP net revenues were $2.83 billion versus $2.82 billion for the comparable prior-year period.
• GAAP net loss was $72 million compared to a net loss of $148 million for the comparable prior-year period.
• Same-store Adjusted EBITDA was $930 million versus $949 million for the comparable prior-year period.
• Caesars Digital Adjusted EBITDA was $29 million versus $(5) million for the comparable prior-year period.

Headline financials

Revenue & EPS history

On February 6th we successfully closed on our $4.4 billion refinancing, allowing us to repay all outstanding 2025 debt and extending our nearest maturity to July of 2027. Since the Caesars merger closed in the third quarter of 2020, we have permanently repaid over $3.0 billion in debt and we look forward to another year of strong debt reduction in 2024. We ended the quarter with total net leverage as calculated under our bank credit facility of 3.9x as of December 31, 2023.