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Caesars Entertainment reports 1% revenue decline for 2024
An American hotel and casino entertainment company, Caesars Entertainment, reported its financial results for 2024, highlighting the 1% decline of $2.8 billion driven by Las Vegas and regional operations.
Las Vegas and regional operations contributed more than $2.4 billion, but Caesars Digital took the crown with a 19.5% increase in its full-year revenue, reaching $1.2 billion.
For the full year 2024, Caesars reported a net loss of $278 million, a 135.4% decline when compared to 2023. Total net revenue for FY2024 was $11.2 billion, a 2.5% decline. Despite the decline, Caesars managed to turn a profit with a net income of $11 million, a significant improvement from the $72 million loss from Q4 2023.
Adjusted EBITDA
For FY2024, Caesars’ adjusted EBITDA decreased by 5.1% to $3.7 billion, showing weaker performance in Las Vegas and regional operations with an EBITDA of more than $100 million. Meanwhile, Caesars Digital boosted its adjusted EBITDA by almost $80 million in Q4 2024.
Caesars CEO Tom Reeg said:
“Fourth quarter operating results reflect stable conditions in Las Vegas with continued high occupancy and strong ADRs, and competitive pressures regionally offset partially by the openings in New Orleans and Danville late in the quarter. Caesars Digital was negatively impacted by sports betting customer-friendly outcomes in both October and December, offset by over 60% growth in iGaming net revenues.”
Caesars prepares for a strong 2025
Tom Reeg commented:
“As we look ahead to 2025, the brick-and-mortar operating environment remains stable, and we are expecting another year of strong net revenue and adjusted EBITDA growth in our digital segment. When combined with lower capex and cash interest expense, 2025 is expected to deliver significant free cash flow, which we expect will be used to further reduce leverage.”
Despite challenges and declines, Caesars’ share price remained stable at $34.87 per share as of February 25.
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