Caesars Entertainment has reported mixed results as it shared its financials for the quarter and 12-month period ending December 31, 2024.
Net revenues slipped slightly year-on-year, with the Q4 revenue at $2.8bn, down from £2.83bn the previous year. For the whole year, revenue was $11.25bn, down from $11.53bn in 2023.
Adjusted EBITDA for the quarter was $885m, down from $930m in Q4 2023. For the whole year, it was $3,74bn, down from $3.94bn.
However, net income for the quarter reached a $11m profit, a significant increase on a loss of $72m year-on-year. This brought the full year’s total to a loss of $278m, down from a profit of $786m in 2023.
“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,” said Tom Reeg, CEO of Caesars Entertainment.
“Caesars Digital was negatively impacted by sports betting customer friendly outcomes in both October and December offset by over 60 per cent growth in igaming net revenues.
“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 deliver significant free cash flow which we expect will be used to further reduce leverage.”
