Business
Caesars Entertainment, Inc. Reports 2020 Fourth Quarter and Full-Year Results
RENO, Nev. and LAS VEGAS, Feb. 25, 2021 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the Company") today reported
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":"RENO, Nev. and LAS VEGAS, Feb. 25, 2021 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) (\"Caesars,\" \"CZR,\" \"CEI\" or \"the Company\") today reported operating results for the fourth quarter and year ended December 31, 2020.\n\n \n \n \n \n \n \n\n \nFourth Quarter Results and Recent Highlights:\nNet 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. Same-store Adjusted EBITDA of $346 million versus $722 million for the comparable prior-year period.Full-Year Results and Recent Highlights\nNet revenues of $3.5 billion, an increase of 37.4% on a GAAP basis. Same-store net revenues of $6.1 billion, a decrease of 42.5% versus the comparable prior-year period. Net loss of $1.8 billion compared to net income of $81 million for the comparable prior-year period. Adjusted EBITDA of $737 million on a GAAP basis versus $697 million last year. Same-store Adjusted EBITDA of $1.1 billion versus $3.0 billion for the comparable prior-year period.Additional Highlights\nWilliam Hill and Caesars sports betting joint venture currently operational in fifteen states and Washington D.C. Currently operating mobile online sports betting in twelve jurisdictions Expected to be operational in twenty jurisdictions by year endCaesars announced a minority strategic investment in the daily fantasy sports platform SuperDraft, Inc.Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, \"Our fourth quarter was negatively impacted by additional COVID-19 restrictions implemented in several states starting in November. Early results in the new year indicate a strengthening of consumer demand as restrictions have been lifted and demand levels normalize, especially at our regional, non-destination properties.\"\n\"With vaccinations underway, we are optimistic about the year ahead and look forward to the recovery of travel and tourism in the U.S. and especially Las Vegas.\" \nFourth Quarter and Full-Year 2020 Financial Results Summary and Segment Information\nFor the fourth quarter ended December 31, 2020, Caesars Entertainment, Inc. generated net...