Business
Caesars Entertainment, Inc. Reports Fourth Quarter and Full Year 2021 Results
LAS VEGAS and RENO, Nev., Feb. 22, 2022 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the Company") today reported
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":"LAS VEGAS and RENO, Nev., Feb. 22, 2022 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) (\"Caesars,\" \"CZR,\" \"CEI\" or \"the Company\") today reported operating results for the fourth quarter and full year ended December 31, 2021.\n\n \n \n \n \n \n \n\n \nFourth Quarter Results:\nGAAP net revenues of $2.6 billion versus $1.6 billion for the comparable prior-year period. GAAP net loss of $434 million compared to a net loss of $555 million for the comparable prior-year period. Same-store Adjusted EBITDA of $581 million versus $348 million for the comparable prior-year period. Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $886 million versus $313 million for the comparable prior-year period.Full Year Results:\nGAAP net revenues of $9.6 billion versus $3.6 billion for the comparable prior-year period. GAAP net loss of $1.0 billion compared to a net loss of $1.8 billion for the comparable prior-year period. Same-store Adjusted EBITDA of $3.0 billion versus $1.1 billion for the comparable prior-year period. Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $3.5 billion versus $981 million for the comparable prior-year period.Recent Highlights:\nCaesars Entertainment has exceeded its stated synergy target from its July 2020 merger with Eldorado Resorts. Caesars Sportsbook is currently live in 22 states and jurisdictions, 16 of which offer mobile wagering.Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, \"Our quarterly operating results reflect new fourth quarter records for Adjusted EBITDA and Adjusted EBITDA margin in both our Las Vegas and Regional segments. Caesars Sportsbook continues to exceed our expectations for new customer registrations, deposits and market share, especially in recently launched jurisdictions.\"\nFourth Quarter and Full Year 2021 Financial Results Summary and Segment Information\nAfter considering the effects of our recent acquisitions and completed divestitures, the following tables present adjustments to net revenues, net income (loss) and adjusted EBITDA as reported, in order to reflect a same-store basis:\nNet Revenues \nThree Months Ended December 31,\n(In millions)\n2021\n2020\n2020 Pre-Cons Balt & Pre-Acq WH US (a)(c)\nLess: 2020 Divest (e)\n2020 \nTotal (f)\nLas Vegas \n$ 1,040\n$ 447\n$ —\n$ —\n$ 447\nRegional\n1,36...