Caesars Entertainment, Inc. Reports Fourth Quarter and Full Year 2022 Results

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[{"type":"text","content":"LAS VEGAS and RENO, Nev., Feb. 21, 2023 /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, 2022.\n\n \n \n \n \n \n \n\n \nFourth Quarter Results:\nGAAP net revenues of $2.8 billion versus $2.6 billion for the comparable prior-year period.GAAP net loss of $148 million compared to a net loss of $434 million for the comparable prior-year period.Same-store Adjusted EBITDA of $957 million versus $581 million for the comparable prior-year period.Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $962 million versus $886 million for the comparable prior-year period.Full Year Results:\nGAAP net revenues of $10.8 billion versus $9.6 billion for the comparable prior-year period.GAAP net loss of $899 million compared to a net loss of $1.0 billion for the comparable prior-year period.Same-store Adjusted EBITDA of $3.2 billion versus $3.0 billion for the comparable prior-year period.Same-store Adjusted EBITDA, excluding our Caesars Digital segment, of $3.9 billion versus $3.5 billion for the comparable prior-year period.Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, \"Our fourth quarter delivered another set of strong operating results as both our Las Vegas and Regional segments each set a new fourth quarter record for Adjusted EBITDA. Additionally, our Las Vegas segment set a new full year record for Adjusted EBITDA. Caesars Sportsbook delivered significantly improved operating results during the fourth quarter which sets the foundation for a strong 2023. Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead.\"\nFourth Quarter and Full Year 2022 Financial Results Summary and Segment Information\nAfter considering the effects of our acquisitions and completed divestitures, the following tables present adjustments to net revenues, net income (loss) and Adjusted EBITDA as reported, in order to reflect a same-store basis:\nNet Revenues\nThree Months Ended December 31,\n(In millions)\n2022\n2021\n2021 Adj.(a)\nAdj. 2021 \nTotal\nLas Vegas \n$ 1,154\n$ 1,040\n$ —\n$ 1,040\nRegional\n1,356\n1,364\n(4)\n1,360\nCaesars Digital\n237\n116\n—\n116\nManaged and Branded\n72\n72\n—\n72\nCorporate and Other\n2\n(1)\n—\n(...

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