Business
Caesars Entertainment, Inc. Reports Fourth Quarter and Full Year 2024 Results
LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)-- Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":" LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)--\nCaesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating results for the fourth quarter and full year ended December 31, 2024.\n\n\nFourth Quarter Results:\n\n\n\nGAAP net revenues of $2.80 billion versus $2.83 billion for the comparable prior-year period.\n\n\n\nGAAP net income of $11 million compared to a net loss of $72 million for the comparable prior-year period.\n\n\n\nSame-store Adjusted EBITDA of $882 million versus $924 million for the comparable prior-year period.\n\n\n\nCaesars Digital Adjusted EBITDA of $20 million versus $29 million for the comparable prior-year period.\n\n\n\nFull Year Results:\n\n\n\nGAAP net revenues of $11.2 billion versus $11.5 billion for the comparable prior-year period.\n\n\n\nGAAP net loss of $278 million compared to a net income of $786 million for the comparable prior-year period, with the decrease primarily driven by the release of $940 million of valuation allowance against deferred tax assets associated with our REIT leases in the prior year.\n\n\n\nSame-store Adjusted EBITDA of $3.7 billion versus $3.9 billion for the comparable prior-year period.\n\n\n\nCaesars Digital Adjusted EBITDA of $117 million versus $38 million for the comparable prior-year period.\n\n\n\nTom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “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. 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.”\n\n\nFourth Quarter and Full Year 2024 Financial Results Summary and Segment Information\n\n\nThe following tables present actual 2024 and 2023 results as well as adjustments to net revenues, net income (...