The entertainment conglomerate, Caesars Entertainment, experienced a prosperous period, amassing $10.8 billion in total revenue. This signifies a substantial 13% surge in comparison to the preceding year.
Notwithstanding the remarkable revenue expansion, the entertainment powerhouse still declared a net deficit of $899 million. The positive aspect? This represents a considerable betterment over the $1 billion deficit they encountered in 2021.
Examining the broader context, their modified EBITDA for the complete year attained $3.2 billion. Focusing on their fourth-quarter results, Caesars generated $2.8 billion in total revenue, a robust 7% rise year-on-year. Their fourth quarter also witnessed $957 million in adjusted EBITDA, although they did encounter a net deficit of $148 million.
The Chief Executive Officer of Caesars Entertainment, Tom Reeg, expressed understandable optimism. He underscored the unprecedented accomplishments of their Las Vegas and regional branches, both of which achieved their pinnacle quarterly adjusted EBITDA figures to date. He stressed the robust consumer demand throughout their enterprises and conveyed enthusiasm for the upcoming year.
As of the final day of December 2022, Caesars Entertainment possessed an aggregate debt of $13.1 billion, counterbalanced by $1 billion in cash and cash equivalents. This encompassed $265 million in restricted cash.
The Chief Financial Officer of Caesars Entertainment, Bret Yunker, furnished supplementary particulars regarding their financial approach. He indicated that they had effectively diminished their overall debt by over $1.2 billion in 2022. As of December 31st, 2022, their overall leverage ratio stood at a commendable 4.4 times, determined by their bank credit agreement.
Yunker also accentuated their proactive stance towards debt administration. They obtained a $3 billion syndicated credit line in October 2022, enabling them to defer the maturity of $750 million in debt to 2024 and 2025. Furthermore, they effectively procured $450 million through a debt capital markets issuance in February 2023.
Last month, gaming company PlayAGS broadened its existing agreement with Caesars Entertainment’s digital gaming branch, Caesars Sportsbook & Casino.
“Their games have injected new excitement into our online casino products,” remarked Mathew Sunderland, Senior Vice President of Caesars Digital iGaming, regarding the expanded collaboration. “Given their strong performance in both online and physical casinos, we anticipate these new additions will resonate well with our players.”
admin