In its latest trading update released Tuesday, the company revealed that its net revenues for the period between January and December 2022 hit $10.8 billion. When compared to the $9.6 billion reported for the corresponding period in 2021, this result marked a strong increase.
Judging by the recent report, Caesars’ net loss in 2022 was $899 million. This result marked a decrease when compared to the $1.0 billion in net loss for the same period the prior year. Same-store adjusted EBITDA in 2022 hit $3.2 billion, marking an increase when compared to the $3.0 billion reported in 2021. Caesars revealed that excluding its Digital segment, same-store adjusted EBITDA in 2022 was $3.9 billion, versus $3.5 billion for the same period the prior year.
A breakdown provided by the company revealed that its Digital segment, Las Vegas and regional operations helped drive revenue growth in 2022. Caesars Las Vegas’ operations revenue hit $4.3 billion in 2022, marking an increase when compared to the $3.4 billion result from the previous year.
Similarly, regional revenue increased from $5.5 billion in 2021 to $5.7 billion in 2022. Caesars Digital also reported strong growth with the revenue from this segment increasing to $548 million. The figure marked a significant growth considering the 2021 result which was $337 million.
The Company Enjoyed a Stellar Fourth Quarter
Besides its full year results, Caesars released data regarding its fourth quarter performance. In Q4, 2022, the company reported net revenues of $2.8 billion, marking an increase when compared to the $2.6 billion result for the corresponding period in 2021. The new report reveals that the net loss for the fourth quarter was $148 million, compared to a net loss of $434 million for Q4 in 2021.
“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.“
Tom Reeg, CEO at Caesars Entertainment
Caesars’ CEO, Tom Reeg, acknowledged that the company enjoyed a successful fourth quarter and pointed out that the results were driven by its regional and Las Vegas operations. At the same time, he explained that Q4 marked a new record for adjusted EBITDA that hit $957 million.
Speaking about Caesars Sportsbook, Reeg said that it has “delivered significantly improved operating results during the fourth quarter which sets the foundation for a strong 2023.” Finally, the CEO predicted a successful year ahead, considering that consumer demand is strong within all operating segments of the company.