Caesars Entertainment recently unveiled their fiscal performance for the prior year, and the outlook is positive! They generated an impressive $10.8 billion in total revenue, a robust 13% increase compared to the preceding year.

Although they did post a net loss of $899 million, it represents a substantial enhancement from the $1 billion loss incurred the year before. Furthermore, their adjusted EBITDA for the year reached a strong $3.2 billion.

This upward trend persisted in the final quarter, with total revenue expanding 7% to hit $2.8 billion. Their adjusted EBITDA for the quarter stood at $957 million, while their net loss contracted to $148 million.

Tom Reeg, Caesars’ Chief Executive Officer, expressed optimism, emphasizing the all-time high adjusted EBITDA achieved in both their Las Vegas and regional segments during the fourth quarter. He conveyed confidence in the upcoming year, driven by the robust customer demand observed across their entire portfolio.

As of December 31, 2022, Caesars held a total debt of $13.1 billion. Nevertheless, they possess $1 billion in cash and cash equivalents, supplemented by $265 million in restricted cash.

Bret Yunker, the Chief Financial Officer, underscored their dedication to debt reduction, noting that they reduced their overall debt by over $1.2 billion in 2022. He proudly highlighted their total leverage ratio of 4.4x based on their bank credit facility as of December 31, 2022. Yunker also emphasized their proactive stance in managing their debt maturity schedule, extending $750 million of near-term obligations to 2024 and 2025 through a new $3 billion syndicated credit line in October 2022 and a successful $450 million debt capital markets offering in February 2023.

In December of the previous year, PlayAGS and Caesars Entertainment strengthened their collaborative efforts, broadening their current agreement to encompass Caesars Sportsbook & Casino, the internet gaming division of the gaming behemoth.

“We are delighted to incorporate AGS content into our online casino offerings,” enthusiastically stated Mathew Sunderland, Senior Vice President of iGaming at Caesars Digital. “These games have experienced immense success in both the digital realm and traditional casino settings, leading us to confidently anticipate their positive reception among our players.”