Caesars Ent. Releases Financial Report For Q423 & FY23; Purchases WynnBet’s Michigan Online Gaming Operations

Home » Caesars Ent. Releases Financial Report For Q423 & FY23; Purchases WynnBet’s Michigan Online Gaming Operations

Caesars Entertainment recently revealed details of its performance in terms of profit for the entire quarter and total year, both of which ended on December 31 of the previous year.

Revenue data:

The firm revealed that the GAAP net income for the 4Q was $2.83 billion, which further represents a marginal growth of 0.35% compared to the identical time frame of the previous year. However, regardless of this slight increase in income, the operator experienced a net loss of $72 million for the said quarter, which is an upgrade from the net loss of $148 million, which further represents a drop of 51.35%, from the identical time frame of 2023.

As for the same-store locations in the aforementioned quarter, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $930 million, a drop of 2% compared to $949 million from the quarter of the former year. But, adjusted EBITDA for Caesars Digital, the online arm of the said firm, saw a significant improvement, hitting $29 million versus the $5 million loss in the identical time frame from 2023, indicating growth of 680%.

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As for the entire FY 2023, the operator unveiled GAAP net incomes of $11.5 billion, an increase of 6.48% compared to $10.8 billion in 2022. In addition, the aforementioned operator also managed to hit $786 million net profit for the entire year, from a $899 million net loss, displaying an upgrade of 187.99%, in the previous year.

Relatedly, entire-year same-store adjusted EBITDA reached $3.9 billion, indicating an increase of 21.88% compared to $3.2 billion in 2022. However, adjusted EBITDA for Caesars Digital also saw a turnaround, hitting $38 million from a $666 million loss, displaying a year-over-year growth of 105.41%, according to the official press release.

Commenting on the results, CEO of Caesars Entertainment, Tom Reeg, commented: “Our fourth quarter operating results demonstrated consolidated net revenue growth, reduced net loss and stable consolidated adjusted EBITDA year over year. Results were driven by a 28% year-over-year increase in Caesars Digital net revenue that generated a 10% adjusted EBITDA margin in the quarter. Full-year results benefited from a 78% increase in Caesars Digital net revenues to approximately $1.0bn, and an over $700m improvement in this segment’s Adjusted EBITDA.”

As for the third quarter of the previous year, the operator revealed an accumulated profit of $3 billion, which marks an increase of 3.4% compared to $2.9 billion in the time frame of the 2022.

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Purchase of WynnBet’s Michigan online gaming operations:

This financial report comes on the heels of the firm’s recent deal with Sault Ste Marie Tribe of Chippewa Indians. According to the aforementioned agreement, the firm purchased WynnBet’s Michigan online gaming operations. Additionally, this deal allows Caesars to officially enter the growing regulated online gaming market in the Great Lakes state and extend its presence in the iGaming world., according to the official press release.

Beside that, the deal also involves a lengthy expansion of access rights to online gaming market with the aforementioned tribe, which further permits Caesars to manage extra online brands in the state.

Caesars Entertainment target of hacker attack; pays hackers to stop data leak:

In other news, Caesars suffered a hacker attack by UNC 3944 or Scattered Spider, who demanded the firm pay a ransom to prevent data leaks.

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