Caesars focuses on reducing its debt

Caesars Entertainment, the US casino operator, has set a new fourth quarter record for EBITDA, the company announced.

Its sportsbook continues to exceed expectations, reported CEO Tom Reeg, in terms of new customer registrations, deposits and market share, notably in recently launched jurisdictions.

The quarter to the end of December showed revenues at $2.5bn, compared with $1.6bn over its Covid-impacted 2020 comparison. Net revenues for the full year came to $9.5bn against $$9.7bn.

Net income for the quarter was a minus, however, at -$434m compared with a loss of $555m in the comparative quarter. The full year loss was $1bn compared with a loss of $16m in 2020. The EBITDA adjusted for the whole year stood at $2.9bn, compared with $794bn.

There were many factors involved in the figures, such as the major acquisition of William Hill during the year and the application of cashflow to debt reduction of around $1bn.

Bret Yunker, CFO, said in the report that the company planned to continue to reduce debt in 2022 through the receipt of asset sale proceeds and other measures.