‘Demand strengthening’ says Caesars chief

After its fourth quarter results had been revealed, Caesars Entertainment boss Tom Reeg lamented the high losses but suggested strengthening consumer demand.

Reeg, CEO at the US casinos giant, forecast that as restrictions are lifted consumer demand levels would quickly “normalise,” particularly at the group’s regional, non-destination properties.

The full year for Caesars revealed net revenues fo $3.5bn, up 37.4 per cent on a GAAP basis, but same-store net revenues of $6.1bn was a decrease of 42.5 per cent compared with the previous year.

There was a net loss of $1.8bn, compared with a net income of $81m and adjusted EBITDA was $1.1bn compared with $3bn on a same-store basis.

Reeg noted that the William Hill and Caesars sports betting joint venture is now operational in 15 US states plus Washington DC and is currently operating mobile online sports betting in 12 jurisdictions. He expected it to be operational in 20 jurisdictions by the end of 2021. Caesars will shortly announce a minority strategic investment in the daily fantasy sports platform SuperDraft.