Sportsbook helps Caesars revenues improve

Caesars Entertainment has posted improved Q4 and full-year results year-on-year, with its sportsbook helping its cause.

Tom Reeg, chief executive officer at Caesars Entertainment, hailed a “set of strong operating results.”

He noted that the company’s Las Vegas and Regional segments each set a new fourth-quarter record for adjusted EBITDA and that the Las Vegas segment set a new full-year record for adjusted EBITDA.

Reeg added: “Caesars Sportsbook delivered significantly improved operating results during the fourth quarter which sets the foundation for a strong 2023.

“Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead.”

Q4 net revenue improved to US$2.8bn from $2.6bn in Q4 2021.

Net loss in Q4 2022 was also lower than in Q4 2021, down from $434m to $148m.

Adjusted EBITDA was $957m in the most recent quarter, compared to $581m a year ago.

And excluding the Caesars Digital segment, adjusted EBIDTA was $962m after it was $886m in Q4 2021.

As for the full year, Caesars Entertainment posted net revenue of $10.8bn in 2022 compared with $9.6bn across 2021.

Net loss went down from $899m compared with $1bn for the comparable prior-year period.