Caesars Entertainment experienced a remarkable year, generating an astounding $10.8 billion in total revenue throughout 2022. This represents a 13% surge compared to the preceding year! This notable expansion was driven by robust results in both their Las Vegas and local markets.
Despite the substantial revenue, the corporation still posted a net deficit of $899 million. Nevertheless, there’s a positive aspect: this number is actually an enhancement from the $1 billion deficit they encountered the prior year. Crucially, their adjusted EBITDA, a vital indicator of profitability, attained $3.2 billion for the entire year.
The positive trend persisted into the final quarter, with total revenue ascending 7% to reach $2.8 billion. Their adjusted EBITDA for the quarter was a solid $957 million, and their net deficit contracted to $148 million.
Tom Reeg, Chief Executive Officer of Caesars Entertainment, was justifiably optimistic: “Our final quarter concluded another exceptional year…with both our Las Vegas and regional divisions establishing fourth quarter Adjusted EBITDA records. Customer interest stayed strong across our divisions, and we are hopeful about the upcoming year.”
As of December 31st, 2022, Caesars Entertainment possessed $1 billion in cash and cash equivalents, which encompassed $265 million in restricted cash. They did carry a total debt burden of $13.1 billion.
Chief Financial Officer Bret Yunker emphasized their dedication to bolstering their financial standing: “In 2022, we permanently decreased total debt by over $1.2 billion, leading to total leverage of 4.4x as computed under our bank credit agreement as of December 31, 2022. Moreover, we effectively extended $750 million of debt maturities into 2024 and 2025 through our $3 billion bank syndication finalized in October 2022 and concluded a $450 million debt capital markets issuance in February 2023.”
In summary, while still contending with a net deficit, Caesars Entertainment exhibited remarkable revenue expansion and a commitment to enhancing its financial structure, positioning itself for a potentially even more robust 2023.
In December of the previous year, PlayAGS and Caesars Entertainment’s online gaming division, Caesars Sportsbook and Casino, opted to strengthen their collaborative efforts.
“The integration of AGS’ games into our online casino game collection sparks immense excitement within us,” remarked Mathew Sunderland, Senior Vice President of iGaming at Caesars Digital. “Their exceptional performance in both digital and brick-and-mortar casino environments gives us great confidence that these new offerings will resonate strongly with our player base.”
