Caesars Entertainment Reports Revenue Surge and Reduced Losses in 2022
Caesars Entertainment experienced a prosperous 2022, generating $10.8 billion in total revenue. This signifies a 13% rise from the preceding year. Despite this expansion, the entertainment conglomerate still posted a net deficit of $899 million, although this marks an enhancement over the $1 billion shortfall in 2021.
A key catalyst for their fiscal triumph was a robust showing in Las Vegas and local markets, with both establishing fresh highs for adjusted EBITDA in the final quarter. Commenting on their results, Chief Executive Officer Tom Reeg emphasized the sustained robust customer interest across all their venues and voiced optimism for the coming year.
Caesars concluded the year carrying a total debt of $13.1 billion. Nevertheless, they possess a substantial cash balance of $10 billion, encompassing $2.65 billion in restricted funds. Chief Financial Officer Bret Yunker stressed their dedication to decreasing debt, highlighting the successful reduction exceeding $1.2 billion in 2022. He also noted their strategic refinancing initiatives, including a $3 billion syndicated credit facility and a $4.5 billion debt capital markets issuance, which have prolonged their debt maturity profiles and bolstered their financial standing.
In the previous month, PlayAGS broadened its collaborative agreement with Caesars Sportsbook & Casino, the internet gaming branch of Caesars Entertainment.
“This arrangement with AGS introduces new game titles to our platform,” remarked Mathew Sunderland, Senior Vice President of Caesars Digital iGaming. “These offerings possess a demonstrated history of success in both the digital realm and brick-and-mortar casinos, thus we are certain our patrons will find them highly engaging.”
