Casino and entertainment company Caesars Entertainment has reported its Q4 and FY2024 revenue, producing $2.8 billion and $11.2 billion, respectively, slight decreases compared to the previous year.
Caesars Entertainment also reported the net revenues for its individual branches. Caesars Las Vegas earned $1.1 billion in revenue during its fourth quarter, Caesars Regional produced $1.3 billion, and Caesars Digital produced $302 million.
Regarding net income, fourth-quarter results improved, with $11 million in revenue compared to a net loss of $72 million reported last year. Despite this improvement, full-year net income saw a net loss of $278 million compared to $786 million the previous year.
The company associated the cause of the decrease with the release of $940 million of valuation allowance against deferred tax assets.
Both same-store and Caesars Digital adjusted EBITDA experienced declines during the fourth quarter, with the latter declining from $29 million to $20 million year-over-year and same-store decreasing from $924 million to $882 million.
“Fourth quarter operating results reflect stable conditions in Las Vegas with continued high occupancy and strong ADRs, and competitive pressures regionally offset partially by the openings in New Orleans and Danville late in the quarter. Caesars Digital was negatively impacted by sports betting customer-friendly outcomes in October and December, offset by over 60% growth in iGaming net revenues. As we look ahead to 2025, the brick-and-mortar operating environment remains stable and we are expecting another year of strong net revenue and Adjusted EBITDA growth in our Digital segment. When combined with lower capex and cash interest expense, 2025 is expected to deliver significant free cash flow which we expect will be used to further reduce leverage,” said Tom Reeg, CEO of Caesars Entertainment.