Caesars Entertainment Reports Strong 2022 Revenue and Expands Partnership with PlayAGS

Caesars Entertainment experienced a prosperous 2022, generating an impressive $10.8 billion in net revenue. This represents a significant 13% increase compared to the prior year. Although they recorded a net loss of $899 million, it marks a notable improvement from the $1 billion loss incurred the previous year.

The corporation is performing exceptionally well, with their adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reaching a substantial $3.2 billion. This positive trend persisted into the final quarter, with net revenue expanding by 7% to hit $2.8 billion. Their adjusted EBITDA for Q4 stood at $957 million, while the net loss amounted to $148 million.

CEO Tom Reeg expressed optimism: “We achieved another robust quarter… with both our Las Vegas and Regional divisions establishing fourth quarter Adjusted EBITDA records. Customer demand remained strong across our segments, and we hold a positive outlook for the coming year.”

As of December 31, 2022, Caesars Entertainment disclosed a total debt of $13.1 billion. Nevertheless, they maintain a healthy cash position, with $10 billion in cash and cash equivalents, encompassing $2.65 billion in restricted cash.

CFO Bret Yunker emphasized their dedication to a solid financial standing: “Throughout 2022, we permanently decreased total debt by over $1.2 billion, concluding the year with 4.4x total leverage as determined under our bank credit facility as of December 31, 2022. Furthermore, we effectively refinanced $750 million of debt maturing in 2024 and 2025 through our $3.0 billion bank syndication finalized in October 2022 and executed a $450 million debt capital markets offering in February 2023.”

In conclusion, Caesars Entertainment appears to be successfully navigating the post-pandemic landscape, exhibiting growth and a commitment to financial soundness.

PlayAGS and Caesars Digital, the internet gaming branch of Caesars Entertainment, broadened their collaboration last month.

“AGS games have infused renewed vigor into our online casino offerings,” remarked Mathew Sunderland, Senior Vice President of iGaming at Caesars Digital. “Considering the triumph of AGS games in both digital and physical casinos, we foresee these new additions will be a success with our patrons.”