Caesars Entertainment
Caesars Entertainment Reports 8.9% Increase in Q4 Revenue
Caesars Entertainment has reported financial results for the quarter ended December 31. The company has reported revenue of $2.8 billion, up 8.9% compared to the same period in the previous year. Adjusted EBITDA was $957 million, while net loss was $148 million.
Caesars Entertainment registered $1.55 billion in casino revenue, $511 million in hotel revenue, $424 million in food and beverages, and $335 million in other revenue. Regional revenue was $1.4 billion, up 0.4% year-on-year, while Las Vegas revenue also increased by 11% to $1.15 billion. Digital revenue more than doubled from $116 million to $237 million, managed and branded revenue was level at $72 million, and other revenue hit $2 million.
Tom Reeg, CEO of Caesars Entertainment, said: “Our fourth quarter delivered another set of strong operating results as both our Las Vegas and regional segments each set a new fourth quarter record for adjusted EBITDA. Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead.
“Additionally, our Las Vegas segment set a new full-year record for adjusted EBITDA. 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.”
For the full year, the company reported net revenue of $10.8 billion, an increase of 13% year-on-year, and a net loss of $899 million, down from a net loss of $1 billion the previous year. Adjusted EBITDA for the full year was $3.2 billion.
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Caesars Entertainment
Caesars Entertainment Enters into Definitive Agreement to Sell the LINQ Promenade
Caesars Entertainment has announced that it has entered into an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. The sale is subject to customary approvals and other closing conditions and is expected to close during the fourth quarter 2024.
“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Tom Reeg, CEO of Caesars Entertainment.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.
Caesars Entertainment
Caesars Entertainment Closes Sale of World Series of Poker® Brand to NSUS Group for US$500 million
Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced the closing of the previously announced sale of its intellectual property rights for the World Series of Poker® (“WSOP”) brand to NSUS Group Inc. (“NSUS”). As previously disclosed, the transaction includes US$250 million in cash and a $250 million promissory note due five years after the transaction’s closing secured by the WSOP intellectual property assets being sold.
Caesars retains the right from NSUS to host the flagship WSOP live tournament series at its Las Vegas casinos for the next 20 years and will receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future but will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions. In addition, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit events going forward.
Concurrent to the transaction, several long-time WSOP executives will transition to key leadership roles within the NSUS team. Ty Stewart will serve as Chief Executive Officer of the newly formed WSOP subsidiary, while Gregory Chochon has accepted the position of Chief Operating Officer. Erik Eidissen also joins as Communications Manager. With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth and integration under new ownership.
Caesars Entertainment
Caesars Entertainment Celebrates Completion of $435M Transformation of Caesars New Orleans
Caesars Entertainment celebrated the completion of its $435 million transformation of Harrah’s to Caesars New Orleans on Tuesday, Oct. 22. The raucous event began outside of the casino on Canal St. with a ceremony led by Caesars Entertainment CEO Tom Reeg, Caesars Entertainment President & COO Anthony Carano and Caesars New Orleans General Manager, Samir Mowad, where they, alongside Caesar, joined an iconic New Orleans second-line band in a procession into the casino. Caesars New Orleans Team Members and Mayor Latoya Cantrell joined the celebration to commemorate the historic occasion.
“We’re incredibly proud to officially introduce Caesars to New Orleans. From local favorite Emeril Lagasse to our long-time partner, Chef Nobu, to the beautiful state-of-the-art Caesars Sportsbook, all-new rooms and gaming floor, and of course, our gorgeous new center bar, Octavia, Caesars New Orleans offers something for everyone. It’s a world-class resort in the heart of the Big Easy and we can’t wait for our guests to experience it,” said Anthony Carano, President & COO of Caesars Entertainment.
The ceremony kicked off with an iconic Mardi Gras float featuring Caesar and his court and a firework show to officially welcome Caesars to New Orleans. Following the ceremony, the second-line band led revelers into the resort’s elegant center bar, Octavia, where partygoers enjoyed a “Taste of Caesars New Orleans” featuring bites from all six restaurants at the property. Elemental entertainers performed throughout the room, including the Saints Cheer Krewe, Mardi Gras Indians, Zulu Tramps and showgirls, treating guests to an authentic Big Easy experience.
“This year marks 25 years since we opened in New Orleans and the completion of this project is the perfect way to usher in a new era with Caesars. Synonymous with the Caesars name, our new resort is pure elegance and we’re excited to introduce a luxury brand like this to New Orleans. We are extremely grateful for the support of the community, our Team Members and our guests as we come to the finish line of this tremendous transformation,” said Samir Mowad, SVP and GM of Caesars New Orleans.
As the area’s only land-based casino, Caesars New Orleans offers guests the full Caesars experience. Now boasting nearly 800 hotel rooms between its two hotel towers – the new Caesars Tower and the original hotel tower on Poydras Street – guests can stay and play in luxury. The destination provides an extensive gaming experience with more than 150,000 square feet of upgraded gaming and dining space featuring more than 1300 slot machines, 120 table games, a 20-table World Series of Poker Room, three outdoor gaming courtyards and a 5700-square-foot state-of-the-art Caesars Sportsbook. Additionally, the property offers a bevy of culinary experiences, including Louisiana’s first Nobu, Emeril’s Brasserie by local favorite Emeril Lagasse, a celebrity-driven food hall featuring options by Bobby Flay, Buddy Valastro and Nina Compton and the new luxurious center bar dubbed Octavia.
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