Caesars Entertainment posted record adjusted EBITDA in 4Q21, on sustained strong demand throughout the quarter and continued growth in its digital segment.
Caesars said demand trends in Las Vegas remained strong throughout the quarter, and despite an increase in COVID-19 cases in late December and into January, they remain encouraged by booking trends in 2022 and beyond.
We began to see conventions returned to Las Vegas in the back half of 2021,” said Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc.
Excluding its Caesars Digital, same-store adjusted EBITDA was $866 million, compared to $313 million in 4Q19. Net revenues increased 62.5 percent to $2.6 billion in 4Q21, driven primarily by revenue recovery in Las Vegas, though its regional segment and digital segment also grew in the quarter.
Caesars noted that in its regional markets, operating results remained strong especially in markets not impacted by Covid-19 restrictions, such as New Orleans, Caesars Atlantic City and Lake Charles.
The company posted a narrowed net loss of $434 million in the quarter, compared to a loss of $555 million in the comparable prior-year period.
Reeg commented, “Our quarterly operating results reflect new fourth-quarter records for Adjusted EBITDA and Adjusted EBITDA margin in both our Las Vegas and Regional segments. Caesars Sportsbook continues to exceed our expectations for new customer registrations, deposits, and market share, especially in recently launched jurisdictions.”
Caesars noted that its sportsbook is live in 22 states and jurisdictions across the United States, 16 of which offer mobile wagering.