Caesars Entertainment Inc. on Tuesday reported earnings for the fourth quarter. Here’s what you need to know:
— REVENUE: Caesars Entertainment posted revenue of $2.82 billion for the last three months of 2022, up from $2.59 billion for the same period a year earlier. The company was expected to post revenue of $2.80 billion, according to FactSet.
— LOSS PER SHARE: The company posted a loss of 70 cents per share, missing analysts expectations for earnings of 6 cents per share, according to FactSet.
WHAT WE WATCHED:
— REGIONAL PERFORMANCE: Caesars Entertainment’s unexpected loss in the quarter comes as a result of its regional segment, which recorded a net loss of $17 million from a profit of $82 million in the same period a year earlier.
— LAS VEGAS PERFORMANCE: The company posted revenue of $1.15 billion in the fourth quarter, increasing from $1.04 billion a year earlier.
— ONLINE SPORTS BETTING: Caesars Entertainment saw revenue from its digital segment, which includes online sports betting, more than double to $237 million.
— TOTAL EXPENSES: The company continued cutting its expenses in the quarter, which fell to $644 million from $679 million a year earlier.
— GUIDANCE: “Consumer demand remains strong in all of our verticals and we are optimistic for the year ahead,” Chief Executive Tom Reeg said.
— NET DEBT: Caesars Entertainment managed to reduce its net debt to $12.05 billion from $13.25 billion a year earlier.