Caesars Entertainment Swings to Fourth-Quarter Profit on Strong Las Vegas Business

Caesars Entertainment, Inc. (NASDAQ: CZR) reported a strong fourth quarter and full-year 2024, driven by robust performance in its Las Vegas operations and growth in its digital segment. The company's focus on Las Vegas, strategic investments, and debt reduction strategy have contributed to its recent financial turnaround.

Fourth-Quarter and Full-Year Results

In the fourth quarter of 2024, Caesars Entertainment reported GAAP net revenues of $2.80 billion, slightly down from $2.83 billion in the prior-year period. The company also achieved a net profit of $11 million, compared to a net loss of $72 million in the prior year. Same-store Adjusted EBITDA decreased by 4.5% to $882 million, while Caesars Digital Adjusted EBITDA fell to $20 million from $29 million in the prior-year period.

For the full year 2024, Caesars Entertainment reported GAAP net revenues of $11.2 billion, down from $11.5 billion in the prior year. The company reported a net loss of $278 million, compared to a net income of $786 million in the prior year. Same-store Adjusted EBITDA decreased by 5.1% to $3.7 billion, while Caesars Digital Adjusted EBITDA tripled to $117 million.

Las Vegas Performance

Caesars Entertainment's Las Vegas properties generated $4,274 million in net revenues in 2024, compared to $4,470 million in 2023. The company's Las Vegas properties contributed $924 million in net income in 2024, compared to $1,042 million in 2023. Adjusted EBITDA for Las Vegas properties was $481 million in 2024, compared to $489 million in 2023.

Digital Segment Growth

Caesars Entertainment's digital segment grew significantly in 2024, with iGaming net revenues increasing by over 60%. However, the segment was negatively impacted by sports betting customer-friendly outcomes in October and December. The company is focusing on diversifying its revenue streams, optimizing sports betting operations, leveraging technology and innovation, and strengthening its balance sheet to maintain growth momentum while mitigating sports betting volatility.

Debt Reduction Strategy

Caesars Entertainment has been actively working to reduce its debt levels, which stood at $12.3 billion as of December 31, 2024. The company has generated $500 million from asset sales, repurchased $50 million in common stock, and refinanced its debt to extend its nearest maturity to 2027 and reduce future interest expenses. This strategy has created a clear pathway for significant free cash flow generation in 2025, which management has committed to using primarily for further deleveraging.



Caesars Entertainment's strategic focus on Las Vegas, investments in digital growth, and debt reduction strategy have contributed to its recent financial turnaround. The company's strong performance in Las Vegas, robust digital segment growth, and commitment to debt reduction have positioned it well for long-term success in the gaming industry. As the company continues to invest in growth opportunities and maintain its competitive position, it is well-positioned to capitalize on the growing demand for entertainment and gaming experiences.