Although net revenues increased by 4.2% and 2.6%, respectively

Caesars Entertainment reports full-year and Q4 loss in 2019

Although the company saw Q4 loss, Tony Rodio, President and CEO of the company said that "Caesars Entertainment delivered another quarter of solid operational performance."
2020-02-26
Reading time 1:45 min
Fourth-quarter net income/(loss) decreased by $502 million, from and income of $198 million to a loss of $304 million, while full-year results showed that net income/(loss) decreased by $1.50 billion, from an income of $303 million to a loss of $1.20 billion.

Caesars Entertainment Corporation reported Tuesday fourth-quarter and full-year 2019 results.

During the fourth quarter, net revenues increased by 2.6%, or $54 million, from $2.12 billion to $2.17 billion, while income from operations increased 77.0%, or $77 million, from $100 million to $177 million.

Although fourth-quarter net income/(loss) decreased $502 million, from income of $198 million to a loss of $304 million, Tony Rodio, President and CEO of the company said that "Caesars Entertainment delivered another quarter of solid operational performance."

Non-GAAP adjusted EBITDA increased 2.8%, or $16 million, from $567 million to $583 million and  non-GAAP adjusted EBITDA, excluding Rio, increased 3.4%, or $19 million, to $572 million.

"Caesars' results were largely driven by the strong demand at our Las Vegas properties, excellent cost controls, and the addition of sports betting in several states which drove increased visitation. In addition, our focus on costs and operating efficiencies across the company contributed to the excellent performance," Rodio added.

Full-Year Highlights:

  • Full-year net revenues increased 4.2%, or $351 million, from $8.39 billion to $8.74 billion.
  • Full-year income from operations decreased 16.4%, or $121 million, from $739 million to $618 million.
  • Full-year net income/(loss) decreased $1.50 billion, from income of $303 million to a loss of $1.20 billion.
  • Non-GAAP adjusted EBITDA increased 4.2%, or $97 million, from $2.31 billion to $2.41 billion.

On December 5, 2019, the company announced it has completed the previously announced sale of the Rio All-Suite Hotel & Casino for $516.3 million. Caesars will continue to manage and operate the Rio for a minimum of two years through a lease agreement, and the property will remain part of the Caesars Rewards network during the term of the lease.

On November 15, 2019, Caesars Entertainment announced that the respective stockholders of both companies approved the company's proposed merger with Eldorado Resorts. The transaction is expected to be consummated in the first half of 2020 and remains subject to the receipt of certain regulatory gaming and other approvals, and other closing conditions.

On January 15, 2020, Caesars Entertainment and VICI Properties announced an agreement to sell Harrah's Reno for $50 million. The proceeds of the transaction shall be split 75% to VICI and 25% to Caesars. Under the terms of the agreement, Caesars will continue to operate the property upon closing of the transaction, which will allow Caesars to cease operations at the property during the second half of 2020.

The full report can be accessed here.

Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Condiciones de uso and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR