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:
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.