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LAS VEGAS - Caesars Entertainment, Inc. (NASDAQ:CZR) reported fourth quarter earnings that beat analyst expectations, sending shares up 2.95% in after-hours trading Tuesday.
The casino operator posted adjusted earnings per share of $0.05, topping the consensus estimate of $0.01. Revenue came in at $2.8 billion, slightly below the $2.89 billion analysts were expecting.
Caesars’ Las Vegas properties generated net revenue of $1.08 billion in Q4, down slightly from $1.09 billion in the same quarter last year. The company said results reflect "stable conditions in Las Vegas with continued high occupancy and strong ADRs."
Regional casino revenue declined to $1.34 billion from $1.36 billion a year ago, which Caesars attributed to "competitive pressures regionally offset partially by the openings in New Orleans and Danville late in the quarter."
The Caesars Digital segment, which includes online sports betting and iGaming, saw revenue dip slightly to $302 million from $304 million. The company said sports betting results were negatively impacted by "customer friendly outcomes" in October and December, but iGaming revenue grew over 60% year-over-year.
"As we look ahead to 2025, the brick and mortar operating environment remains stable and we are expecting another year of strong net revenue and Adjusted EBITDA growth in our Digital segment," said CEO Tom Reeg.
For the full year 2024, Caesars reported net revenue of $11.2 billion, down from $11.5 billion in 2023. The company posted a net loss of $278 million for the year, compared to net income of $786 million in 2023.
Caesars said it used proceeds from asset sales to reduce debt by $500 million in Q4 and repurchase $50 million of common stock. The company expects 2025 capital expenditures of $600 million, excluding spending on its Caesars Virginia project.
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