In 2023, Caesars had a solid financial year with revenue increasing across all divisions, reaching $11.53bn. Despite a small revenue growth of 0.1% in Q4, the company managed to return to a net profit. However, there was a GAAP loss of $0.34 per share in the final quarter of 2023. Despite these challenges, Caesars saw significant growth in its digital division, with revenue up 77.6% year-on-year.
Overall, Caesars reported growth in casino, rooms, food and beverage, and other revenue in 2023. The Regional division saw a 1.3% increase in revenue, while Las Vegas revenue rose by 4.3%. The highlight of the year was the impressive growth in the digital division, with revenue nearly doubling from the previous year.
Despite operating expenses being slightly lower in 2023, Caesars was able to turn a net loss in 2022 into a net profit of $786m. The company also reported a 21.7% increase in adjusted EBITDA for the year.
In Q4, Caesars’ digital business continued to outperform, with revenue increasing by 28.3%. While there was a slight decrease in Las Vegas revenue, overall group revenue was up slightly. The acquisition of WynnBet’s Michigan igaming business further strengthens Caesars’ position in the digital market.
Looking ahead, Caesars remains focused on digital growth, with plans to expand its offerings and partnerships in key markets.
