Caesars Entertainment, Inc. reported a total revenue of $11.245 billion for the fiscal year ending December 31, 2024, reflecting a decrease of 2.5% compared to $11.528 billion in 2023. The company's net income for the year was a loss of $211 million, a significant decline from a net income of $828 million in the previous year. This downturn was attributed to various factors, including increased competition in regional markets, the impact of divestitures, and higher operational costs. The company's Adjusted EBITDA also fell to $3.739 billion, down from $3.938 billion in 2023, resulting in an Adjusted EBITDA margin of 33.3%.
In terms of operational changes, Caesars continued to expand its digital footprint, launching the Horseshoe Online Casino app in October 2024 and enhancing its Caesars Sportsbook and Racebook apps across 32 jurisdictions. The company also opened two new permanent facilities: Caesars Virginia on December 17, 2024, and Harrah’s Columbus Nebraska on May 17, 2024. These developments are expected to bolster revenue streams in the coming years. Additionally, Caesars divested the LINQ Promenade for $275 million and sold the World Series of Poker trademark for $500 million, which included a $250 million note receivable.
Customer engagement metrics showed a mixed performance. The company operated approximately 51,400 slot machines and 2,800 table games across its 53 properties in 18 states. However, the Las Vegas segment experienced a decline in casino revenues, primarily due to the divestiture of the Rio All-Suite Hotel & Casino and lower table game volumes. The digital segment, however, saw a 19.5% increase in net revenues, driven by a significant rise in iGaming handle and improved sports betting hold.
Caesars faced challenges from economic factors such as inflation and rising interest rates, which impacted discretionary consumer spending. The company reported an increase in operating expenses, totaling $8.941 billion, primarily due to higher labor costs and impairment charges amounting to $302 million. The company also noted that its substantial debt, totaling $12.3 billion, continues to limit its financial flexibility, with significant cash flow dedicated to servicing this debt.
Looking ahead, Caesars Entertainment anticipates continued growth in its digital segment as more jurisdictions legalize online gaming and sports betting. The company plans to invest between $625 million and $750 million in capital expenditures for 2025, focusing on property expansions and renovations. Despite the recent financial challenges, Caesars remains optimistic about its strategic initiatives and the potential for recovery in its core gaming and hospitality operations.
About Caesars Entertainment, Inc.
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