Caesars Entertainment latest operating results reflect new records and exceed expectations in sportsbook

Caesars Entertainment latest operating results reflect new records and exceed expectations in sportsbook

Leading online and offline gambling operator, Caesars Entertainment, has today announced the publication of the company’s latest operating results, for the fourth quarter of 2021 and full year of 2021.

According to reports, the operating results reflect new fourth quarter records and the organisations sportsbook offering, Caesars Sportsbook, has exceeded expectations across a number of categories, including new customer registrations, deposits and market share.

Overall, the company reported GAAP net revenues of almost $10 billion compared with $3.6 billion in the previous year and GAAP net revenue of $2.6 billion in the fourth quarter of last year, covering months October through December, compared with $1.6 billion in the same period in 2020.

Reportedly, Caesars Entertainment exceeded its value and performance predictions for the merger with Eldorado Resorts back in July 2020 and the results were in-part due to the performance of the company’s Caesars Sportsbook offering both online and offline, which is currently live in more than 22 different jurisdictions, the majority of which offer mobile wagering via online and app.

Additionally, the sportsbook offering from Caesars Entertainment is performing extremely well in recently launched jurisdictions and the operating results for the organisations fourth quarter shows new records for Earnings Before Interest, Taxes, Depreciation, and Amortization in Las Vegas and regional operations.

Furthermore, last year Caesars Entertainment acquired William Hill PLC and reduced debt by around $1 billion by applying operating cash-flow, something that the firm is continue to do throughout the current year through proceeds from asset sale receipts.

Bret Yunker of Caesars Entertainment commented:

In 2021, we completed our acquisition of William Hill PLC and applied strong operating cash flows to debt reduction of approximately $1.0 billion.

We expect to continue to reduce debt in 2022 through the receipt of asset sale proceeds and generation of significant free cash flow.

Tom Reeg of Caesars Entertainment also shared comments on the operating results:

Our quarterly operating results reflect new fourth quarter records for Adjusted EBITDA and Adjusted EBITDA margin in both our Las Vegas and Regional segments.

Caesars Sportsbook continues to exceed our expectations for new customer registrations, deposits and market share, especially in recently launched jurisdictions.

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