Caesars CEO sees signs of renewed travel demand in 2021

The head of Caesars Entertainment Inc. says he’s seeing signs of renewed travel demand in the new year.

It’s welcome news for the Reno-based casino operator, which had fourth quarter results negatively impacted by COVID-19 restrictions across several states.

The company reported a net revenue of $1.5 billion in the fourth quarter, up 153 percent compared with the same period the year prior. Same-store net revenues were down 37.5 percent to $1.6 billion. The company saw a net loss of $555 million compared with a net loss of $13 million in the same period last year.

“Early results in the new year indicate a strengthening of consumer demand as restrictions have been lifted and demand levels normalize, especially at our regional, non-destination properties,” CEO Tom Reeg said in a Thursday statement. “With vaccinations underway, we are optimistic about the year ahead and look forward to the recovery of travel and tourism in the U.S. and especially Las Vegas.”

Full-year 2020 results saw net revenues of $3.5 billion, up 37.4 percent from 2019, while same-store net revenues were down 42.5 percent to $6.1 billion. Caesars’ net loss was $1.8 billion in 2020, compared to a net income of $81 million the year prior.

This is a developing story. Check back for updates.

Contact Bailey Schulz at [email protected]. Follow @bailey_schulz on Twitter.

Caesars Entertainment Inc.

Fourth-quarter revenue and earnings for Reno-based Caesars Entertainment Inc., operators of Caesars Palace, Flamingo, Harrah’s and The Linq Hotel, among other Strip properties. (Nasdaq: CZR)

Revenue

4Q 2020: $1.5 billion

4Q 2019: $592 million

Change: +152.9%

Net income/(loss)

4Q 2020: ($555 million)

4Q 2019: ($13 million)

Earnings/(Loss) per share

4Q 2020: ($1.91)

4Q 2019: ($0.17)

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