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)
4Q 2020: $1.5 billion
4Q 2019: $592 million
4Q 2020: ($555 million)
4Q 2019: ($13 million)
Earnings/(Loss) per share
4Q 2020: ($1.91)
4Q 2019: ($0.17)