The total cost of COVID-19 was detailed in the fourth quarter and in Caesars Entertainment’s annual financial report, pointing to a loss of $ 1.8 billion in 12 months against a net profit of $ 81 million.
In the fourth quarter, net revenue reached about $ 1.6 billion, marking a 37.5% decrease compared to the same time in 2019, while the net loss recorded was $ 555 million compared to $ 13 million recorded in the last quarter of 2019.
Caesars Entertainment achieved net revenue of $ 6 billion for the full year, down 42% compared to the previous year. Adjusted EBITDA for the fourth half was $ 1.1 billion, compared to $ 3 billion in 2019.
CEO Tom Reeg said: “Our fourth quarter was negatively impacted by additional COVID-19 restrictions implemented in several states beginning in November. The first results in the new year indicate a strengthening of consumer demand as the restrictions were relaxed ”.
He added: “With the vaccination underway, we are optimistic about next year and look forward to the recovery of travel and tourism in the United States and especially in Las Vegas.”
In addition, Caesars Entertainment informed its investors that its sports betting arm, in partnership with William Hill, is currently in 15 states and Washington. And, it is also already working with online and mobile betting service in 12 jurisdictions. The group expects to reach 20 jurisdictions before the end of this year.
About Caesars Entertainment
Caesars Entertainment Corporation is a North American gaming conglomerate that operates about 50 casinos and hotels, including some in the city of Las Vegas. The headquarters is in Paradise, Nevada, and is the largest casino operator in the world.
