Its strongest-ever quarter in Q3 2024 coincided with a more competitive market and increased promotional activities. Aside from digital, regional revenue in Q4 dropped 6.3%, with the Las Vegas segment down 4.2% compared to the final quarter of 2023.
Hotel revenue fell 4.5% to $472 million in the period, and food and beverage revenue dipped 3.2% to $372 million. Gaming revenue was marginally higher at $1.63 billion, up 0.6%, yet managed and branded revenue decreased by 13.7% to $63 million.
Caesars also reported an increase in operational costs for the quarter, up 3.5% year-on-year to $2.26 billion. Other expenses in Q4 amounted to $719 million, leaving it with a pre-tax loss of $174 million, wider than $131 million last year. Ultimately, Caesars posted a net loss of $197 million for Q4, compared to a $219 million gain in the same period of 2023. Adjusted EBITDA declined 8.3% to $784 million.
Despite these declines, Caesars is optimistic about rebound potential in 2025, banking on strong digital performances and new openings in regional markets to drive growth.
Reeg concluded, “While 2024 proved challenging, particularly in the regional and Las Vegas sectors, we remain confident about our business’s growth trajectory as we head into 2025, backed by our strategic expansions and consistent digital advancements.”