Caesars Entertainment(CZR) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter GAAP net revenues were $2.80 billion, a decrease of 1.0% from $2.83 billion in the prior year[4] - Full year GAAP net revenues totaled $11.2 billion, down 2.5% from $11.5 billion in the previous year[4] - Fourth quarter GAAP net income was $11 million, compared to a net loss of $72 million in the same quarter last year[4] - Full year GAAP net loss was $278 million, a significant decline from a net income of $786 million in the prior year, primarily due to a $940 million release of valuation allowance against deferred tax assets in the previous year[4] - Same-store Adjusted EBITDA for the fourth quarter was $882 million, down 4.6% from $924 million in the prior year[4] - Adjusted EBITDA for the three months ended December 31, 2024, was $882 million, down from $924 million in the same period of 2023, reflecting a decrease of 4.6%[24] - Total operating expenses for the year ended December 31, 2024, were $8,941 million, a decrease of 1.3% from $9,056 million in 2023[23] - Interest expense for the year ended December 31, 2024, was $2,366 million, slightly higher than $2,342 million in 2023[23] Debt and Cash Management - As of December 31, 2024, total outstanding debt was $12.3 billion, with cash and cash equivalents at $866 million[11] - The company reduced debt by $500 million during the fourth quarter and repurchased $50 million of common stock[12] - The company expects significant free cash flow in 2025, which will be used to further reduce leverage[3] - Capital expenditures for 2025 are forecasted at $600 million, excluding any remaining spend on Caesars Virginia[12] Digital Growth and Market Strategy - Caesars Digital Adjusted EBITDA for the full year increased to $117 million, compared to $38 million in the previous year, reflecting a strong growth in iGaming[4] - The company anticipates continued growth in its digital betting and iGaming platform user base, despite competitive pressures[19] - Caesars Entertainment is focused on expanding its market presence through new acquisitions and property developments[19] - The company plans to enhance its operational efficiency and technology leadership to improve guest experiences and loyalty program engagement[17] Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks including economic trends and cybersecurity breaches that may impact future performance[19]