Caesars Entertainment missed narrow market forecasts during the fourth quarter of 2024, as net revenue from the company’s Las Vegas and regional properties decreased compared with the previous year.
The Reno-based game giant, which runs eight casino hotels at the Las Vegas Strip, reported $ 2.8 million in net revenue for the last three months of 2024, from $ 2.83 billion during the fourth quarter of 2023.
For the year, Las Vegas generated a shadow below $ 4.3 billion in net revenue for Caesars, which reported just over $ 11.2 billion from all market segments. By 2023, Las Vegas Casino generated hotels almost $ 4.5 billion of this year’s $ 11.5 billion in annual net revenue.
According to financial documents, Caesars reported more than $ 1.08 billion in net income from its LAS Vegas operations during the quarter, a decline from year to year of less than 1 percent. The hotel room coating throughout the quarter was 96 percent, something from the previous year.
Caesars and MGM Resorts International, the two largest casino engine operators on the strip, both reported difficult comparisons from year to 2024 due to the influence of the first formula Las Vegas Grand Prix in November 2023. The second view of the race in November 2024 was an overall positive for many Of the larger properties along Las Vegas Boulevard, but did not match the first year’s return.
Tom Reeg, CEO of Caesar’s Entertainment, said: “The fourth quarter’s operating results reflect stable conditions in Las Vegas with continued high occupancy and strong (average daily prices),” in a statement that follows the company’s fourth quarter and this year’s profit.
During an income call Tuesday afternoon, Reeg said that the company was “proud of our performance versus last year’s first F1”, in Las Vegas.
Caesars managers said the latest investments at several of their Las Vegas properties produced positive results, which will be reflected in the first quarter of 2025. During the first three months this year, the company expects Las Vegas performance to be about flat Year over the year before -year, with the recovery in the normal table game, keeps the compensation for the loss of the Super Bowl business from February 2024.
Anthony Carano, the company’s president and chief manager, said that reinvestments in Caesars Palace, such as the new high limit areas, have been well received by customers. Carano also noted that capital projects at other strip properties, such as Versailles Tower in Paris Casino Hotel or the soon-to-be completed GO pool at Flamingo Casino-Hotel should generate “exceptional” returns.
Company leaders said that group operations are expected to increase significantly this year and thereafter, with the addition of Conexpo-Con/AGG (North America’s largest building exhibition) in March and the return of State Farm Convention 2026.
Contact David Danzis at ddanzis@ theplayerlounge.com or 702-383-0378. Follow @AC2vegas-danzis.bsky.social or @AC2vegas_danzis on X.
