CZR - Caesars Entertainment Inc. (CZR) Q4 2023 Earnings Call Transcript
2024-02-20 20:16:04 ET
Caesars Entertainment, Inc. (CZR)
Q4 2023 Earnings Conference Call
February 20, 2024 5:00 PM ET
Company Participants
Brian Agnew – Senior Vice President of Corporate Finance, Treasury and Investor Relations
Anthony Carano – President and Chief Operating Officer
Eric Hession – President-Caesars Sports and Online Gaming
Bret Yunker – Chief Financial Officer
Tom Reeg – Chief Executive Officer
Conference Call Participants
Joe Greff – JPMorgan
Carlo Santarelli – Deutsche Bank
Steve Wieczynski – Stifel
Dan Politzer – Wells Fargo
Brandt Montour – Barclays
David Katz – Jefferies
Barry Jonas – Truist
Stephen Grambling – Morgan Stanley
Shaun Kelley – Bank of America
John Decree – CBRE
Chad Beynon – Macquarie
Daniel Guglielmo – Capital One Securities
Jordan Bender – Citizens JMP
Presentation
Operator
Good day and thank you for standing by. Welcome to the Caesars Entertainment Inc. 2023 Fourth Quarter and Full Year Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Brian Agnew, Senior Vice President of Corporate Finance, Treasury and Investor Relations.
Brian Agnew
Thank you, Josh, and good afternoon to everyone on the call. Welcome to our conference call to discuss our fourth quarter and full year 2023 earnings. This afternoon, we issued a press release announcing our financial results for the period ended December 31, 2023. A copy of those results are available on the Investor Relations section of our website at investor.caesars.com. As usual, joining me on the call today are Tom Reeg, our CEO; Anthony Carano, our President and Chief Operating Officer; Bret Yunker, our CFO; Eric Hession, President, Caesars Sports and Online Gaming; and Charise Crumbley from Investor Relations.
Before I turn the call over to Anthony, I would like to remind you that during today's conference call, we may make certain forward-looking statements under safe harbor federal securities laws, and these statements may or may not come true. Also during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. Please visit our press releases located at our Investor Relations website for a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure.
I will now turn the call over to Anthony.
Anthony Carano
Thank you, Brian, and good afternoon to everyone on the call. We generated consolidated net revenue growth and stable year-over-year adjusted EBITDA in the fourth quarter. Results were driven by significant year-over-year growth in revenues and adjusted EBITDA in our digital segment. As previously disclosed in our preannounced results during January, our Las Vegas segment experienced several one-time headwinds during the quarter that negatively impacted results, which Tom will quantify in more detail. For the full year on a consolidated same-store basis, Caesars generated 7% revenue growth and 22% adjusted EBITDA growth. All of our operating segments delivered revenue growth in 2023, and our brick-and-mortar properties delivered stable EBITDA....
Caesars Entertainment, Inc. (CZR) Q4 2023 Earnings Call Transcript