Caesars preliminary Q4 net loss up to $157M; launches $3.4B tender offer for 2025 notes

Caesars Entertainment, Inc.

2023-FY EPS reported $3.64 revenue$11,528,000,000

Preliminary Q4 net revenues $2.815-2.835B; net loss $157M-$4M; Adjusted EBITDA $920-940M vs adj. $949M prior year.
Las Vegas occupancy 97.9%, but construction disruption reduced room nights by 65,000; table game hold fell to 21%.
Caesars Digital net revs $303-305M; sports betting handle $3.87-3.88B; low hold in Nov hurt net revs by ~$44M.
Commenced cash tender offer for any and all $3.399B of 6.250% Senior Secured Notes due 2025; new $2B term loan to repay 2025 maturities.
If <90% tendered, intends to satisfy and discharge indenture and redeem at par on July 1, 2024.

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