Earnings+More - Earnings extra: Caesars Q4 pre-release
Earnings extra: Caesars Q4 pre-releaseCaesars positive on Las vegas and digital, VICI’s analyst thumbs up, Michigan data +MoreGood evening.
Caesars pre-announcementCaesars says Q4 digital losses will be down to less than a tenth of last year’s figure, with Las Vegas ahead of EBITDA consensus. Driving the news: Digital adj. EBITDA is expected to come in ahead of consensus at losses of $4m-$6m, while Las Vegas operating profits will be ahead at $534m-540m or over 11% at midpoint. The earnings pre-announcement comes as Caesars announced an offer for $1.25bn of new bonds and a new $1.75bn debt facility.
If not for the Mack: Analysts pointed out the digital performance could have been even better if it wasn’t for the amount paid out to Mattress Mack over the quarter. Ex-his antics, they estimated Caesars would have been in positive territory.
Allaying fears: On the new debt, Wells Fargo suggested the new money should “help appease equity investors concerned about the 2024/25 maturity stack”. Together the $3bn of new debt will replace the $3.24bn 2024 term loan. Deutsche Bank said the proactive extension of maturities “should help to eliminate a topical discussion amongst investors”. ** SPONSOR’S MESSAGE** GiG is a leading gaming platform and sportsbook provider for online and land-based operators with digital aspirations. We deliver a full end-to-end solution through our award-winning iGaming and sportsbook solutions. Built for regulated markets and a top-class customer experience, GiG is pioneering the multi-platform era. If you are looking to expand your operations into new, profitable markets, our strategy is the solution. Find out more at sales@gig.com. Datalines – MichiganSports-betting GGR rose 40.6% to $50.4m, with $48.8m coming from mobile. Net revenue came in at $30.8m, up 181% YoY, after $18m of promotions were taken into account. Promotions accounted for 37% of total GGR. iCasino GGR was up 25.5% YoY to $152.8m.
Analyst takes – VICIMission improbable: The gaming REIT has had a busy start to the year with five new investments totaling $3.66bn and a $1bn equity raise, which the analysts at CBRE noted came “in spite of challenging economic and capital market conditions”.
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