In the Fourth Quarter of 2020, the combined Caesars-Eldorado business reported net revenues of $1.5 billion, an increase of 152.9% on a GAAP basis. Same-store net revenues were $1.6 billion, a decrease of 37.5% versus the comparable prior-year period.
In that same period, the company reported net loss of $555 million compared to net loss of $13 million for the comparable prior-year period. Adjusted EBITDA was $296 million on a GAAP basis, up 91.0% year over year. Same-store Adjusted EBITDA was $346 million versus $722 million for the comparable prior-year period.
As for the full-year results from 2020, Caesars Entertainment reported net revenues of $3.5 billion, an increase of 37.4% on a GAAP basis. Same-store net revenues of $6.1 billion, a decrease of 42.5% versus the comparable prior-year period.
Net loss amounted to $1.8 billion compared to net income of $81 million for the comparable prior-year period and Adjusted EBITDA was $737 million on a GAAP basis versus $697 million last year. Same-store Adjusted EBITDA amounted to $1.1 billion versus $3.0 billion for the comparable prior-year period.
Additional highlights of the period included the fact that William Hill and Caesars sports betting joint venture is currently operational in fifteen states and Washington D.C.
The company is currently operating mobile online sports betting in twelve jurisdictions and expects to be operational in twenty jurisdictions by year-end.
Caesars also announced a minority strategic investment in the daily fantasy sports platform SuperDraft, Inc.
“Our fourth quarter was negatively impacted by additional COVID-19 restrictions implemented in several states starting in November,” said Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc. “Early results in the new year indicate a strengthening of consumer demand as restrictions have been lifted and demand levels normalize, especially at our regional, non-destination properties.”
“With vaccinations underway, we are optimistic about the year ahead and look forward to the recovery of travel and tourism in the U.S. and especially Las Vegas,” he added.
For the fourth quarter ended December 31, 2020, Caesars Entertainment, Inc. generated net revenues of $1.5 billion and a net loss of $555 million on a GAAP basis.
After combining results of operations of Caesars Entertainment, Inc. with results of operations of Caesars Entertainment Corporation (Former Caesars) for periods prior to the closing of the acquisition of Former Caesars (the Merger), including properties classified as discontinued operations but were not divested at the end of the period, and eliminating results of operations for properties that have been divested, which we refer to as a “same-store” basis, Caesars Entertainment, Inc. reported same store net revenues of $1.6 billion, net loss of $527 million and adjusted EBITDA of $346 million.
In the Las Vegas segment, revenues declined 54.8% during the fourth quarter and adjusted EBITDA declined 75.5%. Eight of our nine properties in the Las Vegas segment were open during the entire fourth quarter. Rio All Suite Hotel & Casino reopened on December 22nd.