Caesars to “dramatically curtail” media presence following ad-heavy 2021
Over the course of the year, Caesars saw growth across the board, with revenue increasing 168.7 percent to $9.57 billion (£7.02 billion/€8.43 billion). Total revenue for the fourth quarter was $2.59 billion.
Tom Reeg, Caesars' CEO, discussed the effects of the company's acquisitions last year while discussing the digital business.
"We were far behind," Reeg stated. We missed the first half of the football season in several jurisdictions last year because we were busy buying William Hill. Our ground has to be made up.
"From being an afterthought in the market, we went all the way to launching our brand..." We are quite pleased with our current digital position, both in terms of how quickly we have become a significant participant in the US market and our ability to begin reducing levers and bringing us to profitability.
After the launch was successful, Caesars will reduce their media presence, according to Reeg.
Reeg warned that, starting immediately, the company would drastically reduce its spending on traditional media. Everything that we intended to do has been achieved. We planned to make a big splash, and it happened more faster than we anticipated.
Our advertisements will gradually fade from your screens. We'll still rely on traditional media to a considerable extent, but there's some spending on March Madness in a few states that we couldn't avoid.
Before discussing Caesars' success in emerging areas, Reeg lauded the New York launch. When the state authorised nine operators in January to begin offering mobile sports betting, Caesars was among them.
The launch in New York was clearly a memorable one, Reeg went on to say. "The market share and volumes were almost double what we had anticipated."
Half a million people have signed up for our service since we launched. When combined with the rest of the firm and Caesar's Digital, New York is about to surpass them in size.
Additionally, Reeg said that VICI, the real estate investment trust that holds numerous buildings owned by Caesars, will announce the sale of a Las Vegas strip asset by Caesars in early 2022.
His next communication with you on the asset sale will be to make the announcement, so "you should expect that that is in motion," he warned.
Reeg stated that gambling is expected but not yet offered at Caesars Palace at Bluewaters, Caesar's location in Dubai.
The original intention, according to Reeg, was for the United Arab Emirates to be able to use the Caesars Palace in Dubai for gaming after Caesars struck the arrangement in Dubai. You can count on us to seize opportunities when they arise. The doors of our building and brand are already open.
Wynn Resorts, in conjunction with Marjan and RAK Hospitality, announced this month their intention to construct an integrated resort in Ras Al Khaimah, UAE.
Featuring 1,000 guest rooms, a casino floor, and convention services, the resort is set to be situated in Al Marjan, around 65 miles from Dubai.
