Tom Reeg
Chief Executive Officer at Caesars Entertainment
Thanks, Bret. And on the financing piece, I know these calls end up skewing to the equity markets, I want to thank our banks and our credit investors. We've been at this for about nine years now as a public entity and have gone through a series of acquisitions, a series of financings. And every time we ask the debt markets to step up for us, you step up and strengthen numbers well beyond expectations; in this case, allowed us to upsize by $1 billion and start dealing with '25 maturities.
In advance of when we expected, know that, that's not taken for granted that we really do appreciate you believing in us each time we come to market. You should expect that we'll be back to deal with the remaining '25 maturities at some point after the call steps -- the calls step down in the middle of this year. In terms of operating results for the quarter since we already pre-released, I'll make a few comments on last quarter, but I'll focus on what's going -- what's going on in January and February so far.
In Digital, as you saw in our results, we were nearly breakeven. Our well-publicized MLB exposure around the World Series was about a $30 million swing. So on a hold-adjusted basis, we are well into the positive in the fourth quarter. First quarter, we launched Ohio. Given the launch cost there, you should expect a modest loss in the first quarter. But we're anticipating that Digital on a full year basis will be an EBITDA contributor for us this year. And when I say that, I'm talking about overall and both verticals, I expect sports betting and iGaming to be EBITDA positive this year for us.
When we started this Digital launch about a little over 1.5 years ago, we told you that cumulative EBITDA losses would be something north of $1 billion. Looks like they're going to finish at somewhere a little over $1.1 billion. We expect at maturity that we'll generate in excess of 50% of that in annual EBITDA out of the Digital business. That has not changed at all from when we launch remains in our sites. We'd expect to be generating that level of EBITDA full year of '25. We're hopeful we'll be run rating at least a quarter or two in '24 at those levels. So the switch to getting out of brand building, getting out of advertising in terms of big expense of commercial, as you noticed you didn't see us at the Super Bowl, but more importantly, the granular changes in individual marketing have slowed dramatically. This is the quarter when we launched New York and Louisiana last year. So you're going to see over $0.5 billion of trailing EBITDA losses in Digital disappear this quarter. January alone, on a consolidated basis EBITDA improved over $450 million for the month. So obviously, there's going to be a significant change in trailing credit statistics that we're excited for.
In the brick-and-mortar arena, the business remains exceedingly strong. Consumers continues to spend. Regionals continue to do well. The only thing I can point to really in terms of weakness is weather-related in the fourth quarter. I peg about $20 million of lost EBITDA in December, primarily in the Midwest, but kind of throughout the Regional business. First quarter, you've got Northern Nevada has been inundated with snow. It's the worse winter in about 70 years. So the -- you've got a little bit of impact there. But despite that, our Regional business grew in the fourth quarter. It continues to grow in the first quarter. And as Anthony said, we have pieces that are coming online that will add to that. I was at the Lake Charles opening in December. Really pleased with the way that product turned out. If you look at how it's been doing since opening, I'd expect that our incremental EBITDA on the spend is going to be in excess of 25% on a gross basis. But recall that we had insurance proceeds there from the disruption of the original property. So on a net basis, our ROI there should be approaching 50%.
So extraordinarily strong in Lake Charles. We're excited that we've got temporary casinos coming in Danville, Nebraska. We've got the Indiana project coming online in the back half of the year. The Atlantic City spend largely done, should be done by the time we hit prime season. So really excited for the way '23 sets up for us from a regional basis.
Vegas, it's hard to express how strong Vegas is right now. Occupancy in January for us was up over 1,700 basis points versus Omicron impacted '22. We're off to on a consolidated basis and in Vegas, in particular, an exceedingly strong start to the first quarter. But recall that in the first quarter, the back half of the quarter tends to be more important than the front half. But as we look at forward bookings in Vegas, they're strong and getting stronger. March sets up to be one of the best months that we've ever had in Las Vegas.
Forward bookings are strong, group attrition is declining so that we are now seeing group business in excess of 2019 numbers for the first time it looks that way going forward and all of our forward indicators for booking look very strong. So as we sit here today, it feels -- the business feels fantastic.
And with that, I'll open it up to questions.
