Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 520

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 520
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ars to Adjusted EBITDA by SegmentAdjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less certain operating expenses and is composed of net income (loss) before (i) interest income and interest expense, net of interest capitalized, (ii) income tax (benefit) provision, (iii) depreciation and amortization, and (iv) certain items that we do not consider indicative of our ongoing operating performance at an operating property level.In evaluating Adjusted EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items.Adjusted EBITDA is a financial measure commonly used in our industry and should not be construed as an alternative to net income (loss) as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management.

Table of Contents99

CAESARS ENTERTAINMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Years Ended December 31,(In millions)202420232022Net income (loss) attributable to Caesars$(278)$786 $(899)Net income (loss) attributable to noncontrolling interests67 42 (11)Net loss from discontinued operations— — 386 (Benefit) provision for income taxes (a)87 (888)(41)Other income (b)(27)(10)(46)Loss on extinguishment of debt89 200 85 Interest expense, net2,366 2,342 2,265 Depreciation and amortization1,324 1,261 1,205 Impairment charges (c)302 95 108 Transaction costs and other, net (d)(285)6 90 Stock-based compensation expense94 104 101 Adjusted EBITDA$3,739 $3,938 $3,243 Adjusted EBIT