Company: CZR
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001590895-25-000126
Chunk: 127

Company: Caesars Entertainment, Inc.
Filing Date: 2025-07-29
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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2025 and 2024, respectively, which is not included in this table, for select wholly-owned and third-party operations for which Caesars Digital provides services and we receive all, or a share of, the net profits. Hold related to these operations was 11.2% and 9.4%, for the three months ended June 30, 2025 and 2024, respectively, and 11.1% and 9.6% for the six months ended June 30, 2025 and 2024, respectively. Sports betting handle includes $12 million and $11 million for the three months ended June 30, 2025 and 2024, respectively, and $22 million for both the six months ended June 30, 2025 and 2024 related to horse racing and pari-mutuel wagers.

Caesars Digital’s net revenues, net income (loss), Adjusted EBITDA, and Adjusted EBITDA margin improved significantly for the three and six months ended June 30, 2025, as compared to the same prior year periods, primarily due to higher iGaming handle and iGaming hold coupled with improved sports betting hold. The improved sports betting hold reflects the benefit of continued investment in our sports betting platform. Increases in both iGaming handle and iGaming hold are primarily attributed to the launch of Caesars Palace Online Casino in August 2023 and Horseshoe Online Casino app in October 2024.

As sports betting and online casinos expand through increased state or jurisdictional legalization, new product launches, and customer adoption, variations in hold percentages and increases in promotional and marketing expenses in highly competitive markets may negatively impact Caesars Digital’s net revenues, net income, Adjusted EBITDA and Adjusted EBITDA margin in comparison to current or prior periods. 

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Managed and Branded Segment

Three Months Ended June 30,Percent ChangeSix Months Ended June 30,Percent Change(Dollars in millions)20252024Variance20252024VarianceNet revenues:Other$74 $70 $4 5.7 %$141 $138 $3 2.2 %Net revenues$74 $70 $4 5.7 %$141 $138 $3 2.2 %Adjusted EBITDA$17 $17 $— — %$33