Company: CZR
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001590895-25-000126
Chunk: 148

Company: Caesars Entertainment, Inc.
Filing Date: 2025-07-29
Form: 10-Q
Item: Part I, Item 2
Chunk 148
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 and expenses with borrowings under the CEI Revolving Credit Facility and proceeds received from the partial repayment and sale of $225 million of notes receivable related to the previously disclosed WSOP trademark sale.

Results of Operations

The following table highlights the results of our operations:

Three Months Ended June 30,Six Months Ended June 30,(Dollars in millions)2025202420252024Net revenues:Las Vegas$1,054 $1,101 $2,057 $2,129 Regional1,435 1,385 2,823 2,750 Caesars Digital343 276 678 558 Managed and Branded74 70 141 138 Corporate and Other (a)1 (2)2 (3)Total$2,907 $2,830 $5,701 $5,572 Net loss$(65)$(102)$(163)$(244)Adjusted EBITDA (b):Las Vegas$469 $514 $902 $954 Regional439 469 879 902 Caesars Digital80 40 123 45 Managed and Branded17 17 33 35 Corporate and Other (a)(50)(40)(98)(83)Total$955 $1,000 $1,839 $1,853 Net loss margin(2.2)%(3.6)%(2.9)%(4.4)%Adjusted EBITDA margin32.9 %35.3 %32.3 %33.3 %

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(a)Corporate and Other includes revenues related to certain licensing arrangements and various revenue sharing agreements and includes eliminations of transactions among segments to reconcile to the Company’s consolidated results. Corporate and Other Adjusted EBITDA includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, cybersecurity and other general and administrative expenses.

(b)See the “Supplemental Unaudited Presentation of Consolidated Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) for the three and six months ended June 30, 2025 and 2024” discussion later in this MD&A for a description of Adjusted EBITDA and a reconciliation of net income (loss) attributable to Caesars to Adjusted EBITDA.

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Consolidated comparison of the three and six months