Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 161

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 161
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 net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected 

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in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments, distributions to our noncontrolling interest owners and payments under our leases with affiliates of VICI and GLPI, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide Adjusted EBITDA information may calculate Adjusted EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.

The following table summarizes our Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024, respectively, in addition to reconciling net income (loss) attributable to Caesars to Adjusted EBITDA in accordance with GAAP (unaudited):

Three Months Ended September 30,Nine Months Ended September 30,(In millions)2025202420252024Net loss attributable to Caesars$(55)$(9)$(252)$(289)Net income attributable to noncontrolling interests16 18 50 54 (Benefit) provision for income taxes(25)43 (1)68 Other income (a)(3)(4)(3)(29)Loss on extinguishment of debt4 — 4 51 Interest expense, net576 596 1,729 1,780 Impairment charges (b)— — — 118 Depreciation and amortization352 326 1,073 979 Transaction costs and other, net (c)(3)7 51 49 Stock-based compensation expense22 24 72 73 Adjusted EBITDA884 1,001 2,723 2,854 Pre-disposition Adjusted EBITDA (d)— (5)— (13)Total Adjusted EBITDA$884 $996 $2,723 $2,841 

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(a)Other income for the nine months ended September 30, 2024 primarily represents a change in the estimate of our disputed claims liability. 

(b)Impairment charges for the nine months ended September 30, 2024 includes impairment within our Regional segment as a result of a decrease in projected cash flows at certain properties primarily due