Company: CZR
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001590895-25-000110
Chunk: 107

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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 were as follows:

Three Months Ended March 31,Percent Change(Dollars in millions)20252024VarianceInterest expense, net$(574)$(590)$16 2.7 %Loss on extinguishment of debt— (48)48 100.0 %Other income (loss)(1)26 (27)*Provision for income taxes(11)(15)4 26.7 %

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*    Not meaningful.

Interest expense, net decreased for the three months ended March 31, 2025, as compared to the same prior year period, primarily due to our continuing efforts to reduce and refinance outstanding debt.

For the three months ended March 31, 2024, loss on extinguishment of debt was primarily related to the prepayments of the CEI Senior Secured Notes due 2025 and the Caesars Resort Collection (“CRC”) Senior Secured Notes in conjunction with refinancing activities.

Other income (loss) for the three months ended March 31, 2024 primarily represents a change in estimate of our disputed claims liability.

The income tax provision for the three months ended March 31, 2025 and 2024 differed from the expected income tax provision based on the federal tax rate of 21% primarily due to an increase in federal and state valuation allowances against the deferred tax assets for excess business interest expense.

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Segment comparison of the three months ended March 31, 2025 and 2024

Las Vegas Segment

Three Months Ended March 31,Percent Change(Dollars in millions)20252024VarianceNet revenues:Casino$243 $239 $4 1.7 %Food and beverage286 287 (1)(0.3)%Hotel343 362 (19)(5.2)%Other131 140 (9)(6.4)%Net revenues$1,003 $1,028 $(25)(2.4)%Table games drop$744 $842 $(98)(11.6)%Table games hold %19.2 %18.2 %1 ptsSlot handle$2,572 $2,549 $23 0.9 %Hotel occupancy96.2 %97.6 %(1.4) ptsAdjusted EBITDA$433 $440 $(7)(1.6)%Adjusted EBITDA margin43.2 %42.8 %0.