Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 107

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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 the Company has authorization to repurchase up to $271 million more of our outstanding common stock. All share repurchases under the 2024 Share Repurchase Program are retired upon repurchase. 

Subsequent to September 30, 2025, the Company acquired 770,556 shares of our common stock at an aggregate value of approximately $21 million. 

Note 10. Income Taxes

On July 4, 2025, a new tax policy was enacted into law. The new tax policy makes permanent key elements of the Tax Cuts and Jobs Act from 2017, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. During the quarter, as a result of the enactment of the legislation, the Company recorded a tax benefit of approximately $35 million, related to a decrease in federal and state valuation allowances against the deferred tax assets for excess business interest expense. The Company utilized a discrete effective tax rate method, as allowed by ASC 740-270 “Income Taxes, Interim Reporting,” to calculate taxes for the three and nine months ended September 30, 2025 and 2024. The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate (“AETR”), and therefore, the AETR method would not provide a reliable estimate.Income Tax AllocationThree Months Ended September 30,Nine Months Ended September 30,(In millions)2025202420252024Income (loss) before income taxes$(64)$52 $(203)$(167)Benefit (provision) for income taxes25 (43)1 (68)Effective tax rate39.1 %82.7 %0.5 %(40.7)%The Company classifies accruals for uncertain tax positions within Other long-term liabilities on the Balance Sheets, separate from any related income tax payable or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities.Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax assets. The Company is carrying a valuation allowance on certain federal and state deferred tax assets that are not more likely than not to be realized in the future. The Company has assessed the changes to the valuation allowance, including realization of the disallowed interest expense deferred tax asset, using the integrated approach.

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