Company: CZR
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001590895-25-000110
Chunk: 105

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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 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 costs 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 months ended March 31, 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 months ended March 31, 2025 and 2024

Net Revenues

Net revenues were as follows:

Three Months Ended March 31,Percent Change(Dollars in millions)20252024VarianceCasino$1,594 $1,535 $59 3.8 %Food and beverage435 422 13 3.1 %Hotel482 493 (11)(2.2)%Other283 292 (9)(3.1)%Net revenues$2,794 $2,742 $52 1.9 %

Consolidated net revenues increased for the three months ended March 31, 2025, as compared to the same prior year period, due to a significant increase in iGaming handle coupled with improved iGaming hold and higher hold in sports betting in our Caesars Digital segment. Net revenues in the Las Vegas segment were down slightly primarily due to lower hotel occupancy and room rates resulting from Las Vegas hosting the Super Bowl in 2024. Net revenues in the Regional segment increased primarily due to opening expanded gaming and non-gaming amenities at our recently completed development projects of Caesars Virginia and Caesars New Orleans.

Operating Expenses

Operating expenses were as follows:

Three Months Ended March 31,Percent Change(Dollars in millions)20252024VarianceCasino$861 $852 $9 1.1 %Food and beverage275 263 12 4.6 %Hotel151 137 14 10.2 %Other95 94 1 1.1 %General and administrative483 500 (17)(3.4)%Corporate82 78 4 5.1