Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 154

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 154
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 higher fixed rate debt to variable rate debt during the first quarter of 2024, which has benefitted from recent interest rate cuts. Capitalized interest has also decreased for the three and nine months ended September 30, 2025, as compared to the same prior year periods, as construction projects in the prior year have been completed.

For the three and nine months ended September 30, 2025, loss on extinguishment of debt was related to the full redemption of the CEI Senior Notes due 2027. For the nine months ended September 30, 2024, loss on extinguishment of debt was primarily related to the prepayments of the CEI Senior Secured Notes due 2025, the Caesars Resort Collection Senior Secured Notes, and the partial prepayment of the CEI Term Loan B.

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

The income tax provision for the three months ended September 30, 2025 differed from the expected income tax provision based on the federal tax rate of 21% primarily due to a decrease in federal and state valuation allowances against the deferred tax assets for excess business interest expense, primarily related to the change in tax law. The income tax provision for the nine months ended September 30, 2025 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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The income tax provision for the three and nine months ended September 30, 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.

Segment comparison of the three and nine months ended September 30, 2025 and 2024

Las Vegas Segment

Three Months Ended September 30,Percent ChangeNine Months Ended September 30,Percent Change(Dollars in millions)20252024Variance20252024VarianceNet revenues:Casino$260 $294 $(34)(11.6)%$795 $829 $(34)(4.1)%Food and beverage270 283 (13)(4.6)%834 866 (32)(3.7)%Hotel290 330 (40)(12.1)%979 1,049 (70