Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 151

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 151
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 three and nine months ended September 30, 2025 and 2024

Net Revenues

Net revenues were as follows:

Three Months Ended September 30,Percent ChangeNine Months Ended September 30,Percent Change(Dollars in millions)20252024Variance20252024VarianceCasino$1,642 $1,599 $43 2.7 %$4,904 $4,691 $213 4.5 %Food and beverage436 438 (2)(0.5)%1,299 1,295 4 0.3 %Hotel485 515 (30)(5.8)%1,476 1,522 (46)(3.0)%Other306 322 (16)(5.0)%891 938 (47)(5.0)%Net revenues$2,869 $2,874 $(5)(0.2)%$8,570 $8,446 $124 1.5 %

Consolidated net revenues remained substantially flat for the three and nine months ended September 30, 2025, as compared to the same prior year periods, with mixed results between gaming and non-gaming revenues. Casino revenues increased driven by significant growth in iGaming handle coupled with improved iGaming hold in our Caesars Digital segment and the recently completed development projects of Caesars Virginia and Caesars New Orleans, offset in part by certain competitive markets in our Regional segment. Net revenues in the Las Vegas segment were down, primarily due to lower gaming and non-gaming revenue, consistent with visitation trends city-wide and unfavorable table games hold, as compared to the three and nine months ended September 30, 2024.

Operating Expenses

Operating expenses were as follows:

Three Months Ended September 30,Percent ChangeNine Months Ended September 30,Percent Change(Dollars in millions)20252024Variance20252024VarianceCasino$909 $828 $81 9.8 %$2,657 $2,497 $160 6.4 %Food and beverage277 271 6 2.2 %827 800 27 3.4 %Hotel156 152 4 2.6 %462 428 34 7.9 %Other114 104 10 9.6 %314 298 16 5.4