Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 622

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1A
Chunk 622
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 payments included in the measurement of lease liabilitiesYears Ended December 31,(In millions)202420232022Operating cash flows for operating leases$81 $116 $110 Maturities of Lease Liabilities (In millions)Operating Leases2025$79 202677 202778 202875 202974 Thereafter1,848 Total future minimum lease payments2,231 Less: present value factor(1,494)Total lease liability$737 

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CAESARS ENTERTAINMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Finance LeasesThe Company has finance leases for certain equipment and real estate. As of December 31, 2024, the Company’s finance leases had remaining lease terms of up to approximately 34 years, some of which include options to extend the lease terms in one month increments. The Company’s finance lease ROU assets and liabilities were $60 million and $68 million as of December 31, 2024, respectively, and $69 million and $77 million as of December 31, 2023, respectively.Financing ObligationsVICI Leases & Golf Course Use AgreementThe fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%.CEI leases certain real property assets from VICI under the following agreements: (i) for a portfolio of properties located throughout the United States (the “Regional Lease”), (ii) for Caesars Palace Las Vegas and Harrah’s Las Vegas (the “Las Vegas Lease”), and (iii) for Harrah’s Joliet (the “Joliet Lease”), (collectively, “VICI Leases”). The lease agreements, inclusive of all amendments, include (i) a 15-year initial term with four five-year renewal options, (ii) initial annual fixed rent payments of $1.1 billion, subject to annual escalation provisions based on the Consumer Price Index (“CPI”) and a 2% floor which commenced in lease year two of the initial terms and (iii) a variable element based on net revenues of the underlying leased properties, commencing in lease year eight of the initial term. The Put-Call Right Agreement whereby the Company could have required VICI to purchase