Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 121

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 $1,001 $2,723 $2,854 Net income (loss) margin(1.4)%0.3 %(2.4)%(2.8)%Adjusted EBITDA margin30.8 %34.8 %31.8 %33.8 %

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(a)Corporate and Other includes revenues related to certain licensing arrangements and various revenue sharing agreements 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 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 and Nine Months Ended September 30, 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 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