Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 928

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 928
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 material restrictive covenants, other than those described below.

Table of Contents73

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

Lessee ArrangementsOperating LeasesThe Company leases real estate and equipment used in operations from third parties. As of December 31, 2024, the remaining term of the Company’s operating leases ranged from 1 to 67 years with various extension options available, if the Company elects to exercise them. However, the Company’s remaining terms only include extension options that we have determined are reasonably certain as of December 31, 2024. In addition to minimum rental commitments, certain of the Company’s operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. The Company does not include costs associated with non-lease components in the lease costs disclosed in the table below. During the years ended December 31, 2024 and 2023, the Company obtained $10 million and $41 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. During the years ended December 31, 2024 and 2023, the Company disposed of $1 million and $7 million, respectively, of ROU assets and lease liabilities.The Company has elected the short-term lease measurement and recognition exemption and does not establish ROU assets or liabilities for operating leases with terms of 12 months or less.Leases recorded on the balance sheet consist of the following:December 31,(In millions)Classification on the Balance Sheet20242023Assets:Operating lease ROU assetsOther long-term assets, net$604 $622 Liabilities:Current operating lease liabilitiesAccrued other liabilities21 23 Non-current operating lease liabilitiesOther long-term liabilities716 728 Lease Terms and Discount RateDecember 31,20242023Weighted Average Remaining Lease Term (in years)31.732.1Weighted Average Discount Rate8.2 %8.1 %Components of Lease ExpenseYears Ended December 31,(In millions)202420232022Operating lease expense$81 $96 $132 Short-term and variable lease expense158 159 138 Total operating lease costs$239 $255 $270 Supplemental cash flow information related to leases is as follows:Cash payments included in the measurement of lease liabilitiesYears Ended December 31,(In millions)202420232022Operating cash flows for