Company: CZR
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001590895-25-000110
Chunk: 61

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 with affiliates of VICI Properties Inc. and GLPI, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide Adjusted EBITDA information may calculate Adjusted EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.

The following tables summarizes our Adjusted EBITDA for the three months ended March 31, 2025 and 2024, respectively, in addition to reconciling net income (loss) attributable to Caesars to Adjusted EBITDA in accordance with GAAP (unaudited):

Three Months Ended March 31,(In millions)20252024Net loss attributable to Caesars$(115)$(158)Net income attributable to noncontrolling interests17 16 Provision for income taxes11 15 Other (income) loss (a)1 (26)Loss on extinguishment of debt— 48 Interest expense, net574 590 Depreciation and amortization357 327 Transaction costs and other, net (b)13 16 Stock-based compensation expense26 25 Adjusted EBITDA884 853 Pre-disposition Adjusted EBITDA (c)— (4)Total Adjusted EBITDA$884 $849 

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(a)Other (income) loss for the three months ended March 31, 2024 primarily represents a change in estimate of our disputed claims liability. 

(b)Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with our new property openings, and non-cash changes in equity method investments.

(c)Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for the LINQ Promenade prior to divestiture, for the relevant periods. The additional financial information is included to enable the comparison of current results with results of prior periods.

Liquidity and Capital Resources

We are a holding company, and our only significant assets are ownership interests in our subsidiaries. Our ability to fund our obligations depends on existing cash on hand, cash flows from our subsidiaries and our ability to raise capital. Our primary sources of liquidity and capital resources are existing cash on hand, cash flows from operations, availability of borrowings