Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 58

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 may be sensitive to economic downturns, which impact the behavior among the components of our customer mix differently. We monitor current and recent trends, including inflation, interest rates, global hostilities, trade tension and related actions, such as the imposition of tariffs between the United States and other countries, and the associated effects, if any, on travel, visitation, our customers, and our operations.

•Debt Transactions – On July 8, 2025, we fully redeemed all of the $546 million outstanding principal amount of the CEI Senior Notes due 2027 and paid the related accrued interest and expenses with borrowings under the CEI Revolving Credit Facility and proceeds received from the partial repayment and sale of $225 million of notes receivable related to the previously disclosed WSOP trademark sale. We refinanced and extended the maturities of outstanding debt in the amount of $4.4 billion in February 2024, shifting a portion of our outstanding debt from fixed rate to variable rate debt, and reduced interest rate margins for both the CEI Term Loan B and CEI Term Loan B-1 in May 2024. These refinancing activities have resulted in a significant reduction in interest expense and associated cash paid for interest for the three and nine months ended September 30, 2025.

•Impairment Charges – During the three and nine months ended September 30, 2025, we did not recognize any impairment charges. During the nine months ended September 30, 2024, we recognized impairment charges in our Regional segment related to trademarks, gaming rights and goodwill totaling $118 million.

Results of Operations

The following table highlights the results of our operations:

Three Months Ended September 30,Nine Months Ended September 30,(Dollars in millions)2025202420252024Net revenues:Las Vegas$952 $1,062 $3,009 $3,191 Regional1,536 1,446 4,359 4,196 Caesars Digital311 303 989 861 Managed and Branded73 68 214 206 Corporate and Other (a)(3)(5)(1)(8)Total$2,869 $2,874 $8,570 $8,446 Net income (loss)$(39)$9 $(202)$(235)Adjusted EBITDA (b):Las Vegas$379 $472 $1,281 $1,426 Regional506