Company: CZR
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001590895-25-000110
Chunk: 137

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 2
Chunk 137
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, 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 under our CEI Revolving Credit Facility and proceeds from the issuance of debt and equity securities. Our cash requirements may fluctuate significantly depending on our decisions with respect to business acquisitions or divestitures and strategic capital and marketing investments. 

As of March 31, 2025, our cash on hand and borrowing capacity was as follows:

(In millions)March 31, 2025Cash and cash equivalents$884 Revolver capacity (a)2,235 Revolver capacity committed to letters of credit(79)Revolver capacity committed as regulatory requirement(46)Total (b)$2,994 

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(a)Revolver capacity includes $2.25 billion under the CEI Revolving Credit Facility, maturing in January 2028 (subject to a springing maturity in the event certain other long-term debt of Caesars is not extended or repaid), and $25 million under the CVA Revolving Credit Facility, maturing on April 26, 2029, less $40 million reserved for specific purposes.

(b)Excludes approximately $75 million of additional borrowing available under the CVA Delayed Draw Term Loan.

During the three months ended March 31, 2025, our operating activities generated operating cash inflows of $218 million, as compared to operating cash inflows of $80 million during the three months ended March 31, 2024, primarily due to changes in working capital, coupled with the results of operations described above. 

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We expect that our primary capital requirements going forward will relate to servicing our outstanding indebtedness, rent payments under our GLPI Leases and VICI Leases, and the expansion and maintenance of our properties. In addition, beginning in 2025 we expect additional cash uses for operating activities as a result of federal and certain state income taxes.

A significant portion of our liquidity needs are for debt service and payments associated with our leases. Our estimated debt service (including principal and interest) is approximately $664 million for the remainder of 2025. We also lease certain real property assets from third parties, including VICI and GLPI. The VICI Leases are subject to annual escalations, that take effect in November of each year, based on the Consumer Price Index (“CPI”). In addition to the CPI escalator, our