Company: CZR
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001590895-25-000110
Chunk: 46

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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ERTAINMENT, INC.NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)(UNAUDITED)

The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM assesses segment performance by using Adjusted EBITDA, which is defined and reconciled to net income (loss) below.The CODM uses Adjusted EBITDA during the annual budgeting process and evaluates budget-to-actual variances on a regular basis to make decisions about the allocation of operating and capital resources. Annual incentive awards have historically been based on the achievement of Adjusted EBITDA as a primary metric as the Company believes it most accurately reflects our results and represents a key metric in our industry.The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other:Three Months Ended March 31,(In millions)20252024Las Vegas:Net revenues$1,003 $1,028 Adjusted EBITDA433 440 Regional:Net revenues1,388 1,365 Adjusted EBITDA440 433 Caesars Digital:Net revenues335 282 Adjusted EBITDA43 5 Managed and Branded:Net revenues67 68 Adjusted EBITDA16 18 Corporate and Other:Net revenues1 (1)Adjusted EBITDA(48)(43)Disaggregation of Certain Significant Expenses by SegmentThree Months Ended March 31, 2025(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotalNet revenues$1,003 $1,388 $335 $67 $1 $2,794 Gaming taxes(30)(301)(86)— — Labor expense(301)(300)— — — Other segment expenses (a)(239)(347)(206)(51)(49)Adjusted EBITDA$433 $440 $43 $16 $(48)$884 

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

Three Months Ended March 31, 2024(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotalNet revenues$1,028 $1,365 $282 $68 $(1)$2,