Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 726

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1A
Chunk 726
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 assets, gains from the sales of the WSOP trademark and the LINQ Promenade, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with new property openings and expansion projects at existing properties, and non-cash changes in equity method investments. Transaction and other costs, net for the year ended December 31, 2023 also includes net proceeds received in exchange for participation rights in a potential insurance recovery.

Other Expense

Other expense was as follows:

Years Ended December 31,VariancePercent ChangeVariancePercent Change(Dollars in millions)2024202320222024 vs 20232023 vs 2022Interest expense, net$(2,366)$(2,342)$(2,265)$(24)(1.0)%$(77)(3.4)%Loss on extinguishment of debt(89)(200)(85)111 55.5 %(115)(135.3)%Other income27 10 46 17 170.0 %(36)(78.3)%Benefit (provision) for income taxes(87)888 41 (975)*847 *

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*    Not meaningful.

Interest expense, net increased for the year ended December 31, 2024 as compared to the same prior year period primarily due to the annual CPI-based rent escalator and the variable rent adjustment associated with our VICI Leases. Interest expense associated with our debt instruments is also slightly higher due to our debt mix, partially offset by our continuing efforts to reduce outstanding debt. An increase in capitalized interest resulting from ongoing construction projects, including our new developments, has also offset the increase in total interest expense.

For the year ended December 31, 2024, loss on extinguishment of debt was primarily related to the prepayments of the CEI Senior Secured Notes due 2025 and the Caesars Resort Collection (“CRC”) Senior Secured Notes and the partial prepayments of the CEI Term Loan B and the CEI Senior Notes due 2027. For the year ended December 31, 2023, loss on extinguishment of debt was primarily related to the prepayments of the CRC Term Loan, the CRC Incremental Term Loan and the Baltimore Term Loan.

Other income for the year ended December 31, 2024, primarily represents a change in estimate of our disputed claims liability.

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The income tax provision was $87 million for the year ended December 31,