Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 71

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 71
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 establish ROU assets or liabilities for operating leases with terms of 12 months or less.Leases recorded on the balance sheet consist of the following:December 31,(In millions)Classification on the Balance Sheet20242023Assets:Operating lease ROU assetsOther long-term assets, net$604 $622 Liabilities:Current operating lease liabilitiesAccrued other liabilities21 23 Non-current operating lease liabilitiesOther long-term liabilities716 728 Lease Terms and Discount RateDecember 31,20242023Weighted Average Remaining Lease Term (in years)31.732.1Weighted Average Discount Rate8.2 %8.1 %Components of Lease ExpenseYears Ended December 31,(In millions)202420232022Operating lease expense$81 $96 $132 Short-term and variable lease expense158 159 138 Total operating lease costs$239 $255 $270 Supplemental cash flow information related to leases is as follows:Cash payments included in the measurement of lease liabilitiesYears Ended December 31,(In millions)202420232022Operating cash flows for operating leases$81 $116 $110 Maturities of Lease Liabilities (In millions)Operating Leases2025$79 202677 202778 202875 202974 Thereafter1,848 Total future minimum lease payments2,231 Less: present value factor(1,494)Total lease liability$737 

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

Finance LeasesThe Company has finance leases for certain equipment and real estate. As of December 31, 2024, the Company’s finance leases had remaining lease terms of up to approximately 34 years, some of which include options to extend the lease terms in one month increments. The Company’s finance lease ROU assets and liabilities were $60 million and $68 million as of December 31, 2024, respectively, and $69 million and $77 million as of December 31, 2023, respectively.Financing ObligationsVICI Leases & Golf Course Use AgreementThe fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%.CE