Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 132

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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43 (1)68 Other income (a)(3)(4)(3)(29)Loss on extinguishment of debt4 — 4 51 Interest expense, net576 596 1,729 1,780 Impairment charges (b)— — — 118 Depreciation and amortization352 326 1,073 979 Transaction costs and other, net (c)(3)7 51 49 Stock-based compensation expense22 24 72 73 Adjusted EBITDA884 1,001 2,723 2,854 Pre-disposition Adjusted EBITDA (d)— (5)— (13)Total Adjusted EBITDA$884 $996 $2,723 $2,841 

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(a)Other income for the nine months ended September 30, 2024 primarily represents a change in the estimate of our disputed claims liability. 

(b)Impairment charges for the nine months ended September 30, 2024 includes impairment within our Regional segment as a result of a decrease in projected cash flows at certain properties primarily due to localized competition.

(c)Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, certain non-recurring litigation reserves, non-recurring asset recoveries, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with our new property openings, and non-cash changes in equity method investments.

(d)Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for the LINQ Promenade prior to divestiture, for the relevant periods. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors for the periods presented. The additional financial information is included to enable the comparison of current results with results of prior periods.

Liquidity and Capital Resources

We are a holding company, and our only significant assets are ownership interests in our subsidiaries. Our ability to fund our obligations depends on existing cash on hand, 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. We may, from time to time, seek to repurchase our common stock or prepay