Company: CZR
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001590895-25-000126
Chunk: 158

Company: Caesars Entertainment, Inc.
Filing Date: 2025-07-29
Form: 10-Q
Item: Part I, Item 2
Chunk 158
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 for as financing obligations and the associated expense is included in interest expense. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). Adjusted EBITDA is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected 

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in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments, distributions to our noncontrolling interest owners and payments under our leases with affiliates of VICI and GLPI, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide Adjusted EBITDA information may calculate Adjusted EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.

The following table summarizes our Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024, respectively, in addition to reconciling net income (loss) attributable to Caesars to Adjusted EBITDA in accordance with GAAP (unaudited):

Three Months Ended June 30,Six Months Ended June 30,(In millions)2025202420252024Net loss attributable to Caesars$(82)$(122)$(197)$(280)Net income attributable to noncontrolling interests17 20 34 36 Provision for income taxes13 10 24 25 Other (income) loss (a)(1)1 — (25)Loss on extinguishment of debt— 3 — 51 Interest expense, net579 594 1,153 1,184 Impairment charges (b)— 118 — 118 Depreciation and amortization364 326 721 653 Transaction costs and other, net (c)41 26 54 42 Stock-based compensation expense24 24 50 49 Adjusted EBITDA955 1,000 1,839 1,853 Pre-disposition Adjusted EBITDA (d)— (4)— (8)Total Adjusted EBITDA$955 $996 $1,839 $1,845 

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(a)Other (income