Company: CZR
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001590895-25-000126
Chunk: 63

Company: Caesars Entertainment, Inc.
Filing Date: 2025-07-29
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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30,Percent Change(Dollars in millions)20252024Variance20252024VarianceNet revenues:Other$74 $70 $4 5.7 %$141 $138 $3 2.2 %Net revenues$74 $70 $4 5.7 %$141 $138 $3 2.2 %Adjusted EBITDA$17 $17 $— — %$33 $35 $(2)(5.7)%Adjusted EBITDA margin23.0 %24.3 %(1.3) pts23.4 %25.4 %(2) ptsNet income attributable to Caesars$18 $17 $1 5.9 %$34 $35 $(1)(2.9)%

We manage several properties and license rights to the use of certain of our brands. These revenue agreements typically include reimbursement of certain costs that we incur directly. Such costs are primarily related to payroll costs incurred on behalf of the properties under management. The revenue related to these reimbursable management costs has a direct impact on our evaluation of Adjusted EBITDA margin which, when excluded, reflects margins typically realized from such agreements. The table below presents the amount included in net revenues and total operating expenses related to these reimbursable costs.

Three Months Ended June 30,Percent ChangeSix Months Ended June 30,Percent Change(Dollars in millions)20252024Variance20252024VarianceReimbursable management revenue$55 $53 $2 3.8 %$106 $103 $3 2.9 %Reimbursable management costs55 53 2 3.8 %106 103 3 2.9 %

Corporate & Other

Three Months Ended June 30,Percent ChangeSix Months Ended June 30,Percent Change(Dollars in millions)20252024Variance20252024VarianceNet revenues:Casino$— $(2)$2 100.0 %$(3)$(3)$— — %Other1 — 1 *5 — 5 *Net revenues$1 $(2)$3 *$2 $(3)$5 *Adjusted EBITDA$(50)$(40)$(10)(25.0)%$(98)$(83)$(15)(18.1)%