Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 564

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1A
Chunk 564
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 net in the Statements of Operations.

•The operations of Rio were assumed by the lessor on October 2, 2023, and we exited our management agreement with Caesars Dubai on November 16, 2023.

Financing Transactions

•Debt Transactions – We continue to utilize free cash flow to reduce our leverage, extend the maturity of our outstanding debt, lower interest expense and balance our mix of fixed and variable debt. Key financing transactions that occurred during the year ended December 31, 2024, are summarized below. See “Liquidity and Capital Resources” for further discussion.

◦Issued $5.5 billion of aggregate principal debt to repay or extend the maturities of outstanding debt in the amount of $5.5 billion.

◦Made voluntary repayments of aggregate principal debt in the amount of $400 million using cash on hand.

◦Reduced the interest rate margins on the CEI Term Loan B and the CEI Term Loan B-1 to 2.25% per annum in the case of any Term SOFR loan and 1.25% per annum in the case of any Base Rate loan.

◦Caesars Virginia, LLC entered into a $425 million credit facility, utilizing $295 million as of December 31, 2024.

◦For the year ended December 31, 2024, we recorded extinguishment charges of $89 million as a result of the transactions described above, which is recorded within Loss on extinguishment of debt on the Statements of Operations. 

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Other Significant Factors

•New Developments – On December 17, 2024, we opened Caesars Virginia, which we partnered with the Eastern Band of Cherokee Indians to develop. Caesars Virginia is a premier destination resort casino with a 320-room hotel, 1,300 slot machines, 85 live table games, a WSOP Poker Room, a Caesars Sportsbook, a live entertainment theater and 40,000 square feet of meeting and convention space. We also opened Harrah’s Columbus Nebraska on May 17, 2024. Harrah’s Columbus Nebraska features a new one-mile horse racing surface, an 18,000-square-foot-casino and sportsbook with more than 400 slot machines and 10 table games, as well as a restaurant and retail space.

•Caesars Sportsbook, Caesars Racebook and iGaming mobile apps –