Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 728

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1A
Chunk 728
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)(5.4)%$52 2.6 %Adjusted EBITDA margin44.6 %45.1 %45.8 %(0.5) pts(0.7) ptsNet income attributable to Caesars$924 $1,042 $1,021 $(118)(11.3)%$21 2.1 %

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(a)Prior year gaming volumes include Rio’s table games drop of $70 million and $111 million for the years ended December 31, 2023 and 2022, respectively, and slot handle of $342 million and $530 million for the years ended December 31, 2023 and 2022, respectively.

Our Las Vegas segment’s net revenues, net income, Adjusted EBITDA and Adjusted EBITDA margin decreased for the year ended December 31, 2024, compared to the same prior year period. Net revenues, net income and gaming volumes were negatively impacted by the divestiture of Rio at the end of the third quarter of 2023. Casino revenues also declined as a result of lower table games volume and hold. Entertainment revenues also declined due to the mix of headliner performances in the current year, as compared to prior year. These decreases were slightly offset by higher hotel and food and beverage revenues associated with improved hotel occupancy, higher room rates and new food and beverage offerings, excluding the impact of the Rio divestiture. Net income and Adjusted EBITDA in the Las Vegas segment for the year ended December 31, 2024 were also negatively impacted by higher operating costs associated with (a) higher union and non-union wages, (b) increased employee head count associated with new food and beverage offerings and (c) increased promotional costs associated with special events held over the Super Bowl weekend.

We recorded trademark impairment totaling $32 million due to the performance of our smallest brand in the Las Vegas segment for the year ended December 31, 2024.

Slot win percentage in the Las Vegas segment during the year ended December 31, 2024 was within our typical range.

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Regional Segment

Years Ended December 31,VariancePercent ChangeVariancePercent Change(Dollars in millions)2024202320222024 vs 20232023 vs 2022Net revenues:Casino$4,073 $4,272 $4,291 $(199)(4.7)%$(19)(