Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 882

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 882
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7)%$25 8.9 %Adjusted EBITDA$71 $76 $84 $(5)(6.6)%$(8)(9.5)%Adjusted EBITDA margin25.9 %24.8 %29.8 %1.1 pts(5) ptsNet income (loss) attributable to Caesars$71 $101 $(301)$(30)(29.7)%$402 *

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*    Not meaningful.

We manage several properties and license rights to the use 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. In September 2023, we recorded $25 million of additional other revenue related to the termination of the Caesars Dubai management agreement, which has been excluded from Adjusted EBITDA.

Years Ended December 31,VariancePercent ChangeVariancePercent Change(Dollars in millions)2024202320222024 vs 20232023 vs 2022Reimbursable management revenue$203 $206 $198 $(3)(1.5)%$8 4.0 %Reimbursable management cost203 206 198 (3)(1.5)%8 4.0 %

Corporate & Other

Years Ended December 31,VariancePercent ChangeVariancePercent Change(Dollars in millions)2024202320222024 vs 20232023 vs 2022Net revenues:Casino$(6)$(3)$(3)$(3)(100.0)%$— — %Other1 3 3 (2)(66.7)%— — %Net revenues$(5)$— $— $(5)*$— *Adjusted EBITDA$(166)$(154)$(124)$(12)(7.8)%$(30)(24.2)%

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*    Not meaningful.

Supplemental Unaudited Presentation of Consolidated Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) for the Years Ended December