Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 150

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 150
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 impairment charges. During the nine months ended September 30, 2024, we recognized impairment charges in our Regional segment related to trademarks, gaming rights and goodwill totaling $118 million.

Results of Operations

The following table highlights the results of our operations:

Three Months Ended September 30,Nine Months Ended September 30,(Dollars in millions)2025202420252024Net revenues:Las Vegas$952 $1,062 $3,009 $3,191 Regional1,536 1,446 4,359 4,196 Caesars Digital311 303 989 861 Managed and Branded73 68 214 206 Corporate and Other (a)(3)(5)(1)(8)Total$2,869 $2,874 $8,570 $8,446 Net income (loss)$(39)$9 $(202)$(235)Adjusted EBITDA (b):Las Vegas$379 $472 $1,281 $1,426 Regional506 498 1,385 1,400 Caesars Digital28 52 151 97 Managed and Branded18 19 51 54 Corporate and Other (a)(47)(40)(145)(123)Total$884 $1,001 $2,723 $2,854 Net income (loss) margin(1.4)%0.3 %(2.4)%(2.8)%Adjusted EBITDA margin30.8 %34.8 %31.8 %33.8 %

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(a)Corporate and Other includes revenues related to certain licensing arrangements and various revenue sharing agreements and includes eliminations of transactions among segments to reconcile to the Company’s consolidated results. Corporate and Other Adjusted EBITDA includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, cybersecurity and other general and administrative expenses.

(b)See the “Supplemental Unaudited Presentation of Consolidated Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) for the Three and Nine Months Ended September 30, 2025 and 2024” discussion later in this MD&A for a description of Adjusted EBITDA and a reconciliation of net income (loss) attributable to Caesars to Adjusted EBITDA.

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Consolidated comparison of the