Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 130

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 8
Chunk 130
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.8 %26.2 %(2.4) ptsNet income attributable to Caesars$18 $19 $(1)(5.3)%$52 $54 $(2)(3.7)%

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 September 30,Percent ChangeNine Months Ended September 30,Percent Change(Dollars in millions)20252024Variance20252024VarianceReimbursable management revenue$53 $49 $4 8.2 %$159 $152 $7 4.6 %Reimbursable management costs53 49 4 8.2 %159 152 7 4.6 %

Corporate & Other

Three Months Ended September 30,Percent ChangeNine Months Ended September 30,Percent Change(Dollars in millions)20252024Variance20252024VarianceNet revenues:Casino$(2)$(1)$(1)(100.0)%$(5)$(4)$(1)(25.0)%Other(1)(4)3 75.0 %4 (4)8 *Net revenues$(3)$(5)$2 40.0 %$(1)$(8)$7 87.5 %Adjusted EBITDA$(47)$(40)$(7)(17.5)%$(145)$(123)$(22)(17.9)%____________________

*    Not meaningful.

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

Adjusted EBITDA (described below), a non-GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non-GAAP supplemental information will be helpful