Company: CZR
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001590895-25-000110
Chunk: 111

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 8
Chunk 111
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)20252024VarianceReimbursable management revenue$51 $50 $1 2.0 %Reimbursable management costs51 50 1 2.0 %

Corporate & Other

Three Months Ended March 31,Percent Change(Dollars in millions)20252024VarianceNet revenues:Casino$(3)$(1)$(2)(200.0)%Other4 — 4 *Net revenues$1 $(1)$2 *Adjusted EBITDA$(48)$(43)$(5)(11.6)%____________________

*    Not meaningful.

Supplemental Unaudited Presentation of Consolidated Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) for the Three Months Ended March 31, 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 in understanding our ongoing operating results. Management has historically used Adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. Adjusted EBITDA represents net income (loss) before interest income or interest expense net of interest capitalized, (benefit) provision for income taxes, depreciation and amortization, stock-based compensation expense, (gain) loss on extinguishment of debt, impairment charges, other (income) loss, net income (loss) attributable to noncontrolling interests, transaction costs associated with our acquisitions, developments, and divestitures, and non-cash changes in equity method investments. Adjusted EBITDA also excludes the expense associated with certain of our leases as these transactions were accounted for as financing obligations and the associated expense is included in interest expense. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). Adjusted EBITDA is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA 

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include capital expenditures, interest