Company: CZR
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001590895-25-000130
Chunk: 158

Company: Caesars Entertainment, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 158
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 respectively, and $223 million and $214 million for the nine months ended September 30, 2025 and 2024, respectively. Promotional and complimentary incentives for online poker were $4 million and $5 million for the three months ended September 30, 2025 and 2024, respectively, and $12 million and $11 million for the nine months ended September 30, 2025 and 2024, respectively.

(b)Caesars Digital generated an additional $193 million and $191 million of sports betting handle for the three months ended September 30, 2025 and 2024, respectively, and $661 million and $669 million for the nine months ended September 30, 2025 and 2024, respectively, which is not included in this table, for select wholly-owned and third-party operations for which Caesars Digital provides services and we receive all, or a share of, the net profits. Hold related to these operations was 11.0% and 12.7%, for the three months ended September 30, 2025 and 2024, respectively, and 11.1% and 10.5% for the nine months ended September 30, 2025 and 2024, respectively. Sports betting handle includes $9 million and $10 million for the three months ended September 30, 2025 and 2024, respectively, and $31 million and $32 million for the nine months ended September 30, 2025 and 2024, respectively, related to horse racing and pari-mutuel wagers.

Caesars Digital’s net revenues, net income (loss), Adjusted EBITDA, and Adjusted EBITDA margin improved significantly for the nine months ended September 30, 2025, as compared to the same prior year period, primarily due to higher iGaming handle and iGaming hold coupled with improved sports betting hold. For the three months ended September 30, 2025, as compared to the same prior year period, increases in iGaming handle and hold drove an increase in net revenues. Customer friendly sports betting outcomes resulted in sports betting hold at the lower end of our expected range which offset growth in sports betting handle. Net income (loss), Adjusted EBITDA and Adjusted EBITDA margin were negatively impacted by: (i) the loss of highly profitable licensing revenue in connection with the sale of the WSOP