Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 172

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 172
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esars Sportsbook, Caesars Racebook, and our online and mobile iGaming applications in new jurisdictions upon the receipt of necessary approvals. Caesars Palace Online Casino launched in August 2023 and Horseshoe Online Casino initially launched in October 2024.

•Income Taxes – As previously disclosed, during the second quarter of 2023, we reversed a portion of a valuation allowance related to deferred tax assets and recorded an income tax benefit of $940 million.

•Economic Factors Impacting Discretionary Spending – Gaming and other leisure activities we offer represent discretionary expenditures which may be sensitive to economic downturns which impacts the behavior among the components of our customer mix differently. We also monitor recent trends, including inflation, interest rates, and global hostilities, and the related effects on travel, our customers, and our operations.

•Impairment Charges – During the year ended December 31, 2024, we recognized impairment charges for a total of $302 million. See “Critical Accounting Policies” below for further details. During the year ended December 31, 2023, we recognized impairment charges totaling $95 million.

Results of Operations

The following table highlights the results of our operations:

Years Ended December 31,(Dollars in millions)202420232022Net revenues:Las Vegas$4,274 $4,470 $4,287 Regional5,539 5,778 5,704 Caesars Digital1,163 973 548 Managed and Branded274 307 282 Corporate and Other (a)(5)— — Total$11,245 $11,528 $10,821 Net income (loss)$(211)$828 $(910)Adjusted EBITDA (b):Las Vegas$1,907 $2,016 $1,964 Regional1,810 1,962 1,985 Caesars Digital117 38 (666)Managed and Branded71 76 84 Corporate and Other (a)(166)(154)(124)Total$3,739 $3,938 $3,243 Net income (loss) margin(1.9)%7.2 %(8.4)%Adjusted EBITDA margin33.3 %34.2 %30.0 %

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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