Company: CZR
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001590895-25-000110
Chunk: 138

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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 VICI leases are also subject to a variable rent adjustment based on certain historical net revenues of our leased properties which began in November 2024. The next such lease year with a variable rent adjustment begins November 2027. We estimate our lease payments to VICI and GLPI to be approximately $1.0 billion for the remainder of 2025. 

We make capital expenditures and perform continuing refurbishment and maintenance at our properties to maintain our quality standards. Our capital expenditure requirements for the remainder of 2025 include the completion of expansion projects and hotel renovations. In addition, we anticipate continued investment in our Caesars Sportsbook and iGaming applications. 

Cash used for capital expenditures totaled $223 million and $264 million for the three months ended March 31, 2025 and 2024, respectively, related to our growth, renovation, maintenance, and other capital projects. The following table summarizes our capital expenditures for the three months ended March 31, 2025, and an estimated range of capital expenditures for the remainder of 2025. 

Three Months Ended March 31, 2025Estimate of Remaining Capital Expenditures for 2025(In millions)ActualLowHighGrowth and renovation projects$50 $100 $150 Caesars Digital22 40 60 Maintenance projects74 270 300 Total estimated capital expenditures from unrestricted cash146 410 510 Caesars Virginia (a)77 35 60 Total$223 $445 $570 

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(a)Capital expenditures associated with Caesars Virginia are expected to be funded from cash on-hand generated from the operations of Caesars Virginia, or through the Caesars Virginia, LLC Credit Agreement. The Caesars Virginia delayed draw term loan has $75 million of undrawn capacity and the Caesars Virginia revolving credit facility has $25 million of undrawn capacity. 

We may, from time to time, seek to repurchase our common stock or prepay our outstanding indebtedness. Any such purchases or prepayments may be funded by existing cash balances or the incurrence of debt. The amount and timing of any repurchase of debt or common stock will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations. In April 2025, we repurchased approximately $100 million of common stock.

We have agreements with certain professional sports leagues and teams, sporting event facilities and media companies for tickets, suites,