Caesars Entertainment, Inc. Reports Second Quarter 2025 Results
Second Quarter 2025 and Recent Highlights:
-
GAAP net revenues of
$2.9 billion $2.8 billion -
GAAP net loss of
$82 million $122 million -
Same-store Adjusted EBITDA of
$955 million $996 million -
Caesars Digital Adjusted EBITDA of
$80 million $40 million
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Our Caesars Digital segment posted one of its strongest quarters ever, as momentum continues to build toward the financial goals that we originally laid out in 2021. In
Second Quarter 2025 Financial Results Summary and Segment Information
The following tables present actual 2025 and 2024 results as well as adjustments to net revenues, net income (loss) attributable to Caesars and Adjusted EBITDA for the effects of our completed divestiture in order to reflect amounts and percentage change on a same-store basis:
Net Revenues |
|||||||||||||||||
|
Three Months Ended June 30, |
||||||||||||||||
(In millions) |
|
2025 |
|
|
2024 |
|
|
2024 Adj.(a) |
|
Adj. 2024 Total |
|
% Change |
|||||
|
$ |
1,054 |
|
$ |
1,101 |
|
|
$ |
(6 |
) |
|
$ |
1,095 |
|
|
(3.7 |
)% |
Regional |
|
1,435 |
|
|
1,385 |
|
|
|
— |
|
|
|
1,385 |
|
|
3.6 |
% |
Caesars Digital |
|
343 |
|
|
276 |
|
|
|
— |
|
|
|
276 |
|
|
24.3 |
% |
Managed and Branded |
|
74 |
|
|
70 |
|
|
|
— |
|
|
|
70 |
|
|
5.7 |
% |
Corporate and Other |
|
1 |
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
* |
|
Caesars |
$ |
2,907 |
|
$ |
2,830 |
|
|
$ |
(6 |
) |
|
$ |
2,824 |
|
|
2.9 |
% |
Net Revenues |
|||||||||||||||||
|
Six Months Ended June 30, |
||||||||||||||||
(In millions) |
|
2025 |
|
|
2024 |
|
|
2024 Adj.(a) |
|
Adj. 2024 Total |
|
% Change |
|||||
|
$ |
2,057 |
|
$ |
2,129 |
|
|
$ |
(12 |
) |
|
$ |
2,117 |
|
|
(2.8 |
)% |
Regional |
|
2,823 |
|
|
2,750 |
|
|
|
— |
|
|
|
2,750 |
|
|
2.7 |
% |
Caesars Digital |
|
678 |
|
|
558 |
|
|
|
— |
|
|
|
558 |
|
|
21.5 |
% |
Managed and Branded |
|
141 |
|
|
138 |
|
|
|
— |
|
|
|
138 |
|
|
2.2 |
% |
Corporate and Other |
|
2 |
|
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
* |
|
Caesars |
$ |
5,701 |
|
$ |
5,572 |
|
|
$ |
(12 |
) |
|
$ |
5,560 |
|
|
2.5 |
% |
Net Income (Loss) Attributable to Caesars |
||||||||||||||||||
|
Three Months Ended June 30, |
|||||||||||||||||
(In millions) |
|
2025 |
|
|
|
2024 |
|
|
2024 Adj.(a) |
|
Adj. 2024 Total |
|
% Change |
|||||
|
$ |
212 |
|
|
$ |
272 |
|
|
$ |
(4 |
) |
|
$ |
268 |
|
|
(20.9 |
)% |
Regional |
|
(11 |
) |
|
|
(51 |
) |
|
|
— |
|
|
|
(51 |
) |
|
78.4 |
% |
Caesars Digital |
|
39 |
|
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
* |
|
Managed and Branded |
|
18 |
|
|
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
5.9 |
% |
Corporate and Other |
|
(340 |
) |
|
|
(364 |
) |
|
|
— |
|
|
|
(364 |
) |
|
6.6 |
% |
Caesars |
$ |
(82 |
) |
|
$ |
(122 |
) |
|
$ |
(4 |
) |
|
$ |
(126 |
) |
|
34.9 |
% |
Net Income (Loss) Attributable to Caesars |
||||||||||||||||||
|
Six Months Ended June 30, |
|||||||||||||||||
(In millions) |
|
2025 |
|
|
|
2024 |
|
|
2024 Adj.(a) |
|
Adj. 2024 Total |
|
% Change |
|||||
|
$ |
389 |
|
|
$ |
470 |
|
|
$ |
(8 |
) |
|
$ |
462 |
|
|
(15.8 |
)% |
Regional |
|
9 |
|
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
|
* |
|
Caesars Digital |
|
39 |
|
|
|
(30 |
) |
|
|
— |
|
|
|
(30 |
) |
|
* |
|
Managed and Branded |
|
34 |
|
|
|
35 |
|
|
|
— |
|
|
|
35 |
|
|
(2.9 |
)% |
Corporate and Other |
|
(668 |
) |
|
|
(745 |
) |
|
|
— |
|
|
|
(745 |
) |
|
10.3 |
% |
Caesars |
$ |
(197 |
) |
|
$ |
(280 |
) |
|
$ |
(8 |
) |
|
$ |
(288 |
) |
|
31.6 |
% |
Adjusted EBITDA (b) |
||||||||||||||||||
|
Three Months Ended June 30, |
|||||||||||||||||
(In millions) |
|
2025 |
|
|
|
2024 |
|
|
2024 Adj.(a) |
|
Adj. 2024 Total |
|
% Change |
|||||
|
$ |
469 |
|
|
$ |
514 |
|
|
$ |
(4 |
) |
|
$ |
510 |
|
|
(8.0 |
)% |
Regional |
|
439 |
|
|
|
469 |
|
|
|
— |
|
|
|
469 |
|
|
(6.4 |
)% |
Caesars Digital |
|
80 |
|
|
|
40 |
|
|
|
— |
|
|
|
40 |
|
|
100.0 |
% |
Managed and Branded |
|
17 |
|
|
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
— |
% |
Corporate and Other |
|
(50 |
) |
|
|
(40 |
) |
|
|
— |
|
|
|
(40 |
) |
|
(25.0 |
)% |
Caesars |
$ |
955 |
|
|
$ |
1,000 |
|
|
$ |
(4 |
) |
|
$ |
996 |
|
|
(4.1 |
)% |
Adjusted EBITDA (b) |
||||||||||||||||||
|
Six Months Ended June 30, |
|||||||||||||||||
(In millions) |
|
2025 |
|
|
|
2024 |
|
|
2024 Adj.(a) |
|
Adj. 2024 Total |
|
% Change |
|||||
|
$ |
902 |
|
|
$ |
954 |
|
|
$ |
(8 |
) |
|
$ |
946 |
|
|
(4.7 |
)% |
Regional |
|
879 |
|
|
|
902 |
|
|
|
— |
|
|
|
902 |
|
|
(2.5 |
)% |
Caesars Digital |
|
123 |
|
|
|
45 |
|
|
|
— |
|
|
|
45 |
|
|
173.3 |
% |
Managed and Branded |
|
33 |
|
|
|
35 |
|
|
|
— |
|
|
|
35 |
|
|
(5.7 |
)% |
Corporate and Other |
|
(98 |
) |
|
|
(83 |
) |
|
|
— |
|
|
|
(83 |
) |
|
(18.1 |
)% |
Caesars |
$ |
1,839 |
|
|
$ |
1,853 |
|
|
$ |
(8 |
) |
|
$ |
1,845 |
|
|
(0.3 |
)% |
| * Not meaningful | ||
| (a) | Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for the LINQ Promenade, for the relevant periods. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors for the periods presented. The additional financial information is included to enable the comparison of current results with results of prior periods. |
|
| (b) | Adjusted EBITDA is not a GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See “Reconciliation of GAAP Measures to Non-GAAP Measures” below for a definition of Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA to net income (loss) attributable to Caesars, which the Company believes is the most comparable financial measure calculated in accordance with GAAP. |
|
Balance Sheet and Liquidity
As of June 30, 2025, Caesars had
(In millions) |
June 30, 2025 |
|
December 31, 2024 |
||
Cash and cash equivalents |
$ |
982 |
|
$ |
866 |
|
|
|
|
||
Bank debt and loans |
$ |
5,884 |
|
$ |
5,904 |
Notes |
|
6,346 |
|
|
6,346 |
Other long-term debt |
|
42 |
|
|
44 |
Total outstanding indebtedness |
$ |
12,272 |
|
$ |
12,294 |
|
|
|
|
||
Net debt (a) |
$ |
11,290 |
|
$ |
11,428 |
(a) |
Net debt is a non-GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is helpful in understanding our financial position. Net debt is equal to total outstanding indebtedness less cash and cash equivalents. |
As of June 30, 2025, cash on hand and borrowing capacity was as follows:
(In millions) |
|
June 30, 2025 |
||
Cash and cash equivalents |
|
$ |
982 |
|
Revolver capacity (a) |
|
|
2,235 |
|
Revolver capacity committed to letters of credit |
|
|
(90 |
) |
Available revolver capacity committed as regulatory requirement |
|
|
(46 |
) |
Total (b) |
|
$ |
3,081 |
|
(a) |
Revolver capacity includes |
|
(b) |
Excludes approximately |
“On July 8th we applied proceeds from the monetization of
Non-GAAP Measures
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 and 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
Net debt (defined above), a non-GAAP measure, has been presented as a supplemental disclosure because we believe it is helpful in understanding our financial condition. The reconciliation of net debt to total outstanding indebtedness is set forth above.
Other companies that provide similar non-GAAP measures may calculate them differently than we do, and the definitions may not be the same as the definitions we used in any of our debt agreements.
Conference Call Information
The Company will host a conference call to discuss its results on July 29, 2025 at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time. Participants may register for the call approximately 15 minutes before the call start time by visiting the following website at https://register-conf.media-server.com/register/BI67e2b845cf4b405587416511e64ce104.
Once registered, participants will receive an email with the dial-in number and unique PIN number to access the live event. The call will also be accessible on the Investor Relations section of Caesars’ website at https://investor.caesars.com.
In addition, supplemental slides will be posted prior to the call start time on the Investor Relations website at https://investor.caesars.com.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world’s most diversified casino-entertainment providers. Since its beginning in
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information. When used in this press release, the terms or phrases such as “anticipates,” “believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,” “estimates,” “could,” “should,” “would,” “will likely continue,” and variations of such words or similar expressions are intended to identify forward-looking statements. Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. These risks and uncertainties include, but are not limited to: (a) the impact on our business, financial results and liquidity of economic trends, inflation, trade tensions and related actions, such as the imposition of tariffs between
In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward- looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.
We periodically provide other information for investors on our Investor Relations website, https://investor.caesars.com. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.
CAESARS ENTERTAINMENT, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(In millions, except per share data) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
NET REVENUES: |
|
|
|
|
|
|
|
||||||||
Casino |
$ |
1,668 |
|
|
$ |
1,557 |
|
|
$ |
3,262 |
|
|
$ |
3,092 |
|
Food and beverage |
|
428 |
|
|
|
435 |
|
|
|
863 |
|
|
|
857 |
|
Hotel |
|
509 |
|
|
|
514 |
|
|
|
991 |
|
|
|
1,007 |
|
Other |
|
302 |
|
|
|
324 |
|
|
|
585 |
|
|
|
616 |
|
Net revenues |
|
2,907 |
|
|
|
2,830 |
|
|
|
5,701 |
|
|
|
5,572 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
||||||||
Casino |
|
887 |
|
|
|
817 |
|
|
|
1,748 |
|
|
|
1,669 |
|
Food and beverage |
|
275 |
|
|
|
266 |
|
|
|
550 |
|
|
|
529 |
|
Hotel |
|
155 |
|
|
|
139 |
|
|
|
306 |
|
|
|
276 |
|
Other |
|
105 |
|
|
|
100 |
|
|
|
200 |
|
|
|
194 |
|
General and administrative |
|
477 |
|
|
|
465 |
|
|
|
960 |
|
|
|
965 |
|
Corporate |
|
84 |
|
|
|
80 |
|
|
|
166 |
|
|
|
158 |
|
Impairment charges |
|
— |
|
|
|
118 |
|
|
|
— |
|
|
|
118 |
|
Depreciation and amortization |
|
364 |
|
|
|
326 |
|
|
|
721 |
|
|
|
653 |
|
Transaction and other costs, net |
|
34 |
|
|
|
13 |
|
|
|
36 |
|
|
|
19 |
|
Total operating expenses |
|
2,381 |
|
|
|
2,324 |
|
|
|
4,687 |
|
|
|
4,581 |
|
Operating income |
|
526 |
|
|
|
506 |
|
|
|
1,014 |
|
|
|
991 |
|
OTHER EXPENSE: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(579 |
) |
|
|
(594 |
) |
|
|
(1,153 |
) |
|
|
(1,184 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(51 |
) |
Other income (loss) |
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
25 |
|
Total other expense |
|
(578 |
) |
|
|
(598 |
) |
|
|
(1,153 |
) |
|
|
(1,210 |
) |
Loss before income taxes |
|
(52 |
) |
|
|
(92 |
) |
|
|
(139 |
) |
|
|
(219 |
) |
Provision for income taxes |
|
(13 |
) |
|
|
(10 |
) |
|
|
(24 |
) |
|
|
(25 |
) |
Net loss |
|
(65 |
) |
|
|
(102 |
) |
|
|
(163 |
) |
|
|
(244 |
) |
Net income attributable to noncontrolling interests |
|
(17 |
) |
|
|
(20 |
) |
|
|
(34 |
) |
|
|
(36 |
) |
Net loss attributable to Caesars |
$ |
(82 |
) |
|
$ |
(122 |
) |
|
$ |
(197 |
) |
|
$ |
(280 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share - basic and diluted: |
|
|
|
|
|
|
|
||||||||
Basic loss per share |
$ |
(0.39 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.93 |
) |
|
$ |
(1.29 |
) |
Diluted loss per share |
$ |
(0.39 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.93 |
) |
|
$ |
(1.29 |
) |
Weighted average basic shares outstanding |
|
209 |
|
|
|
216 |
|
|
|
210 |
|
|
|
216 |
|
Weighted average diluted shares outstanding |
|
209 |
|
|
|
216 |
|
|
|
210 |
|
|
|
216 |
|
CAESARS ENTERTAINMENT, INC. RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED EBITDA (UNAUDITED) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(In millions) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net loss attributable to Caesars |
$ |
(82 |
) |
|
$ |
(122 |
) |
|
$ |
(197 |
) |
|
$ |
(280 |
) |
Net income attributable to noncontrolling interests |
|
17 |
|
|
|
20 |
|
|
|
34 |
|
|
|
36 |
|
Provision for income taxes |
|
13 |
|
|
|
10 |
|
|
|
24 |
|
|
|
25 |
|
Other (income) loss (a) |
|
(1 |
) |
|
|
1 |
|
|
|
— |
|
|
|
(25 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
51 |
|
Interest expense, net |
|
579 |
|
|
|
594 |
|
|
|
1,153 |
|
|
|
1,184 |
|
Impairment charges (b) |
|
— |
|
|
|
118 |
|
|
|
— |
|
|
|
118 |
|
Depreciation and amortization |
|
364 |
|
|
|
326 |
|
|
|
721 |
|
|
|
653 |
|
Transaction costs and other, net (c) |
|
41 |
|
|
|
26 |
|
|
|
54 |
|
|
|
42 |
|
Stock-based compensation expense |
|
24 |
|
|
|
24 |
|
|
|
50 |
|
|
|
49 |
|
Adjusted EBITDA |
$ |
955 |
|
|
$ |
1,000 |
|
|
$ |
1,839 |
|
|
$ |
1,853 |
|
Pre-disposition Adjusted EBITDA (d) |
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(8 |
) |
Total Adjusted EBITDA |
$ |
955 |
|
|
$ |
996 |
|
|
$ |
1,839 |
|
|
$ |
1,845 |
|
(a) |
Other (income) loss for the six months ended June 30, 2024 primarily represents a change in the estimate of our disputed claims liability. |
|
(b) |
Impairment charges for the three and six months ended June 30, 2024 includes impairment within our Regional segment as a result of a decrease in projected cash flows at certain properties primarily due to localized competition. |
|
(c) |
Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, certain non-recurring litigation reserves, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with our new property openings, and non-cash changes in equity method investments. |
|
(d) |
Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for the LINQ Promenade prior to divestiture, for the relevant periods. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors for the periods presented. The additional financial information is included to enable the comparison of current results with results of prior periods. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250729347384/en/
Investor Relations:
Brian Agnew, bagnew@caesars.com
Charise Crumbley, ccrumbley@caesars.com
800-318-0047
Media Relations:
Kate Whiteley, kwhiteley@caesars.com
Source: Caesars Entertainment, Inc.
