Pentwater Capital reveals 5.6% Caesars Entertainment (CZR) position in Schedule 13G

Rhea-AI Filing Summary

Pentwater Capital Management LP and Matthew Halbower report a passive ownership stake in Caesars Entertainment, Inc. common stock. They beneficially own 11,465,000 shares of Caesars’ common stock, representing 5.6% of the class, based on 203,693,576 shares outstanding as of May 27, 2026.

The shares are held by certain Pentwater funds, for which Pentwater Capital Management acts as investment adviser. Both Pentwater and Halbower report shared voting and dispositive power over 11,465,000 shares and no sole voting or dispositive power. The Pentwater funds have the right to receive dividends and sale proceeds from these securities.

Key Figures

Shares beneficially owned: 11,465,000 shares Ownership percentage: 5.6% Shares outstanding: 203,693,576 shares +3 more

6 metrics

Shares beneficially owned 11,465,000 shares Caesars Entertainment common stock beneficially owned by the Reporting Persons

Ownership percentage 5.6% Percentage of Caesars Entertainment common stock class held by the Reporting Persons

Shares outstanding 203,693,576 shares Caesars Entertainment common stock outstanding as of May 27, 2026

Shared voting power 11,465,000 shares Shares over which the Reporting Persons have shared power to vote or direct the vote

Shared dispositive power 11,465,000 shares Shares over which the Reporting Persons have shared power to dispose or direct the disposition

Par value per share $0.00001 per share Par value of Caesars Entertainment common stock

Key Terms

beneficial owner, shared voting power, dispositive power, Schedule 13G, +1 more

5 terms

beneficial owner financial

"beneficial owner of the securities reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 11,465,000.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"Shared Dispositive Power 11,465,000.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Schedule 13G regulatory

"filed for the purposes of Section 13 of the Securities"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

investment adviser financial

"the investment adviser to certain funds (the "Pentwater Funds")"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

What ownership stake in CZR does Pentwater Capital Management report?

Pentwater Capital Management reports beneficial ownership of 11,465,000 shares of Caesars Entertainment (CZR) common stock, representing 5.6% of the outstanding class based on 203,693,576 shares outstanding as of May 27, 2026.

Who are the reporting persons in the Caesars Entertainment (CZR) Schedule 13G?

The reporting persons are Pentwater Capital Management LP, a Delaware limited partnership and investment adviser to certain funds, and Matthew Halbower, a U.S. citizen and sole shareholder of the Investment Manager’s general partner.

Does Pentwater have voting and dispositive power over its CZR shares?

Yes. Pentwater Capital Management and Matthew Halbower report shared voting power over 11,465,000 shares and shared dispositive power over 11,465,000 shares of Caesars Entertainment common stock, with no sole voting or dispositive power reported.

How was Pentwater’s 5.6% CZR ownership percentage calculated?

The 5.6% ownership is calculated using an aggregate of 203,693,576 Caesars Entertainment common shares outstanding as of May 27, 2026, as referenced from a company Form 8-K exhibit.

Who receives dividends and sale proceeds from Pentwater’s CZR holdings?

The Pentwater Funds, which directly hold the Caesars Entertainment shares, have the right to receive or direct the receipt of dividends and proceeds from any sale of the common stock reported in this Schedule 13G.

Where are Pentwater Capital Management and Matthew Halbower based in this CZR filing?

The business address for both reporting persons is 1001 10th Avenue South, Suite 216, Naples, FL 34102. Caesars Entertainment’s principal executive offices are at 100 West Liberty Street, 12th Floor, Reno, Nevada 89501.

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Available on EDGAR 08/14/2026 - 04:27 PM Accepted by SEC EDGAR 08/14/2026 - 04:20 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Caesars Entertainment, Inc.

(Name of Issuer)

Common Stock, par value $0.00001 per share

(Title of Class of Securities)

12769G100

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 12769G100

1

Names of Reporting Persons

Pentwater Capital Management LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,465,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,465,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,465,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 12769G100

1

Names of Reporting Persons

Matthew Halbower

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,465,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,465,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,465,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Caesars Entertainment, Inc.
(b)	Address of issuer's principal executive offices: 100 West Liberty Street, 12th Floor, Reno, Nevada 89501
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Pentwater Capital Management LP (the "Investment Manager"), a Delaware limited partnership, and the investment adviser to certain funds (the "Pentwater Funds"), with respect to the shares of common stock, par value $0.00001 per share ("Common Stock"), of Caesars Entertainment, Inc., a Delaware corporation (the "Company"), directly held by the Pentwater Funds; and (ii) Mr. Matthew Halbower ("Mr. Halbower"), the sole shareholder of MCH PWCM Holdings Inc., the general partner of the Investment Manager, with respect to the shares of Common Stock directly held by the Pentwater Funds. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities and Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 1001 10th Avenue South, Suite 216, Naples, FL 34102.
(c)	Citizenship: The Investment Manager is a Delaware limited partnership. Mr. Halbower is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.00001 per share
(e)	CUSIP Number(s): 12769G100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 203,693,576 shares of Common Stock outstanding as of May 27, 2026, as reported in Exhibit 2.1 attached to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 28, 2026.
(b)	Percent of class: 5.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). The Pentwater Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Pentwater Capital Management LP

Signature:	/s/ Matthew Halbower
Name/Title:	By: MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer
Date:	08/14/2026

Matthew Halbower

Signature:	/s/ Matthew Halbower
Name/Title:	Matthew Halbower, individually
Date:	08/14/2026

Exhibit Information

Exhibit 99.1: Joint Filing Agreement