For in-depth and deep dive research on the casino and gaming sector, subscribe to The House Edge . New: Free excerpts from our book in progress "The Smartest ever Guide to Gaming Stocks" - free to existing members and new subscribers.Howard Jay Klein has 30 years of experience as an executive and consultant in major casino operations. His background includes: Ballys, Trump Taj Mahal, Mohegan Sun, and Caesars Palace in Las Vegas. He is a value investor first, using management quality to inform his investment ...

Core Viewpoint - Caesars Entertainment, Inc. (CZR) reported second-quarter 2025 results with earnings missing estimates while revenues exceeded expectations, showing a year-over-year increase in top line but a decline in bottom line [1][3]. Financial Performance - The company recorded an adjusted loss per share of 39 cents, missing the Zacks Consensus Estimate of earnings of 7 cents, compared to an adjusted break-even in the prior-year quarter [3][8]. - Net revenues reached $2.9 billion, surpassing the consensus mark of $2.88 billion by 1.1% and increasing 2.7% year over year [3]. Segment Performance - **Las Vegas Segment**: Net revenues were $1.05 billion, down 4.3% from $1.10 billion in the prior-year quarter, with adjusted EBITDA decreasing to $469 million from $514 million [4]. - **Regional Segment**: Quarterly net revenues increased to $1.44 billion, up 3.6% year over year from $1.39 billion, while adjusted EBITDA fell to $439 million from $469 million [4]. - **Caesars Digital**: This segment saw net revenues rise 24.3% to $343 million from $276 million, with adjusted EBITDA increasing to $80 million from $40 million [5]. - **Managed and Branded Segment**: Net revenues were $74 million, up 5.7% year over year from $68 million, with adjusted EBITDA remaining flat at $17 million [5]. - **Corporate and Other**: Net revenues were $1 million compared to negative $2 million a year ago, with adjusted EBITDA at negative $50 million, worsening from negative $40 million in the prior-year quarter [6]. Balance Sheet - As of June 30, 2025, cash and cash equivalents stood at $982 million, an increase from $866 million as of December 31, 2024 [7]. - Net debt decreased slightly to $11.29 billion from $11.43 billion as of December 31, 2024 [7].

Core Insights - Caesars Entertainment reported revenue of $2.91 billion for the quarter ended June 2025, reflecting a 2.7% increase year-over-year and surpassing the Zacks Consensus Estimate of $2.88 billion by 1.1% [1] - The company experienced an EPS of -$0.39, a significant decline from $0 in the same quarter last year, resulting in an EPS surprise of -657.14% against the consensus estimate of $0.07 [1] Revenue Performance - Las Vegas net revenues were $1.05 billion, falling short of the estimated $1.07 billion, marking a year-over-year decrease of 4.3% [4] - Regional net revenues reached $1.44 billion, exceeding the average estimate of $1.4 billion, with a year-over-year increase of 3.6% [4] - Caesars Digital net revenues were reported at $343 million, surpassing the estimated $329.84 million, showing a substantial year-over-year growth of 24.3% [4] - Managed and Branded net revenues were $74 million, slightly above the estimated $69.88 million, reflecting a 5.7% increase year-over-year [4] - Corporate and Other net revenues were $1 million, compared to an estimated -$0.33 million, indicating a drastic year-over-year change of -150% [4] - Hotel net revenues were $509 million, slightly below the estimated $513.18 million, with a year-over-year decline of 1% [4] Adjusted EBITDA Analysis - Adjusted EBITDA for Las Vegas was $469 million, below the average estimate of $482.18 million [4] - Adjusted EBITDA for Regional operations was $439 million, also below the average estimate of $460.54 million [4] - Corporate and Other adjusted EBITDA was reported at -$50 million, closely aligning with the average estimate of -$50.48 million [4] - Caesars Digital adjusted EBITDA reached $80 million, significantly higher than the estimated $56.27 million [4] - Managed and Branded adjusted EBITDA was $17 million, slightly below the average estimate of $17.72 million [4] Stock Performance - Caesars Entertainment shares have returned +3.6% over the past month, matching the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance compared to the broader market in the near term [3]

Caesars Entertainment (CZR) came out with a quarterly loss of $0.39 per share versus the Zacks Consensus Estimate of $0.07. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -657.14%. A quarter ago, it was expected that this casino and resort operator would post a loss of $0.19 per share when it actually produced a loss of $0.54, delivering a surprise of -184.21%.Over the last four quarters, ...

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDAR of $955 million for Q2 2025 [6][4] - The digital segment achieved its best quarter ever with adjusted EBITDA of $80 million, a 100% increase year over year [12][6] - Las Vegas segment reported same store adjusted EBITDAR of $469 million, with occupancy at 97% compared to 99% last year [7][6] - Regional segment reported adjusted EBITDAR of $439 million, impacted by one-time items [8][6] Business Line Data and Key Metrics Changes - Digital segment net revenues increased by 24% year over year to $343 million, with adjusted EBITDA margins growing to 23.3% [12][6] - The Las Vegas segment faced challenges with lower table games volume and hold, but is on track for a record EBITDA year in 2025 [8][6] - Regional revenues were up year over year, driven by new properties and strategic reinvestment in the Caesars Rewards database [7][6] Market Data and Key Metrics Changes - The Las Vegas market experienced softer demand, particularly in May and June, but bookings have stabilized recently [20][19] - The regional segment was negatively impacted by approximately $30 million in one-time items, including construction disruptions [22][21] - Digital growth was driven by a significant increase in sports and casino revenues, with net revenues up 2851% year over year [12][6] Company Strategy and Development Direction - The company is focused on refining its marketing approach and leveraging its customer database to drive profitable revenues [43][45] - Investments in new slot capital and property renovations are expected to generate strong returns [8][10] - The company aims to achieve over $500 million in EBITDA from digital by 2026, with ongoing improvements in customer acquisition tools [60][59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter and 2026, citing a strong group calendar and expected recovery in Las Vegas [20][36] - The company anticipates that regional EBITDA will be flat to up for the full year, despite recent challenges [22][21] - Management noted that the digital segment's momentum is strong, with expectations for continued growth [60][59] Other Important Information - The company has made significant investments in its properties, including room remodels and partnerships to enhance guest experiences [66][65] - The tax bill is expected to reduce cash taxes significantly, which will help offset any shortfalls in EBITDA from Las Vegas [30][29] Q&A Session Summary Question: Can you unpack the stabilization seen in Las Vegas? - Management noted that forward cash room expectations stabilized in July after a decline in May and June, projecting a record group year in 2025 [34][35] Question: What are the specifics of the promotional efforts? - The company is leveraging its database for targeted marketing and filling rooms in Las Vegas, adapting offers based on performance [43][45] Question: How is the company addressing the softness in leisure demand in Las Vegas? - Management indicated that the softness is part of normal seasonality and expects improvement as group bookings increase [53][52] Question: What is the outlook for digital growth? - The company is on track to exceed the $500 million EBITDA target for digital, with strong momentum and customer acquisition strategies in place [60][59] Question: Are there plans for further investments in Vegas properties? - Management confirmed ongoing room remodels and partnerships to enhance property offerings, but noted that most major capital investments have already been made [66][65]

Caesars Entertainment (CZR) Q2 2025 Earnings Call July 29, 2025 05:00 PM ET Speaker0Good day, thank you for standing by. Welcome to the Caesars Entertainment Inc. Twenty twenty five Second Quarter Earnings Call. At this time, participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today, Brian Agnew, Senior Vice President of Corp ...

Company Performance & Financials - Caesars Entertainment's Q2 2025 net revenues increased by 29% year-over-year[63] - The company's Q2 2025 Adjusted EBITDA was $955 million, a 41% decrease year-over-year[63] - The Adjusted EBITDA margin for Q2 2025 was 329%[63] - The company's master lease rent is $1350 million[51] - Full year interest expense is $775 million[51] Caesars Digital - Caesars Digital's trailing twelve months net revenue is $13 billion[18] - Caesars Digital's trailing twelve months Adjusted EBITDA is $195 million[18] - Caesars Digital's Q2 2025 net revenues increased by 24% year-over-year[69] - iGaming net gaming revenue increased by 51% year-over-year in Q2 2025, reaching $124 million[71] Capital Investments - Approximately $860 million of capital investment brought online post-closing of the Eldorado & Caesars merger in July 2020 in Las Vegas[31] - Approximately $29 billion of capital spend since closing of the Eldorado & Caesars merger in July 2020 in Regional Properties[38]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-36629 CAESARS ENTERTAINMENT, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

Core Viewpoint - Caesars Entertainment, Inc. (CZR) is set to report its second-quarter 2025 results on July 29, with expectations of a mixed performance based on recent trends and estimates [1][9]. Estimate Revision Trend - The Zacks Consensus Estimate for CZR's earnings per share (EPS) has decreased from 16 cents to 7 cents over the past 30 days, while the revenue estimate stands at approximately $2.9 billion, reflecting a 1.6% increase year-over-year [2]. Factors Influencing Q2 Results - CZR's second-quarter performance is anticipated to benefit from improving regional trends, digital momentum, and strategic investments across its properties [3]. - The company is expected to gain from newly ramped regional properties and a focus on cost efficiencies, with regional revenues estimated at $1.4 billion, indicating a 2.9% year-over-year increase [4]. Digital Segment Growth - The digital segment is projected to be a significant growth driver, with total Caesars Digital revenues estimated at $330 million, representing a 19.6% increase from the previous year [6]. Las Vegas Operations - Las Vegas operations are expected to show resilience despite tough comparisons from the previous year, with total revenues estimated at $1.07 billion, reflecting a 2.9% decline year-over-year [7]. Margin Pressures - Elevated operating expenses and ongoing capital expenditures related to renovations and digital technology rollouts may negatively impact margins in the second quarter [8]. Earnings Prediction Model - The model indicates that CZR is projected to post Q2 EPS of $0.07 on revenues of $2.9 billion, with potential support from property ramp-ups and digital strength, although elevated expenses could weigh on margins [9].

Core Insights - Caesars Entertainment is launching a new premium credit card, the Caesars Rewards Prestige Visa Signature, in partnership with Bread Financial, aimed at enhancing customer experience and loyalty [1][2][3] Group 1: Credit Card Features - The Caesars Rewards Prestige Visa Signature credit card has a $149 annual fee and offers up to $450 in annual value through various perks [1][2] - Cardmembers can earn rewards on everyday purchases and unlock exclusive benefits in travel, entertainment, dining, and gaming [2][3] - The card includes a complimentary hotel night upon anniversary (up to $300), $50 Slot Play, and $100 Caesars dining credit [4] Group 2: Tier Credits and Bonuses - New cardholders can earn up to 25,000 additional Tier Credits in their first year, accelerating their progress in the Caesars Rewards loyalty program [2][5] - The card provides multiple opportunities for earning Tier Credits, including bonuses for spending outside Caesars Rewards destinations [5] Group 3: Company Background - Caesars Entertainment is the largest casino entertainment company in the U.S., operating under various brand names and offering a wide range of gaming and hospitality services [7] - The company focuses on enhancing guest value through its Caesars Rewards loyalty program and a commitment to operational excellence and technology leadership [7] Group 4: Partner Company Overview - Bread Financial is a tech-forward financial services company that provides personalized payment and lending solutions, enhancing customer experiences in various sectors [8]