Financial Performance Highlights - FY 2017 U S GAAP net revenues reached $4852 million, a 25 1% year-over-year increase[17] - FY 2017 U S GAAP adjusted EBITDAR was $1357 million, up 26 8% year-over-year, with a margin of 28 0%, a 37 bps increase[17] - FY 2017 Same-Store net revenues were $8121 million, a 0 8% year-over-year increase[17] - FY 2017 Same-Store adjusted EBITDAR was $2203 million, up 3 0% year-over-year, with a margin of 27 1%, a 59 bps increase[17] - 4Q17 U S GAAP net revenues were $1901 million, a 100 3% year-over-year increase[24] - 4Q17 U S GAAP adjusted EBITDAR was $491 million, up 96 4% year-over-year, with a margin of 25 8%, a 52 bps decrease[24] - 4Q17 Same-Store net revenues were $1963 million, a 0 3% year-over-year decrease[24] - 4Q17 Same-Store adjusted EBITDAR was $505 million, a 0 0% year-over-year change, with a margin of 25 7%, an 8 bps increase[24] Strategic Initiatives and Outlook - The company is focused on invigorating hospitality and loyalty programs, investing in the core gaming business, and driving expansion of the distribution network[33] - The company broke ground at Incheon, Korea resort site in August[44] - The company estimates capex for same-store projects & room renovations between $500 million and $600 million in FY 2018[60]

Financial Performance Highlights - Enterprise-Wide net revenues increased by 2.7% year-over-year (YoY), but were flat excluding Centaur[21] - Enterprise-Wide Adjusted EBITDAR increased by 4.6% YoY, or 1.4% excluding Centaur[21] - Enterprise-Wide Adjusted EBITDAR margin was 27.5% for the full year[21] - In 4Q 2018, Enterprise-Wide net revenues increased by 7.4% YoY, or 1.2% excluding Centaur[21] - In 4Q 2018, Enterprise-Wide Adjusted EBITDAR increased by 12.1% YoY, or 4.3% excluding Centaur, with a margin of 26.8% (+110bps)[21] - Las Vegas RevPAR increased by 2.1% YoY for the full year and 10.9% YoY for 4Q 2018[21] Efficiency Improvements - Full year marketing efficiency improved by 160bps to 20.1%[21] - Full year labor efficiency improved by 30bps to 23.6%[21] Debt and Liquidity - Total financial debt (excluding convertible debt) was $7.992 billion, with 59% fixed and 41% variable[51] - Total financial debt plus capitalized leases was $14.240 billion[51] - Total liquidity as of December 31, 2018, was $2.516 billion, including $1.491 billion in cash and cash equivalents[51] Capital Expenditures - Enterprise-Wide total capital expenditures for FY18 were $665 million, including $484 million for maintenance and $181 million for development[52]

ENTERTAINMENT 1Q 2019 Earnings • May 1, 2019 CAESARS ENTERTAINMENT CORPORATION D Forward Looking Statements Certain information in this presentation and discussed on the conference call which this presentation accompanies constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by the use of words such as "will," "may," "expect," "projec ...

Financial Performance - Caesars Entertainment announced a merger with Eldorado Resorts on June 24, 2019, creating the largest owner and operator of U S gaming assets[5] - Net revenues increased by 4 9% year-over-year, but decreased by 1 2% excluding Centaur[6] - Adjusted EBITDAR increased by 1 3% year-over-year, but decreased by 5 1% excluding Centaur[6] - The adjusted EBITDAR margin was 28 4%[6] Regional Performance - Las Vegas net revenues increased by 1 0% year-over-year to $1 002 million[11] - Las Vegas adjusted EBITDAR increased by 1 6% year-over-year to $389 million, with a margin of 38 8%, up 20 bps[11] - Other U S net revenues increased by 8 4% year-over-year to $1 064 million[11] - Other U S adjusted EBITDAR increased by 4 7% year-over-year to $270 million, but the margin decreased by 90 bps to 25 4%[11] - "All Other" region reported a $28 million adjusted EBITDAR loss, a decrease of $10 million year-over-year[11] Las Vegas Strip Key Performance Indicators - Occupancy increased by 370 bps[9] - ADR (Average Daily Rate) increased by 2 2%[9] - RevPAR (Revenue Per Available Room) increased by 6 2%[9] - Adjusted EBITDAR increased by 1 6%[9] - Adjusted EBITDAR Margin increased by 20 bps[9] Capital Expenditures and Debt - Total financial debt (excluding convertible debt) was $7 861 billion, with 60% fixed and 40% variable[30] - Total financial debt plus REIT capitalized leases was $14 085 billion[30] - The company estimates 2019 maintenance capex to be between $375 million and $450 million, and development capex between $475 million and $550 million[35]

Financial Performance - Net revenues increased by 2.3% year-over-year, reaching $2.236 billion[4] - Adjusted EBITDAR increased by 6.3% year-over-year[7] - Adjusted EBITDAR margin increased by 100 bps[7] - Las Vegas net revenues increased by 6.9% year-over-year, reaching $973 million[10] - Las Vegas Adjusted EBITDAR increased by 16.0% year-over-year, reaching $356 million[10] - Other U S net revenues decreased by 0.5% year-over-year, to $1.119 billion[10] - All Other net revenues decreased by 4.0% year-over-year, to $144 million[10] Key Performance Indicators - Customer Service Scores increased by 2.65%[7] - Net Promoter Score increased by 4.02%[7] - Las Vegas Occupancy increased by 290 bps[9] - Las Vegas ADR increased by 3.7%[9] - Las Vegas RevPAR increased by 7.0%[9] Efficiency - Labor efficiency improved by 20 bps[2] - Marketing efficiency improved by 60 bps[3] Merger - Merger with Eldorado Resorts expected to close in 1H 2020[8]

Financial Performance - Q4 2019 - Net revenues increased by 2.6% year-over-year[3], reaching $2169 million[8] - Adjusted EBITDAR increased by 3.4% year-over-year[3], with a margin of 27.0%, up 20 bps[3] - Las Vegas net revenue increased by 4.2% year-over-year[3], reaching $989 million[8] - Las Vegas adjusted EBITDAR increased by 3.4% year-over-year[3], reaching $363 million[8] - Adjusted EBITDAR excluding Rio increased by 4.5% year-over-year[3] Financial Performance - Full Year 2019 - Net revenues increased by 4.2% year-over-year[3], reaching $8742 million[16] - Adjusted EBITDAR increased by 4.7% year-over-year[3], with a margin of 27.6%, up 10 bps[3], reaching $2417 million[17] - Marketing efficiency improved to 20.0%, up 10 bps[3] - Labor efficiency improved to 23.4%, up 30 bps[3] Las Vegas Key Performance Indicators - Las Vegas RevPAR increased by 2.1% year-over-year[3] - Las Vegas Adjusted EBITDAR Margin was 36.7%[10]

Financial Performance - Q1 2020 - Net revenues for Caesars Entertainment were $1828 million, a decrease of $287 million or 136% year-over-year [6] - Adjusted EBITDAR was $302 million, a decrease of $260 million or 463% year-over-year [6] - Las Vegas net revenue was $822 million, down $133 million or 139% year-over-year [6] - Other U S net revenue was $874 million, down $136 million or 135% year-over-year [6] - All Other net revenue was $132 million, down $18 million or 120% year-over-year [6] Impact of COVID-19 - Temporary property closures began in March, impacting financial results [1] - Aggressive cost management was implemented to preserve liquidity [1] - The company provided two weeks of closure pay and continued medical benefits for employees [3] Liquidity and Debt - Cash and cash equivalents totaled $2677 million as of March 31, 2020 [14] - Total financial debt (excluding convertible debt) was $8700 million [14] - Maintenance Capex was $109 million [15]

Company Performance Highlights - Caesars Digital generated over $1.2 billion of TTM Net Revenue and $155 million of Adjusted EBITDA [19] - Caesars Digital's Q1 '25 TTM Net Revenue is 20% above Q1 '24 TTM [19] - Caesars Digital's Q1 '25 TTM Adjusted EBITDA is 230% above Q1 '24 TTM [19] - Las Vegas properties generated over $1.0 billion of TTM Adjusted EBITDAR [30] - Regional properties' capital spend comprises approximately 65% of Q1 2025 Regional segment Adjusted EBITDAR [33] - Caesars Digital's iGaming net gaming revenue increased by 53% YoY in Q1 2025 to $118 million [56, 59] Financial Outlook - The company anticipates $1.35 billion in master lease rent [41] - The company's current weighted average cost of debt is 6.5%, implying $775 million of full-year interest expense [41] - The company projects mid-point capital expenditures of $606 million for 2025, excluding Caesars Virginia JV [41] - The company estimates cash income taxes at approximately 5% of Adjusted EBITDAR [41]

Core Insights - The sin stock market, which includes companies in alcohol, tobacco, cannabis, and gambling, is gaining attention from investors focused on returns rather than ethical considerations [2][11] - Sin stocks are characterized by their defensive nature, providing growth even during economic downturns due to consistent demand for their products [3][11] Industry Trends - The U.S. alcoholic beverages market is projected to grow from $544.19 billion in 2024 to $573.98 billion in 2025, with a CAGR of 5.5%, and expected to reach $709.13 billion by 2029 [8] - The U.S. tobacco market is shifting towards alternatives like vapes and smokeless options, with an estimated growth from $85.93 billion in 2024 to $112.28 billion by 2032, reflecting a CAGR of 3.4% from 2025 to 2032 [9] - The global online gambling market is anticipated to reach $12.81 billion by 2030, with a CAGR of 16.5% from 2025 to 2030, driven by the rise of online platforms and sports betting legalization [10] Company Insights - Philip Morris International (PM) is transitioning towards reduced-risk products, maintaining strong pricing power and consistent earnings momentum despite declining smoking rates [5][12] - Caesars Entertainment (CZR) is enhancing its omnichannel strategy to integrate digital and physical offerings, positioning itself as a leader in the expanding gambling sector [6] - Constellation Brands (STZ) is focusing on premiumization and innovation, with the beer segment expected to grow 7-9% annually, while also expanding into premium wine and spirits [19][21]

It has been about a month since the last earnings report for Caesars Entertainment (CZR) . Shares have added about 1.6% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Caesars Entertainment due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Mov ...