Group 1 - Caesars Entertainment's shares have declined by 22% over the past year, indicating a history of underperformance [1] - The company's stock value is currently lower than when it was previously rated as a buy [1] - The analysis is based on over fifteen years of experience in making contrarian bets and identifying stock-specific turnaround stories [1]

Financial Performance Highlights - For the full year 2015, Caesars Entertainment Corporation (CEC) + Caesars Entertainment Operating Company (CEOC) net revenues reached $9053 million, a 6% increase year-over-year[18] - Adjusted EBITDA for CEC + CEOC in FY2015 was $2399 million, up 42% year-over-year[18] - Continuing CEC's net revenues for FY2015 were $4496 million, a 15% increase year-over-year[18] - Continuing CEC's Adjusted EBITDA for FY2015 was $1270 million, up 46% year-over-year[18] - Enterprise-wide EBITDA margin expansion was achieved through cost-saving initiatives, with an incremental $350 million of EBITDA delivered in FY2015[22] Segment Performance - Caesars Growth Partners (CGP) reported net revenue of $600 million in 4Q 2015, a 14% increase year-over-year, and Adjusted EBITDA of $157 million, up 52% year-over-year[58] - Caesars Entertainment Resort Properties (CERP) saw net revenue increase by 3% to $517 million in 4Q 2015, with Adjusted EBITDA up 41% to $145 million[55] - Caesars Interactive Entertainment (CIE) experienced a 33% year-over-year increase in net revenue, reaching $208 million, and a 67% increase in Adjusted EBITDA to $77 million[64] - CEOC's Adjusted EBITDA increased by 44% with margins up 698 basis points year-over-year[68] Strategic Initiatives and Investments - The company is investing in Las Vegas hotel room upgrades, with over 4800 rooms in Las Vegas and over 5700 enterprise-wide expected to be renovated in 2016[27] - A gaming innovation strategy is in motion, focusing on re-energizing the core slot player and engaging Millennial/Generation X customers[48]

Financial Performance - Continuing CEC的净收入为39亿美元，同比增长3%[17] - Continuing CEC的调整后EBITDA为11亿美元，同比增长9%[17] - Continuing CEC的调整后EBITDA利润率为27.6%，同比增长148个基点[17] - 企业范围内的净收入为84亿美元，同比增长1%[17] - 企业范围内的调整后EBITDA为22亿美元，同比增长6%[17] - 企业范围内的调整后EBITDA利润率为26.5%，同比增长117个基点[17] Key Initiatives and Investments - 移动网络增强功能使Caesars网站的收入和流量增加[22] - Total Rewards 数据库通过增加营销力度实现了增长[22] - Total Rewards 应用程序功能的增强带来了收入增长[22] - 企业范围内的拉斯维加斯现金ADR增长了17%[25] - 2016年，整个网络开设了23家新店[31] Operational Efficiency - 营销支出占净收入的百分比从2014年的27%下降到2016年的22%[36] - 每位全职员工的净收入从2014年的167000美元增加到2016年的204000美元[36] Employee Engagement and Customer Satisfaction - 员工敬业度：公司范围内的年度员工意见得分达到2005年以来的最高水平[17] - 客户满意度：总体客户服务得分达到历史最高水平[17]

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]