UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File No. 001-36629 CAESARS ENTERTAINMENT, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporati ...

Financial Data and Key Metrics Changes - For Q4 2020, Caesars Entertainment reported $346 million in EBITDA, with a significant portion generated in October before restrictions tightened in November and December [11][12] - Las Vegas generated $100 million in EBITDA, excluding the Rio rent payment, indicating a need for improvement in absolute terms as the market reopens [12][32] - Regional EBITDA margins improved by approximately 400 basis points despite significant restrictions in various states [13][36] Business Line Data and Key Metrics Changes - In Las Vegas, adjusted EBITDA was $90 million for the quarter, with total occupancy at 60%, weekend occupancy at 80%, and midweek occupancy at 50% [32] - The regional markets faced challenges due to property closures and COVID-19 restrictions, with revenues down 17% and EBITDA down 6%, but EBITDAR margins improved [36][37] Market Data and Key Metrics Changes - January and February 2021 saw a 20% month-over-month increase in bookings for the FIT and casino segments, with gross and net bookings reaching record levels [16][19] - By mid-March, occupancy rates were projected to be over 50% mid-week and above 95% on weekends [19] Company Strategy and Development Direction - The company is focused on maintaining cost discipline while preparing for a recovery in business, with plans for property improvements and new food and beverage concepts in Las Vegas [35][36] - Caesars aims to exceed synergy targets from the merger with Eldorado and is optimistic about the recovery of travel and tourism, particularly in Las Vegas [27][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong recovery, with expectations to reach 2019 performance levels as early as the second half of 2021 [15][22] - The company is encouraged by recent booking trends and anticipates a significant increase in group business as restrictions ease [20][22] Other Important Information - The company has completed the sale of two Indiana assets, yielding over $1 billion in rent-adjusted debt relief, enhancing liquidity [39] - The integration of William Hill is ongoing, with expectations to close the transaction soon, which will enhance the company's digital offerings [28][39] Q&A Session Summary Question: Will Las Vegas need to improve significantly before asset sales occur? - Management indicated that no assets are currently for sale in Las Vegas and any future sales would be based on actual performance rather than projections [42] Question: Is online sports betting and iGaming profitable? - Management confirmed profitability across all verticals in the interactive digital business, with plans to invest more for market share post-William Hill integration [44][45] Question: What is the outlook for iGaming and sports betting? - Management believes iGaming will continue to grow and that states will likely expand legalization as they see revenue from sports betting [51][52] Question: What are the expectations for group business recovery? - Management expects group business to return with higher rates than 2019, driven by strong demand and booking trends [66] Question: How is the company managing room bookings? - Management clarified that they are not holding back convention bookings and are managing rates based on demand [62][66] Question: What are the leverage targets and free cash flow expectations? - Management remains confident in achieving $10 per share in free cash flow and aims to reduce leverage below four times on a gross lease-adjusted basis [73][74]

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 September 30, 2020 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) Delaware 46-3657681 (State or other ju ...

Caesars Entertainment, Inc. (NASDAQ:CZR) Q3 2020 Earnings Conference Call November 5, 2020 5:00 PM ET Company Participants Brian Agnew - Senior Vice President, Finance Investor Relations and Treasury Tom Reeg - Chief Executive Officer Anthony Carano - President and Chief Operating Officer Brett Yunker - Chief Financial Officer Conference Call Participants Steve Wieczynski - Stifel Thomas Allen - Morgan Stanley Jared Shojaian - Wolfe Research John DeCree - Union Gaming Chad Beynon - Macquarie Dan Politzer - ...

Caesars Entertainment, Inc. (NASDAQ:CZR) Q2 2020 Earnings Conference Call August 6, 2020 5:00 PM ET Company Participants Brian Agnew - VP of Finance and IR Tom Reeg - CEO Anthony Carano - President and COO Bret Yunker - CFO Conference Call Participants Carlo Santarelli - Deutsche Bank Steve Wieczynski - Stifel Thomas Allen - Morgan Stanley Dan Politzer - JPMorgan John Decree - Union Gaming Barry Jonas - SunTrust Chad Beynon - Macquarie David Katz - Jefferies Shaun Kelly - Bank of America Merrill Lynch Jare ...

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, 2020 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) Delaware 46-3657681 (State or other jurisdi ...

Financial Data and Key Metrics Changes - In Q1 2020, net revenue decreased by 13.6% year-over-year to $1.8 billion, with adjusted EBITDAR declining 46.3% to $302 million [24][32] - For the first two months of Q1, net revenue was up 12% year-over-year, and adjusted EBITDAR increased 28.7% [23] - March revenue was 56% lower than the prior year due to COVID-19 related shutdowns [24] Business Line Data and Key Metrics Changes - Las Vegas segment saw a 13.9% year-over-year decline in net revenue to $822 million, with adjusted EBITDAR down 39.7% [25][26] - Other U.S. segment net revenue totaled $874 million, down 13.5% year-over-year, with adjusted EBITDAR decreasing 50.2% [27] - The "All Other" segment, including international operations, reported net revenues of $132 million, down 12% year-over-year [29] Market Data and Key Metrics Changes - Q1 occupancy in Las Vegas decreased to 77.5% from 95% in Q1 2019, with RevPAR declining 19.6% to $120 [26] - Significant cancellations of hotel and convention reservations occurred due to property closures [26] Company Strategy and Development Direction - The company is focused on preserving liquidity, having drawn down $1.14 billion under revolving credit facilities, ending the quarter with approximately $2.7 billion in unrestricted cash [32] - Plans to phase openings of properties based on demand and contractual commitments, with health and safety initiatives being prioritized [17][19] - The company is evaluating cost centers to ensure prudent spending as properties reopen [33] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the timing of reopening and consumer behavior post-reopening, but noted a strong connection with guests and geographic diversity as advantages [9][10] - There is optimism about a quicker recovery in regional markets compared to Las Vegas, with encouraging signs of demand returning [35][50] Other Important Information - The company has established an employee assistance fund, Caesars Cares, to support team members affected by COVID-19 [13] - A sale of Bally's Atlantic City for approximately $25 million is in progress, subject to regulatory approvals [20] Q&A Session Summary Question: Insights on customer types and market recovery - Management believes regional markets will recover faster due to less reliance on air travel, with positive signs for Las Vegas bookings in Q4 [35][36] Question: Breakeven points for revenue - Breakeven for regional properties is approximately 30% of prior revenues, while Las Vegas requires about 50% [44][46] Question: Online gambling performance - Online gambling in New Jersey has seen significant growth, with plans to expand into other states [53][54] Question: Reopening strategies - Reopening will be phased, prioritizing hotel guests and high-value customers, with marketing efforts adjusted based on demand [62][63]

[PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part covers the company's unaudited financial statements, management's discussion, market risk, and internal controls [Item 1. FINANCIAL STATEMENTS](index=2&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements of Eldorado Resorts, Inc. for the three months ended March 31, 2020, and 2019, including balance sheets, statements of operations, comprehensive income, stockholders' equity, and cash flows, along with condensed notes detailing accounting policies, significant transactions, and financial impacts [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets%20at%20March%2031%2C%202020%20(unaudited)%20and%20December%2031%2C%202019) This section presents the company's financial position, detailing assets, liabilities, and equity | ASSETS (in thousands) | March 31, 2020 (unaudited) | December 31, 2019 | | :-------------------- | :------------------------- | :------------------ | | Cash and cash equivalents | $671,747 | $206,317 | | Total current assets | $1,242,406 | $604,643 | | Property and equipment, net | $2,455,332 | $2,614,524 | | Goodwill | $810,187 | $909,717 | | Total assets | $5,891,172 | $5,640,553 | | LIABILITIES AND STOCKHOLDERS' EQUITY (in thousands) | | | | Current portion of long-term debt | $246,109 | $246,175 | | Total current liabilities | $771,008 | $688,446 | | Long-term debt, less current portion | $2,780,691 | $2,324,541 | | Total liabilities | $4,950,963 | $4,523,296 | | Total stockholders' equity | $940,209 | $1,117,257 | | Total liabilities and stockholders' equity | $5,891,172 | $5,640,553 | - The company's cash and cash equivalents significantly increased from **$206.3 million** at December 31, 2019, to **$671.7 million** at March 31, 2020, primarily due to borrowings under its revolving credit facility[8](index=8&type=chunk)[225](index=225&type=chunk) - Total assets increased by **$250.6 million**, from **$5,640.6 million** to **$5,891.2 million**, while total liabilities increased by **$427.7 million**, from **$4,523.3 million** to **$4,951.0 million**, leading to a decrease in total stockholders' equity[8](index=8&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202020%20and%202019%20(unaudited)) This section details the company's revenues, expenses, and net income or loss over specific periods | (dollars in thousands, except per share data) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :-------------------------------------------- | :-------------------------------- | :-------------------------------- | | Net revenues | $473,069 | $635,823 | | Total operating expenses | $588,161 | $533,248 | | Operating (loss) income | $(123,180) | $123,604 | | Total other expense | $(89,630) | $(74,970) | | (Loss) income before income taxes | $(212,810) | $48,634 | | Benefit (provision) for income taxes | $37,172 | $(10,405) | | Net (loss) income | $(175,638) | $38,229 | | Net (loss) income per share of common stock: | | | | Basic | $(2.25) | $0.49 | | Diluted | $(2.25) | $0.49 | - The company reported a significant net loss of **$175.6 million** for the three months ended March 31, 2020, a substantial decline from a net income of **$38.2 million** in the prior-year period, primarily due to the impact of COVID-19 and related impairment charges[11](index=11&type=chunk)[39](index=39&type=chunk)[202](index=202&type=chunk) - Net revenues decreased by **25.6%** to **$473.1 million**, and operating income swung from a **$123.6 million gain** to a **$123.2 million loss**, largely driven by casino closures and impairment charges[11](index=11&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk) [Consolidated Statements of Comprehensive (Loss) Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20(Loss)%20Income%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202020%20and%202019%20(unaudited)) This section presents the comprehensive loss, which mirrors the net loss for the period | (dollars in thousands) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--------------------- | :-------------------------------- | :-------------------------------- | | Net (loss) income | $(175,638) | $38,229 | | Other comprehensive income, net of tax | — | — | | Comprehensive (loss) income, net of tax | $(175,638) | $38,229 | - Comprehensive loss for the three months ended March 31, 2020, mirrored the net loss at **$175.6 million**, with no other comprehensive income or loss reported[14](index=14&type=chunk) [Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202020%20and%202019%20(unaudited)) This section outlines changes in stockholders' equity, primarily due to net loss and stock awards | (dollars in thousands) | Balance, Dec 31, 2019 | Issuance of restricted stock units | Net loss | Shares withheld related to net share settlement of stock awards | Balance, Mar 31, 2020 | | :--------------------- | :-------------------- | :--------------------------------- | :------- | :------------------------------------------------------------ | :-------------------- | | Total Stockholders' Equity | $1,117,257 | $5,742 | $(175,638) | $(7,152) | $940,209 | - Total stockholders' equity decreased from **$1,117.3 million** at December 31, 2019, to **$940.2 million** at March 31, 2020, primarily due to the net loss of **$175.6 million**[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202020%20and%202019%20(unaudited)) This section details cash flows from operating, investing, and financing activities | (dollars in thousands) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $30,524 | $65,440 | | Net cash (used in) provided by investing activities | $(13,089) | $129,505 | | Net cash provided by (used in) financing activities | $447,739 | $(209,826) | | Increase (decrease) in cash, cash equivalents and restricted cash | $465,174 | $(14,881) | | Cash, cash equivalents and restricted cash, end of period | $681,752 | $231,810 | - Net cash provided by operating activities decreased to **$30.5 million** in Q1 2020 from **$65.4 million** in Q1 2019, primarily due to cash used for operating expenses following casino closures[21](index=21&type=chunk)[227](index=227&type=chunk) - Investing activities shifted from providing **$129.5 million** in Q1 2019 (due to asset sales) to using **$13.1 million** in Q1 2020 (due to capital expenditures and refunded deposits)[21](index=21&type=chunk)[228](index=228&type

| --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------| | Commission File No. 001-36629 ELDORADO RESORTS, (Exact name of registrant as specified in its charter) \nNevada (State or other jurisdiction of \nincorporation or organization) | INC. \n46-3657681 (I.R.S. Employer \nIdentification No.) | | 100 West L ...

Financial Data and Key Metrics Changes - For Q4 2019, net revenues totaled $2.2 billion, up 2.6% year-over-year, driven by strength in Las Vegas and growth in Iowa and Indiana due to new sportsbooks [9][10] - Adjusted EBITDA was $586 million, up 3.4% year-over-year, with adjusted EBITDA margins expanding 20 basis points to 27% [10] - For the full year, net revenues were $8.7 billion, up 4.2% year-over-year, and adjusted EBITDA totaled $2.42 billion, up 4.7% [11][12] Business Line Data and Key Metrics Changes - Las Vegas net revenue totaled $989 million, up 4.2% year-over-year, with gaming revenue increasing 1.4% and hotel revenue increasing 3.2% [19][20] - Other U.S. segments generated net revenues of $1 billion, up 1.8% year-over-year, with EBITDA increasing 7.8% to $248 million [25][26] - All other segments saw net revenues of $148 million, down 2.6% year-over-year, primarily due to decreases in international property volumes [27] Market Data and Key Metrics Changes - Strong consumer demand in Las Vegas led to higher occupancy rates, with occupancy increasing 120 basis points to 95.1% [20] - The opening of new sportsbooks in Indiana and Iowa drove higher visitation and gaming volumes [25] - The company has seen a 300% increase in cash beverage sales in Biloxi, Mississippi, since the sportsbooks opened [50] Company Strategy and Development Direction - The merger with Eldorado is progressing, with stockholder approvals received and regulatory approvals expected in the first half of 2020 [8] - The company is focusing on expanding its sports betting business, with plans to launch mobile sports betting in Pennsylvania, Indiana, and Iowa [16] - The opening of Caesars Forum in Las Vegas is anticipated to drive significant revenue, with over 240,000 room nights booked and $119 million in revenue expected [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Las Vegas market, noting strong performance in January 2020 with gaming volume up 9% [17] - The company is monitoring the impact of the Coronavirus but has not seen any business impact to date [34][35] - The overall demand environment is improving, with expectations for continued non-gaming growth [29] Other Important Information - The company has removed approximately $100 million of annualized expenses since the start of 2019, contributing to strong financial results [12] - The company ended the year with approximately $1.8 billion of unrestricted cash and a total revolver capacity of $1.2 billion [31] Q&A Session Summary Question: Impact of Coronavirus on visitation and booking trends - Management reported no business impact from Coronavirus to date and noted strong VVIP business from Asia [34][35] Question: Incremental revenue from Caesars Forum - The majority of the $100 million in hotel room revenue is considered incremental, with bookings exceeding forecasts [37][38] Question: Exposure to high-end Asian clientele - The overall profitability from the VVIP business in Asia is around 1%, with no significant exposure [42] Question: Labor cost environment and operational improvements - The company has improved marketing and labor efficiency, with significant cost savings achieved [45][46] Question: Inbound interest for gaming assets on the Strip - There is currently no inbound interest for Strip properties, with no active discussions [48] Question: Impact of sports betting on visitation and revenue - Sports betting has led to increased visitation and food and beverage revenue, with a 300% increase in cash beverage sales in some locations [50] Question: Update on Centaur sale leaseback - No updates on timing or discussions regarding the Centaur sale leaseback [51] Question: Health precautions related to Asian clientele - The company is developing contingency plans and working with government agencies regarding health precautions [55] Question: Annual increase in union contract costs - The $100 million in cost savings is net, as increases would have occurred regardless [56]