Caesars Entertainment, Inc. (NASDAQ:CZR) Q3 2022 Results Conference Call November 1, 2022 5:00 PM ET Company Participants Brian Agnew - SVP, Finance, Treasury and IR Tom Reeg - CEO Anthony Carano - President and COO Bret Yunker - CFO Eric Hession - President, Caesars Sports & Online Gaming Conference Call Participants Carlo Santarelli - Deutsche Bank Joe Greff - JP Morgan Steven Wieczynski - Stifel Shaun Kelley - Bank of America Barry Jonas - Truist John DeCree - CBRE Securities David Katz - Jefferies Danie ...

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, 2022 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 ...

Caesars Entertainment, Inc. (NASDAQ:CZR) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants Brian Agnew - SVP, Finance, Treasury & IR Anthony Carano - President & COO Bret Yunker - CFO Eric Hession - EVP Thomas Reeg - CEO & Director Conference Call Participants Carlo Santarelli - Deutsche Bank Joseph Greff - JPMorgan Chase & Co. Steven Wieczynski - Stifel, Nicolaus & Company Barry Jonas - Truist Securities Chad Beynon - Macquarie Research David Bain - B. Riley Securities Daniel ...

Caesars Entertainment, Inc. (NASDAQ:CZR) Q1 2022 Earnings Conference Call May 3, 2022 5:00 PM ET Company Participants Brian Agnew - Senior Vice President of Finance, Treasury, and Investor Relations Tom Reeg - Chief Executive Officer Anthony Carano - President and Chief Operating Officer Bret Yunker - Chief Financial Officer Conference Call Participants Carlo Santarelli - Deutsche Bank Joe Greff - JPMorgan Steve Wieczynski - Stifel Barry Jonas - Truist Securities Thomas Allen - Morgan Stanley Shaun Kelley - ...

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 March 31, 2022 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 jurisd ...

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, 2021 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 - Adjusted EBITDA for Q4 2021 was $886 million, up 30% compared to Q4 2019 on a same-store basis, with records set for adjusted EBITDA and adjusted EBITDA margin in both Las Vegas and Regional segments [8] - Las Vegas segment achieved a record adjusted EBITDA of $494 million, improving 33% versus Q4 2019, with margins increasing by 1,000 basis points to 48% [9] - Regional markets saw adjusted EBITDA, excluding certain locations, increase by 28% versus 2019, with margins improving by 750 basis points to 34% [11] Business Line Data and Key Metrics Changes - Caesars Digital segment generated $116 million in net revenue with an adjusted EBITDA loss of $305 million, with sports betting and iCasino volume split approximately 65% and 35% [12] - The company booked a record $160 million of new business in the group segment in Q4 2021, indicating a recovery in convention business [10] - The company reported that 31 of its 52 properties set records for highest fourth quarter EBITDA [8] Market Data and Key Metrics Changes - Total occupancy in Las Vegas for Q4 was 86%, with weekend occupancy at 94% and midweek occupancy at 83% [9] - The company noted that group business represented approximately 10% of occupied room nights in Q4, a significant improvement from earlier in the year [10] - Omicron variant impacted January occupancy in Las Vegas, which was about 75%, but February showed improvement to 80% [23] Company Strategy and Development Direction - The company is focused on scaling its Digital business through customer acquisition and has plans for significant capital investments totaling $1.3 billion, expecting at least a 15% return [18][58] - New projects include expansions in Lake Charles, New Orleans, and Atlantic City, with expectations for completion and revenue generation in the coming years [15][17] - The company plans to rebrand several properties in 2022 to enhance customer experience [20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about visitation gains as COVID-19 fears subside and anticipates a return of convention customers to Las Vegas [19] - The company expects to see strong demand indicators moving forward, despite challenges posed by the Omicron variant [23] - Management highlighted the importance of targeting valuable customers and leveraging the Caesars Rewards database to drive growth in both digital and brick-and-mortar businesses [39][48] Other Important Information - The company has escrowed $400 million for capital projects and received insurance proceeds for Lake Charles [19] - Management indicated that the current quarter is expected to be the peak EBITDA loss for the Digital segment, with a move towards profitability anticipated thereafter [47] Q&A Session Summary Question: Timing of returns on $1.3 billion spend - Management expects benefits from various projects to start coming online in 2022 and 2023, with a conservative estimate of a 15% return on investment [61] Question: Impact of Omicron on margins - Management estimated that Omicron cost the company between $25 million and $50 million in Q4 [75] Question: Demand for Strip assets - Management indicated that selling a moderately-sized Strip asset would impact the yield across remaining assets, but they expect to maintain profitability [77] Question: Digital market performance in New York - Management reported that demand in New York exceeded expectations, leading to higher costs for customer acquisition but also greater market share [90] Question: iCasino impact on brick-and-mortar business - Management noted that there has been no negative impact on brick-and-mortar business from iGaming growth in New Jersey [73]

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, 2021 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 ...

Financial Data and Key Metrics Changes - The company reported $1.4 billion of adjusted EBITDA for Q3 2021, excluding Caesars Digital, marking a record for Brick and Mortar properties [8][9] - Las Vegas segment achieved an all-time quarterly record of $500 million in adjusted EBITDA, with a 44% improvement compared to Q3 2019 and a margin increase of 1,400 basis points to 50% [9][10] - Total occupancy for Q3 was 89%, with weekend occupancy at 97% and mid-week occupancy at 86% [10] Business Line Data and Key Metrics Changes - In regional markets, adjusted EBITDA, excluding New Orleans, Lake Tahoe, and Lake Charles, increased by 35% compared to 2019, with margins improving by 860 basis points to 38% [12] - Caesars Digital segment generated over $3 billion in volume, $96 million in net revenue, and an adjusted EBITDA loss of $164 million, with sports betting and iCasino handle split roughly 55%/45% [13][14] Market Data and Key Metrics Changes - The company’s national market share for sports betting reached 17% through September, with a handle of over $1.7 billion for Q3 and over $1.3 billion in October [15][38] - The company is now offering sports betting in 20 jurisdictions, with 14 being mobile [16] Company Strategy and Development Direction - The company plans to invest over $1 billion in the digital segment, anticipating cash-on-cash EBITDA returns at maturity exceeding 50% [28] - A significant focus is on scaling the digital business through aggressive customer acquisition, particularly in states where the Liberty platform is operational [14][30] - The company is also pursuing a strategy of asset sales, with expectations to generate over $5 billion in cash for deployment in 2022, primarily for debt reduction [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about visitation gains as COVID fears subside and expects a gradual recovery in group and convention revenues [20][106] - The company anticipates significant cash flow generation in 2022, with expectations to reduce cash interest expense significantly by the end of the year [50][51] Other Important Information - The company announced an agreement to sell the non-U.S. assets of William Hill for approximately $1.2 billion, expected to close in Q1 2022 [43][46] - Capital expenditures for 2021 are projected to be between $350 million and $400 million, with a portion allocated to Caesars Digital [46] Q&A Session Summary Question: When do you believe the sports betting business could start to see positive EBITDA contribution? - Management expects this to occur by the football season of 2023 [53] Question: Is there anything special about the first half of next year that would prompt aggressive action regarding asset sales? - Management indicated that they want to market based on the EBITDA generated from the property [55] Question: How sustainable is the current OpEx run rate in Las Vegas? - Management believes the current OpEx is sustainable but would like to see it increase as staffing improves [57] Question: What is the expected incremental investment in iCasino games? - Management stated that the investment is built into the overall guidance and is tied to the timing of game approvals [62] Question: How does the company view ROI in digital markets with higher tax rates? - Management prefers lower tax jurisdictions but acknowledges that high-velocity states can still be profitable [77] Question: How is the company performing in competitive states like New Jersey and Pennsylvania? - Management reported gaining market share in states where they launched later, with positive trends observed [86] Question: Can you quantify the impact of Caesars Rewards on new sign-ups? - Management noted that Caesars Rewards members account for about a quarter to a third of first-time deposits [92]

Caesars Entertainment, Inc. (NASDAQ:CZR) Q2 2021 Earnings Conference Call August 3, 2021 5:00 PM ET Company Participants Brian Agnew - Senior Vice President of Corporate Finance, Treasurer & Investor Relations Anthony Carano - President & Chief Operating Officer Tom Reeg - Chief Executive Officer Bret Yunker - Chief Financial Officer Conference Call Participants Joe Greff - JPMorgan Carlo Santarelli - Deutsche Bank Barry Jonas - Truist Securities David Katz - Jefferies Steve Wieczynski - Stifel Thomas Allen ...