Financial Data and Key Metrics Changes - For the full year, the Las Vegas segment generated over 25% growth in both revenues and EBITDA, achieving approximately $4.3 billion in revenue and $2 billion in adjusted EBITDA [7] - Quarterly net revenue results grew by over 100% year-over-year, marking the smallest adjusted EBITDA loss since rebranding to Caesars Sportsbook [10] - The company reduced debt by over $200 million in Q4, totaling $1.2 billion for the year, with leverage now standing at just under 4.5x on a traditional debt-to-EBITDA basis [49][49] Business Line Data and Key Metrics Changes - The Las Vegas segment achieved record cash hotel revenues and food and beverage results, with occupancy during Q4 at 95.5%, returning to pre-COVID levels [17] - The Regional segment delivered $443 million of EBITDA in Q4, up 3% year-over-year, with adjusted EBITDA growing 21% versus 2019 [45] - The Digital segment reported a year-over-year volume increase of 7%, with promotional expenses down 43%, leading to improved net revenue [20] Market Data and Key Metrics Changes - The company launched sports betting online in Ohio and retail, expanding to 29 North American jurisdictions, with plans to launch a mobile sports app in Massachusetts [11] - Group and convention paid for 2023 is up to 2019 levels, driven by strong average daily rates (ADRs) and higher room nights [7] - Forward bookings in Las Vegas are strong, with expectations for March to be one of the best months ever [28] Company Strategy and Development Direction - The company plans to benefit from several capital investment projects in 2023, including the opening of new properties and renovations [8] - Digital growth strategy remains critical, with a focus on improving product experience and segmented marketing capabilities [21][48] - The company aims to achieve a leverage target of sub-4x by the end of 2024, continuing to generate significant free cash flow [61][125] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023 and beyond, citing strong forward occupancy and a robust event calendar in Las Vegas [7] - The company anticipates that Digital will become EBITDA positive in 2023, with expectations for significant growth in iGaming [52][124] - Management noted that consumer spending remains strong, with no signs of weakness in the destination business [36][126] Other Important Information - The company refinanced $4.5 billion of debt at attractive rates, reducing exposure to short-term rate hikes [12] - The new Horseshoe Lake Charles property opened to strong demand, exceeding initial expectations [8] - The company expects to see a significant change in trailing credit statistics due to improved performance in Digital [26] Q&A Session Summary Question: What is the expected impact of the Super Bowl on business? - Management expects Super Bowl level activity, with a strong weekend anticipated regardless of the event [32] Question: How is the company thinking about leverage and debt reduction? - The company aims to maintain a leverage target of sub-4x and expects to repeat the $1.2 billion debt reduction in 2023 [61][119] Question: What are the expectations for group business in 2023? - Management is optimistic about group business, expecting it to exceed 2019 levels [58] Question: How does the company view the digital versus land-based player in terms of recession resistance? - Management believes both segments will be impacted, but the digital player may lean more towards money constraints [126] Question: Can you provide insights on the iCasino ramp and upcoming improvements? - The company plans to enhance game content and introduce a standalone casino app, with significant improvements expected in the second half of 2023 [92][124]

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, 2022 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 ...

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 ...