Core Viewpoint - Caesars Entertainment, Inc. reported disappointing third-quarter 2024 results, with both earnings and revenues falling short of the Zacks Consensus Estimate and declining year over year [1][3]. Financial Performance - The company reported an adjusted loss per share of 4 cents, missing the Zacks Consensus Estimate of 21 cents by 119.1%, compared to an adjusted EPS of 34 cents in the prior-year quarter [3]. - Net revenues were $2.87 billion, which lagged behind the consensus mark of $2.91 billion by 1.3%, down from $2.99 billion in the prior-year quarter [3]. Segmental Performance - **Las Vegas Segment**: Net revenues totaled $1.06 billion, down 1.3% from $1.12 billion in the year-ago quarter, impacted by a decline in casino revenues due to decreased gaming volume and lower table games hold. Adjusted EBITDA was $472 million, down 2.1% from $482 million [4]. - **Regional Segment**: Quarterly net revenues were $1.45 billion, down 7.6% year over year, affected by new competition, construction disruptions, and adverse weather. Adjusted EBITDA reached $498 million, down from $575 million in the prior-year quarter [5]. - **Caesars Digital Segment**: Net revenues increased by 40.9% year over year to $303 million, benefiting from a significant rise in iGaming handle and improved sports betting hold. Adjusted EBITDA totaled $52 million, up from $2 million in the year-ago quarter [6]. - **Managed and Branded Segment**: Net revenues were $68 million, down 30.6% from $98 million in the prior-year quarter, with adjusted EBITDA decreasing to $19 million from $20 million [7]. Balance Sheet - As of September 30, 2024, cash and cash equivalents were $802 million, down from $1.01 billion as of December 31, 2023. Net debt increased to $11.9 billion from $11.43 billion at the end of 2023 [8].

Financial Data and Key Metrics Changes - The company reported same-store consolidated net revenues of $2.9 billion and adjusted EBITDA of $1 billion for Q3 2024, driven by record non-gaming performance in Las Vegas and an all-time quarterly EBITDA record in the Digital segment [6][9] - Consolidated EBITDA margins remained flat at 35% year-over-year [7] - Adjusted EBITDA for the Regional segment was $498 million, down 13% year-over-year, impacted by tough comparisons and competitive pressures [9][10] Business Line Data and Key Metrics Changes - In Las Vegas, same-store net revenue was $1 billion with adjusted EBITDA of $472 million, a 2% decrease from the previous year [7][8] - The Digital segment achieved net revenues of $303 million, up 41% year-over-year, with adjusted EBITDA reaching $52 million compared to $2 million a year ago [13] - The iGaming segment saw an 83% growth rate in net revenue, while the Sports Betting segment experienced a 36% increase [14][15] Market Data and Key Metrics Changes - Las Vegas segment EBITDAR margins were approximately 44.4%, remaining flat year-over-year [8] - The company noted competitive pressures in various markets, particularly in Reno and New Orleans, which affected performance [9][21] - The opening of Caesars New Orleans is expected to provide significant revenue opportunities due to favorable tax structures [25] Company Strategy and Development Direction - The company is focusing on reducing debt and has executed a $140 million share buyback, with plans for further buybacks as free cash flow increases [39][40] - Future capital expenditures are expected to decrease significantly, with a budget of approximately $600 million for 2025 [39][40] - The company is optimistic about the performance in 2025, anticipating tailwinds from new openings in New Orleans and Virginia [28][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding operating trends for the fourth quarter and into 2025, driven by strong occupancy and average daily rates [9][30] - The company acknowledged challenges from new competition and construction disruptions but remains confident in its ability to adapt and grow [21][22] - Management highlighted the importance of digital growth, expecting significant contributions from the digital segment moving forward [99] Other Important Information - The company completed the sale of the World Series of Poker brand for $250 million in cash and a $250 million note [18] - The LINQ Promenade sale was also announced, with an EBITDA multiple of approximately 14 times [38] - The company is actively exploring additional non-core asset sales, although these may be more complex and take longer to execute [42] Q&A Session Summary Question: Digital promotional investment strategy - Management indicated a different strategy for Sports and iCasino, with lower reinvestment levels in Sports while maintaining market alignment in iCasino [46][48] Question: Las Vegas group business outlook - Management expects higher group total revenues and EBITDA in 2025, pacing to set new records [49] Question: Non-core asset sales - Management clarified that while other non-core asset sales are in discussion, they are more complex and have longer timelines compared to recent sales [52] Question: iCasino early launch performance - Early results from the Horseshoe brand launch have been positive, with a good conversion of Wynn customers [54][56] Question: October OSB performance - Management noted that October was challenging due to poor sports betting outcomes, but this does not affect the long-term structural story [60] Question: Danville property transition - The transition to the permanent facility in Danville is expected to be seamless, with no significant EBITDA dislocation anticipated [75][78] Question: Competitive landscape in regional gaming - Management expects regional gaming to be slightly down to flat in 2025 due to ongoing competitive pressures [91][92] Question: Legal outlook for sports betting - Management expressed a desire to see OSB and iGaming legalized in every jurisdiction, emphasizing the importance of a structured approach [94] Question: Customer engagement in iGaming - Management reported an increase in crossover between brick-and-mortar and online customers, leading to higher customer value [96]

Core Insights - Caesars Entertainment reported a revenue of $2.87 billion for the quarter ended September 2024, reflecting a 4% decline year-over-year and a surprise of -1.30% compared to the Zacks Consensus Estimate of $2.91 billion [1] - The company's EPS was -$0.04, a significant drop from $0.34 in the same quarter last year, resulting in an EPS surprise of -119.05% against the consensus estimate of $0.21 [1] Revenue Performance - Net Revenues from Las Vegas were $1.06 billion, falling short of the $1.10 billion estimate, representing a -5.2% change year-over-year [3] - Regional Net Revenues totaled $1.45 billion, compared to the $1.49 billion average estimate, marking a -7.6% decline year-over-year [3] - Caesars Digital reported Net Revenues of $303 million, exceeding the $274.25 million estimate, with a notable increase of +40.9% year-over-year [3] - Managed and Branded Net Revenues were $68 million, below the $73.50 million estimate, reflecting a -30.6% change year-over-year [3] - Corporate and Other Net Revenues were reported at -$5 million, better than the -$0.62 million estimate, showing a year-over-year improvement of +25% [3] Adjusted EBITDA Performance - Adjusted EBITDA for Las Vegas was $472 million, slightly below the $475.77 million estimate [3] - Regional Adjusted EBITDA was $498 million, compared to the $512.73 million estimate [3] - Corporate and Other Adjusted EBITDA reported at -$40 million, close to the -$41.87 million estimate [3] - Caesars Digital achieved an Adjusted EBITDA of $52 million, surpassing the $34.01 million estimate [3] - Managed and Branded Adjusted EBITDA was $19 million, slightly above the $18.47 million estimate [3] Stock Performance - Over the past month, shares of Caesars Entertainment have returned +9.1%, outperforming the Zacks S&P 500 composite's +1.7% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [4]

Caesars Entertainment (CZR) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of $0.21. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -119.05%. A quarter ago, it was expected that this casino and resort operator would post earnings of $0.14 per share when it actually produced break-even earnings, delivering a surprise of -100%. Over the last four quarters ...

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, 2024 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 ...

Exhibit 99.1 Caesars Entertainment, Inc. Reports Third Quarter 2024 Results LAS VEGAS and RENO, Nev. (October 29, 2024) – Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the Company") today reported operating results for the third quarter ended September 30, 2024. Third Quarter 2024 and Recent Highlights: • GAAP net revenues of $2.9 billion versus $3.0 billion for the comparable prior-year period. • GAAP net loss of $9 million compared to net income of $74 million for the comparable ...

Caesars Entertainment, Inc. (CZR) is scheduled to report third-quarter 2024 results on Oct. 29, after the closing bell. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. In the last reported quarter, the company reported a negative earnings surprise of 100%. Trend in CZR's Estimate Revision For the quarter to be reported, the Zacks Consensus Estimate for earnings per share has decreased to 23 cents from 29 cents in the past 30 days. The estimated figure indicates a decline from earni ...

Caesars Entertainment, Inc. (CZR) has posted a remarkable 23.6% rally in the past month, significantly outpacing the industry's 15.6% growth. This surge in share price can be largely attributed to favorable macroeconomic tailwinds, particularly the Federal Reserve's interest rate reduction. The announcement of a share buyback program has further boosted investors' confidence, signaling strong cash flow and management's commitment to enhancing shareholder's value. Other major industry players have witnessed ...

Caesars Entertainment, Inc. (CZR) in partnership with Sault Ste. Marie Tribe of Chippewa Indians, recently announced the launch of Horseshoe Online Casino in Michigan. The launch solidifies Caesars as a leading force in both traditional and digital gaming spaces. Also, the initiative enhances its portfolio of online gaming platforms, which includes Caesars Palace Online Casino, Caesars Sportsbook & Casino and WSOP.COM. The new platform mirrors the immersive environment of a real-life casino with a revolutio ...

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