凯撒娱乐：并未发现（美国）消费者开支在2025年走弱。 ...

Financial Data and Key Metrics Changes - Consolidated net revenues for Q1 2025 were $2.8 billion, an increase of 2% year-over-year [6] - Total adjusted EBITDAR for the quarter was $884 million, up 4% year-over-year [6] - Same store adjusted EBITDAR in Las Vegas was $433 million, essentially flat compared to the prior year [6][8] - Las Vegas EBITDA margins improved to 43.2%, up 50 basis points year-over-year [8] Business Line Data and Key Metrics Changes - The Regional segment delivered adjusted EBITDAR of $440 million, up 2% year-over-year [10] - Caesars Digital reported net revenue of $335 million, a 19% increase year-over-year, with adjusted EBITDA of $43 million, up $38 million year-over-year [12] - Sports Betting net revenue increased by 9%, while iCasino net revenue grew by 53% year-over-year [12][13] Market Data and Key Metrics Changes - Convention room nights accounted for 20% of the Las Vegas mix, with the Forum Convention Center achieving a Q1 EBITDA record [8] - The New Orleans and Danville projects contributed positively to the Regional segment despite weather disruptions [10][19] Company Strategy and Development Direction - The company is focused on capital projects in Las Vegas, which are yielding better-than-expected returns [9] - There is a commitment to enhancing guest experiences through significant capital investments over the past four years [10] - The company is in a free cash flow harvesting mode, with plans to use operating free cash flow primarily for debt paydown [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Las Vegas market outlook despite economic uncertainties [9][22] - Forward bookings remain strong, with expectations for continued growth in digital segments [22] - Management noted that they have not observed any significant consumer softness, with rated play showing mid-single-digit growth [44][46] Other Important Information - The company repurchased $100 million of its stock at an average price of $23.84 [16] - Full-year CapEx for 2025 is expected to be approximately $600 million, with interest expenses projected to decrease significantly [16] Q&A Session Summary Question: Las Vegas outlook and group-related bookings - Management indicated that group bookings were about 20% of the first quarter room base and expect 2025 to be a record year for group bookings [29][30] Question: Clarification on last year's revenue piece - Management confirmed a $6 million headwind on EBITDA due to skin revenues and World Series of Poker revenues declining [32] Question: Impact of weather and leap year on regional performance - Management estimated the net impact of weather and leap year to be in excess of $10 million [37] Question: Changes in customer behavior among different segments - Management noted that unrated play has been softer than rated play, but rated play is up mid-single digits [44] Question: Digital segment performance and future expectations - Management confirmed that iCasino is performing well, with a 70% increase in revenue in April compared to the previous year [21][84] Question: International customer exposure and trends - Management stated that they primarily operate as a domestic business, with some international high-end play continuing without significant changes [91] Question: Regional margins and future expectations - Management expects regional margins to improve as competitive pressures ease and new properties ramp up [97] Question: Buyback strategy and market conditions - Management indicated they would remain active in stock buybacks if the stock dislocates as it did in early April [100]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Unaudited Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) This section presents the Company's unaudited consolidated condensed financial statements and detailed notes for Q1 2025 and 2024 [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) | (In millions) | March 31, 2025 | December 31, 2024 | | :------------ | :------------- | :---------------- | | Total assets | $32,398 | $32,590 | | Total liabilities | $28,119 | $28,214 | | Total stockholders' equity | $4,279 | $4,376 | [Consolidated Condensed Statements of Operations](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) | (In millions, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | | Net revenues | $2,794 | $2,742 | | Operating income | $488 | $485 | | Net loss | $(98) | $(142) | | Net loss attributable to Caesars | $(115) | $(158) | | Basic loss per share | $(0.54) | $(0.73) | [Consolidated Condensed Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income%20(Loss)) | (In millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------ | :-------------------------------- | :-------------------------------- | | Net loss | $(98) | $(142) | | Comprehensive loss | $(98) | $(143) | | Comprehensive loss attributable to Caesars | $(115) | $(159) | [Consolidated Condensed Statements of Stockholders' Equity](index=7&type=section&id=Consolidated%20Condensed%20Statements%20of%20Stockholders'%20Equity) | (In millions) | Balance, December 31, 2024 | Balance, March 31, 2025 | | :------------ | :------------------------- | :---------------------- | | Total Stockholders' Equity | $4,376 | $4,279 | | Net income (loss) attributable to Caesars | $(115) | $(158) (for 2024) | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) | (In millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $218 | $80 | | Net cash used in investing activities | $(206) | $(264) | | Net cash used in financing activities | $(19) | $(94) | | Decrease in cash, cash equivalents and restricted cash | $(7) | $(278) | | Cash, cash equivalents and restricted cash, end of period | $1,009 | $865 | [Notes to Consolidated Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) This section provides detailed explanations of the Company's accounting policies, asset valuations, debt, revenue, and segment information - Caesars Entertainment, Inc. (CZR) is a diversified gaming and hospitality company, founded in 1973, that has grown through a series of acquisitions including Caesars Entertainment Corporation (2020) and William Hill PLC (2021)[26](index=26&type=chunk) - The Company owns, leases, brands, or manages **53 domestic properties** in 18 states, with primary revenue from gaming operations, including retail and online sports betting and online gaming[27](index=27&type=chunk) - Caesars Digital segment operates retail and online sports wagering in **32 North American jurisdictions** (26 online), and iGaming in five jurisdictions, including the Caesars Sportsbook, Racebook, and Palace/Horseshoe Online Casino apps[28](index=28&type=chunk) - On December 12, 2024, the Company sold the LINQ Promenade for **$275 million**, which was previously part of the Las Vegas segment[30](index=30&type=chunk) - Unaudited financial statements are prepared in accordance with GAAP for interim financial information, not including all information required for complete financial statements[31](index=31&type=chunk) - The Company consolidates subsidiaries where it has a controlling financial interest and Variable Interest Entities (VIEs) where it is the primary beneficiary[33](index=33&type=chunk) - Fair value measurements are categorized into Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs)[39](index=39&type=chunk) - Advertising costs are expensed as incurred, totaling **$60 million in Q1 2025** and **$64 million in Q1 2024**, primarily within Casino expense for Caesars Digital[41](index=41&type=chunk) | (In millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------ | :-------------------------------- | :-------------------------------- | | Interest expense, net | $574 | $590 | - New accounting pronouncements (ASU 2024-03 and ASU 2023-09) are not expected to have a material impact on the financial statements[43](index=43&type=chunk)[44](index=44&type=chunk) | (In millions) | March 31, 2025 | December 31, 2024 | | :------------ | :------------- | :---------------- | | Total property and equipment, net | $14,666 | $14,812 | | Depreciation expense (3 months ended March 31) | $324 (2025) | $291 (2024) | | (In millions) | March 31, 2025 | December 31, 2024 | | :------------ | :------------- | :---------------- | | Goodwill | $10,601 | $10,601 | | Total amortizing and non-amortizing intangible assets other than Goodwill, net | $4,100 | $4,133 | | Amortization expense (3 months ended March 31) | $33 (2025) | $36 (2024) | - The Company is party to various legal proceedings, with estimated losses accrued when probable and estimable, not material to consolidated financial condition[52](index=52&type=chunk) - Sports sponsorship/partnership obligations totaled **$398 million** as of March 31, 2025, with contracts extending through 2040[54](index=54&type=chunk) - Self-insurance liability for workers compensation, health, and general liability was **$208 million** as of March 31, 2025[55](index=55&type=chunk) | (In millions) | March 31, 2025 | December 31, 2024 | | :------------ | :------------- | :---------------- | | Total debt | $12,167 | $12,154 | | Current portion of long-term debt | $110 | $109 | | Long-term debt | $12,046 | $12,033 | - Annual maturities of long-term debt are estimated at **$84 million for 2025**, **$110 million for 2026**, and **$656 million for 2027**; estimated interest payments are **$580 million for 2025**[59](index=59&type=chunk) - The Company was in compliance with all applicable financial covenants as of March 31, 2025[82](index=82&type=chunk) - The CEI Revolving Credit Facility had **$2.1 billion of available borrowing capacity** as of March 31, 2025[71](index=71&type=chunk) | (In millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------ | :-------------------------------- | :-------------------------------- | | **Net Revenues:** | | | | Las Vegas | $1,003 | $1,028 | | Regional | $1,388 | $1,365 | | Caesars Digital | $335 | $282 | | Managed and Branded | $67 | $68 | | Corporate and Other | $1 | $(1) | | **Adjusted EBITDA:** | | | | Las Vegas | $433 | $440 | | Regional | $440 | $433 | | Caesars Digital | $43 | $5 | | Managed and Branded | $16 | $18 | | Corporate and Other | $(48) | $(43) | - Contract and contract related liabilities (outstanding chip liability, Caesars Rewards, customer deposits) decreased from **$728 million at Jan 1, 2025** to **$606 million at March 31, 2025**[89](index=89&type=chunk) - Hotel lease revenue was **$482 million in Q1 2025**, down from **$493 million in Q1 2024**; real estate lease revenue was **$29 million in Q1 2025**, down from **$35 million in Q1 2024**[90](index=90&type=chunk)[92](index=92&type=chunk) | (In millions, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | | Net loss attributable to Caesars | $(115) | $(158) | | Basic loss per share | $(0.54) | $(0.73) | | Diluted loss per share | $(0.54) | $(0.73) | | Weighted average basic shares outstanding | 212 | 216 | - Total stock-based compensation expense was **$26 million in Q1 2025**, up from **$25 million in Q1 2024**[97](index=97&type=chunk) - In Q1 2025, the Company granted **2.2 million RSUs** ($75M fair value), **232 thousand PSUs** ($6M fair value), and **348 thousand MSUs** ($16M fair value)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - The Board authorized a **$500 million common stock repurchase program** on October 2, 2024; no repurchases were made in Q1 2025, but approximately **4.2 million shares were repurchased for $100 million in April 2025**[106](index=106&type=chunk) | (In millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------ | :-------------------------------- | :-------------------------------- | | Loss before income taxes | $(87) | $(127) | | Provision for income taxes | $(11) | $(15) | | Effective tax rate | (12.6)% | (11.8)% | - The income tax provision differed from the federal tax rate of 21% primarily due to an increase in federal and state valuation allowances against deferred tax assets for excess business interest expense[113](index=113&type=chunk) - The Company leases land for Eldorado Resort Casino Reno from C. S. & Y. Associates (CSY), a general partnership where the Executive Chairman's family has an interest; annual rent is **$0.6 million**[115](index=115&type=chunk) - The Company holds a **50.0% variable interest** in CVA Holdco, LLC (Caesars Virginia joint venture) and is the primary beneficiary, consolidating its operations; distributions to the partner totaled **$10 million in Q1 2025**[116](index=116&type=chunk) - The Company holds a **50% variable interest** in the Pompano Joint Venture but is not the primary beneficiary, accounting for it using the equity method; distributions from this JV totaled **$23 million in Q1 2025**[117](index=117&type=chunk)[118](index=118&type=chunk) - The Company operates in four reportable segments: Las Vegas, Regional, Caesars Digital, and Managed and Branded, plus Corporate and Other; Adjusted EBITDA is the primary metric used by the CEO (CODM) to assess segment performance and allocate resources[119](index=119&type=chunk)[122](index=122&type=chunk) - Total capital expenditures were **$223 million in Q1 2025**, down from **$264 million in Q1 2024**[132](index=132&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Company's financial condition and operational results for Q1 2025 vs Q1 2024, covering performance, liquidity, and capital resources [Overview](index=28&type=section&id=Overview) This section provides a general overview of the Company's business, properties, and recent divestitures - Caesars is a diversified gaming and hospitality company with **53 domestic properties** in 18 states, generating primary revenue from gaming operations, including retail and online sports betting and iGaming[140](index=140&type=chunk) - As of March 31, 2025, the Company owned **22 casinos** and leased **24**, including 18 from VICI Properties L.P. and 6 from GLP Capital, L.P.[141](index=141&type=chunk) - Caesars Digital operates retail and online sports wagering in **32 North American jurisdictions** (26 online) and iGaming in five jurisdictions[143](index=143&type=chunk) - Recent divestitures include the World Series of Poker (WSOP) Trademark for **$500 million** (October 2024) and The LINQ Promenade for **$275 million** (December 2024)[147](index=147&type=chunk) [Investments and Partnerships](index=30&type=section&id=Investments%20and%20Partnerships) This section details the Company's joint venture interests and related distributions - The Company has a **50% variable interest** in the Pompano Joint Venture with Cordish Companies, accounted for using the equity method, and received **$23 million in distributions in Q1 2025**[150](index=150&type=chunk)[151](index=151&type=chunk) [Reportable Segments](index=30&type=section&id=Reportable%20Segments) This section outlines the Company's four primary reportable operating segments - Operating segments are aggregated into four reportable segments: Las Vegas, Regional, Caesars Digital, and Managed and Branded, plus Corporate and Other[152](index=152&type=chunk) [Key Performance Metrics](index=30&type=section&id=Key%20Performance%20Metrics) This section identifies the key metrics used to evaluate the Company's operational and financial performance - Key performance metrics include volume indicators (drop/handle), win/hold percentages (slot win **9-11%**, table games hold **16-23%**, sports betting hold **7-11%**, iGaming hold **3-5%**), and hotel occupancy[156](index=156&type=chunk) - Adjusted EBITDA and Adjusted EBITDA margin are key metrics for profitability and performance[156](index=156&type=chunk) [Significant Factors Impacting Financial Results](index=31&type=section&id=Significant%20Factors%20Impactin%20Financial%20Results) This section discusses economic and financial factors influencing the Company's financial outcomes - Economic factors impacting discretionary spending (inflation, interest rates, global hostilities) influence customer behavior[158](index=158&type=chunk) - Debt transactions, including a **$4.4 billion refinancing in Q1 2024**, resulted in a **$48 million loss on extinguishment of debt**[158](index=158&type=chunk) [Consolidated Financial Performance](index=32&type=section&id=Consolidated%20Financial%20Performance) This section analyzes the Company's overall financial results, including revenues, net loss, and Adjusted EBITDA | (Dollars in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Variance | Percent Change | | :-------------------- | :-------------------------------- | :-------------------------------- | :------- | :------------- | | Net revenues | $2,794 | $2,742 | $52 | 1.9% | | Net loss | $(98) | $(142) | $44 | 31.0% | | Adjusted EBITDA | $884 | $853 | $31 | 3.6% | | Net loss margin | (3.5)% | (5.2)% | 1.7 pts | | | Adjusted EBITDA margin | 31.6% | 31.1% | 0.5 pts | | - Consolidated net revenues increased due to significant iGaming handle and improved iGaming/sports betting hold in Caesars Digital, and increased revenues in Regional segment from new development projects[159](index=159&type=chunk) - Operating expenses increased by **2.2% to $2,306 million**, primarily due to increased food & beverage and hotel expenses from new facility openings and higher wages, partially offset by decreased promotional costs in Las Vegas[160](index=160&type=chunk)[161](index=161&type=chunk) - Depreciation and amortization increased by **9.2% to $357 million** due to recently completed construction projects[164](index=164&type=chunk) - Interest expense, net, decreased by **2.7% to $574 million** due to debt reduction and refinancing efforts[167](index=167&type=chunk) [Segment Performance Analysis](index=34&type=section&id=Segment%20Performance%20Analysis) This section provides a detailed analysis of the financial performance for each of the Company's reportable segments - Las Vegas Segment: Net revenues decreased by **2.4% to $1,003 million**, and Adjusted EBITDA decreased by **1.6% to $433 million**, primarily due to lower hotel occupancy and room rates compared to Q1 2024 (Super Bowl impact); Adjusted EBITDA margin improved by **0.4 pts to 43.2%** due to efficiency focus[170](index=170&type=chunk) - Regional Segment: Net revenues increased by **1.7% to $1,388 million**, and Adjusted EBITDA improved by **1.6% to $440 million**, driven by positive results from Caesars Virginia and Caesars New Orleans development projects; Net income declined due to increased depreciation expense from completed construction projects[173](index=173&type=chunk) - Caesars Digital Segment: Net revenues increased by **18.8% to $335 million**, and Adjusted EBITDA significantly improved to **$43 million** (from $5 million), primarily due to higher iGaming handle (up **28.3% to $4,488M**) and improved iGaming (up **0.3 pts to 3.6%**) and sports betting hold (up **0.6 pts to 7.3%**); Adjusted EBITDA margin increased by **11 pts to 12.8%**[175](index=175&type=chunk)[176](index=176&type=chunk) - Managed and Branded Segment: Net revenues decreased by **1.5% to $67 million**, and Adjusted EBITDA decreased by **11.1% to $16 million**[179](index=179&type=chunk) [Adjusted EBITDA Reconciliation](index=36&type=section&id=Adjusted%20EBITDA%20Reconciliation) This section defines Adjusted EBITDA and reconciles it to the Company's net loss - Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before interest, taxes, depreciation, amortization, stock-based compensation, debt extinguishment loss, impairment, other income/loss, noncontrolling interests, transaction costs, and non-cash equity method changes[182](index=182&type=chunk) | (In millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------ | :-------------------------------- | :-------------------------------- | | Net loss attributable to Caesars | $(115) | $(158) | | Adjusted EBITDA | $884 | $853 | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the Company's cash position, available liquidity, and future funding requirements - As of March 31, 2025, cash and cash equivalents were **$884 million**, with total available liquidity (including revolver capacity) of **$2,994 million**[187](index=187&type=chunk) - Operating activities generated **$218 million in cash inflows in Q1 2025**, up from **$80 million in Q1 2024**[187](index=187&type=chunk) - Estimated debt service (principal and interest) for the remainder of 2025 is **$664 million**, and lease payments to VICI and GLPI are approximately **$1.0 billion**[190](index=190&type=chunk) - Capital expenditures totaled **$223 million in Q1 2025**, with an estimated range of **$445 million to $570 million** for the remainder of 2025[192](index=192&type=chunk)[193](index=193&type=chunk) - The Company expects current liquidity to be sufficient to fund operations, capital requirements, and debt service for the next twelve months and beyond[197](index=197&type=chunk) [Debt and Master Lease Covenant Compliance](index=39&type=section&id=Debt%20and%20Master%20Lease%20Covenant%20Compliance) This section confirms the Company's adherence to financial covenants under its debt agreements and master leases - The Company was in compliance with all applicable financial covenants under its debt agreements and master leases as of March 31, 2025[202](index=202&type=chunk) - Key covenants include a maximum net total leverage ratio of **6.50:1** and a minimum fixed charge coverage ratio of **2.0:1** for CEI Revolving Credit Facility and Term Loan A[199](index=199&type=chunk) - GLPI Leases require a minimum adjusted revenue to rent ratio of **1.20:1**[200](index=200&type=chunk) [Share Repurchase Program](index=39&type=section&id=Share%20Repurchase%20Program) This section provides an update on the Company's common stock repurchase program - The **$500 million common stock repurchase program** authorized in Oct 2024 had **$450 million remaining** as of March 31, 2025[203](index=203&type=chunk) - No repurchases were made in Q1 2025, but **$100 million worth of shares** were repurchased in April 2025[203](index=203&type=chunk) [Critical Accounting Policies and Estimates](index=39&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section confirms no material changes to critical accounting policies and estimates since the prior fiscal year-end - No material changes to critical accounting policies and estimates since December 31, 2024[206](index=206&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the Company's exposure to market risks, primarily interest rate fluctuations on variable-rate debt, with no material changes reported - The Company is exposed to interest rate risk from variable rate long-term debt[208](index=208&type=chunk) - As of March 31, 2025, variable-rate borrowings totaled **$5.9 billion** (**48% of consolidated long-term debt**), with weighted average interest rates of **6.56% for variable** and **6.34% for fixed rate debt**[209](index=209&type=chunk) - No material quantitative changes in market risk exposure or management from prior reports[211](index=211&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of disclosure controls and reports no significant changes in internal controls over financial reporting [Evaluation of Disclosure Controls and Procedures](index=40&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) This section states the CEO and CFO's conclusion on the effectiveness of disclosure controls and procedures - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[213](index=213&type=chunk) [Changes in Internal Controls](index=40&type=section&id=Changes%20in%20Internal%20Controls) This section reports on any material changes in the Company's internal controls over financial reporting - No significant changes in internal control over financial reporting during Q1 2025[214](index=214&type=chunk) [PART II. OTHER INFORMATION](index=41&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 5 of the financial statements for details on the Company's legal proceedings - Refer to Note 5 of the Consolidated Condensed Financial Statements for discussion of legal proceedings[217](index=217&type=chunk) [Cautionary Statements Regarding Forward-Looking Information](index=41&type=section&id=Cautionary%20Statements%20Regarding%20Forward-Looking%20Information) This section warns that the report contains forward-looking statements subject to significant risks and uncertainties, advising against undue reliance - The report contains forward-looking statements subject to known and unknown risks and uncertainties, many beyond the Company's control[219](index=219&type=chunk) - Key risks include sensitivity to consumer spending, economic trends, debt covenant compliance, capital availability, regulatory impact, cybersecurity, competition, and reliance on key personnel[221](index=221&type=chunk) - The Company does not intend to publicly update forward-looking statements except as required by law[222](index=222&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) This section confirms no material changes to the Company's risk factors during Q1 2025 from those in the 2024 Annual Report - No material changes to risk factors during Q1 2025 from those disclosed in the 2024 Annual Report[226](index=226&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section updates on the common stock repurchase program, noting no Q1 2025 repurchases but $100 million in April 2025 - The **$500 million common stock repurchase program** authorized in Oct 2024 had **$450 million remaining** as of March 31, 2025[227](index=227&type=chunk) - No repurchases were made in Q1 2025, but **$100 million worth of shares** were repurchased in April 2025[227](index=227&type=chunk) [Item 3. Defaults Upon Senior Securities](index=43&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section confirms that there were no defaults upon senior securities during the reporting period - None[228](index=228&type=chunk) [Item 4. Mine Safety Disclosures](index=43&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosures are not applicable to the Company's operations - Not applicable[229](index=229&type=chunk) [Item 5. Other Information](index=43&type=section&id=Item%205.%20Other%20Information) This section confirms no other material information or Rule 10b5-1 trading arrangement changes in Q1 2025 - No other information to report under this item[230](index=230&type=chunk) - No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements in Q1 2025[231](index=231&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including corporate documents and certifications - Lists various exhibits filed with the report, including corporate documents, certifications, and XBRL documents[233](index=233&type=chunk) [Signatures](index=45&type=section&id=Signatures) This section contains the official signatures of the CEO and CFO, certifying the report filing on April 29, 2025 - The report was signed by Thomas R. Reeg (CEO) and Bret Yunker (CFO) on April 29, 2025[237](index=237&type=chunk)

Exhibit 99.1 Caesars Entertainment, Inc. Reports First Quarter 2025 Results LAS VEGAS and RENO, Nev. (April 29, 2025) – Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the Company") today reported operating results for the first quarter ended March 31, 2025. First Quarter 2025 and Recent Highlights: Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, "During the first quarter of 2025, consolidated Adjusted EBITDA grew 4% over prior year driven by significant ...

Core Viewpoint - Caesars Entertainment, Inc. is expected to report its first-quarter 2025 results on April 29, with a consensus estimate indicating a loss per share of 19 cents, widening from 18 cents in the past week, compared to a loss of 55 cents per share in the same quarter last year [1][2]. Group 1: Revenue Expectations - The consensus estimate for total revenues is set at $2.78 billion, reflecting a 1.4% increase from the previous year [2]. - Regional revenues are estimated at $1.38 billion, indicating a 0.7% year-over-year gain [6]. - Total Las Vegas revenues are projected at $1.03 billion, showing a slight decrease of 0.2% from the prior year [7]. - Caesars Digital revenues are expected to reach $336 million, representing a significant 19.1% increase year-over-year [7]. Group 2: Performance Influencers - The company's revenue growth is anticipated to be driven by new openings, strong performance in the digital segment, and an expansion in sports betting and strategic partnerships [4]. - Improving occupancy rates, average daily rates (ADR), and renovations are likely to contribute positively to performance [5]. - The focus on digital initiatives and technological enhancements is expected to enhance product offerings and customer engagement [5]. Group 3: Profitability Factors - Profitability may be pressured by inflation in food, beverage, and hotel expenses, along with increased property openings and ongoing investments [8]. - However, efforts to drive efficiencies by reducing same-store operating expenses are likely to support the bottom line [8]. Group 4: Earnings Prediction - The Zacks model indicates a potential earnings beat for Caesars Entertainment, supported by a positive Earnings ESP of +23.98% and a Zacks Rank of 3 (Hold) [9][10].

The market expects Caesars Entertainment (CZR) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 29, 2025, might help the stock move higher if these key numb ...

A month has gone by since the last earnings report for Caesars Entertainment (CZR) . Shares have lost about 20.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Caesars Entertainment due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.How Have Estimates Been Moving ...

Company Overview - Caesars Entertainment operates through several segments including Las Vegas, Regional, Caesars Digital, and Managed and Branded properties, offering a range of gaming, entertainment, and hospitality services [1] - The company has properties under the Caesars, Harrah's, Horseshoe, and Eldorado brand names [1] Recent Developments - Carl Icahn and Caesars reached an agreement to expand the board to 12 directors, appointing Jesse Lynn and Ted Papapostolou as new directors [2][5] - Icahn has a history with Caesars, advocating for a strategic review and supporting the merger with Eldorado in 2020 [3][4] Financial Performance - Caesars' revenue increased from $9.6 billion in 2021 to $11.2 billion, with operating income rising from $1.7 billion to $2.3 billion [4] - Despite revenue growth, Caesars' stock price has declined below pre-merger levels, indicating market challenges [4] Digital Business Insights - Caesars Digital generated $1.16 billion in revenue in 2024, accounting for 10.3% of total revenue, with a 19.5% growth from the previous year [5] - Digital's EBITDAR surged 207.9% from 2023 to 2024, with projections for another 160.9% increase in 2025 [5] - The digital segment is growing significantly compared to the stagnation in the brick-and-mortar segments, which saw revenue declines [5] Strategic Considerations - A potential spin-off of Caesars Digital could unlock significant value, with estimates suggesting a standalone valuation of $4.6 billion to $7.6 billion [5] - The separation would allow investors to choose between a stable legacy casino business and a high-growth digital business [5] - Icahn's involvement is seen as a positive influence, with expectations that he will work creatively to maximize shareholder value [7][8]

Core Insights - Bluesky CEO Jay Graber emphasized the need for decentralized decision-making in social media, contrasting with the centralized control seen in platforms like X and Meta [3][5][8] - The platform aims to provide a user-friendly experience, allowing users to easily register and navigate without needing extensive technical knowledge [12] - Bluesky has over 30 million users and is rapidly expanding, although it still lags behind competitors like X and Meta's Threads, which has nearly ten times as many users [7][11] Company Overview - Bluesky was initially a side project at Twitter but became independent before Elon Musk's acquisition of Twitter [7] - The leadership team consists of two women, Graber and Wang, who lead a global team of about 20 people [7] - The platform is designed to allow users to create personalized experiences through specialized content feeds [9][10] Market Position - Bluesky is attracting left-leaning users seeking alternatives to X's perceived toxicity and right-wing bias [11] - The platform distinguishes itself from competitors like Mastodon by prioritizing simplicity in user registration and navigation [12] - Despite its growth, Bluesky faces challenges in scaling and developing sophisticated tools compared to established platforms [13] Future Outlook - The company views 2025 as a pivotal year for growth and aims to create a safe, moderated space for users to engage and connect [14] - Bluesky is introducing creator-friendly features, which may enhance its appeal to content creators seeking more control [13]

I've been contributing to Seeking Alpha and other investment websites since 2011, with a general (though far from rigid) focus on value over growth. I got my Series 7 and 63 back in 1999, and watched the dot-com bubble peak and then burst in real time at a small, tech-focused retail brokerage in NYC.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article mysel ...