Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [5][6] - Regional EBITDA grew by 4% on a hold-normalized basis during the quarter [8] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [7][8] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [10] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [11] - The Las Vegas segment experienced a decline in average daily rate (ADR) by 5% due to city-wide visitation weakness [7] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [7] - The Las Vegas segment faced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [6][15] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx investments at the Flamingo Las Vegas exceeding return expectations [8] - Upcoming projects include a new Omnia Day Club at Caesars Palace and the rebranding of The Cromwell to the Vanderpump Hotel [8] - The company aims to drive 20% top-line growth with 50% flow-through to EBITDA, maintaining a focus on spending efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [15][18] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [7][18] - Management expressed confidence in the regional segment's performance, with solid demand and improved marketing flow-through [19][20] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing its share base by 6% [14] - The balance sheet remains strong, with a weighted average cost of debt just over 6% [14] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates better than in Q3 [22][24] Question: Regional performance and promotional strategy - Management expects improved flow-through from marketing strategies as they refine their approach and focus on effective promotions [25][28] Question: Digital segment performance and customer acquisition - Management noted that higher acquisition marketing spend was expected and resulted in increased customer acquisition, although it impacted flow-through in the short term [51][52] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and the impact of upcoming conferences on performance in 2026 [46][47] Question: Impact of prediction markets on digital segment - Management has not seen significant impact from prediction markets yet and is monitoring the situation closely [60][62]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [5][6] - Regional EBITDA grew 4% on a hold-normalized basis during the quarter, while Las Vegas segment reported same-store adjusted EBITDA of $379 million [7][8] - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, with a total of nearly $400 million repurchased since mid-2024 [14] Business Line Data and Key Metrics Changes - The Digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [10][11] - The Las Vegas segment faced a decline in occupancy to 92% from 97% last year, with ADR decreasing by 5% due to weaker city-wide visitation [7][8] - The Digital segment saw a 29% net revenue growth in iCasino, driven by increased volume and average monthly active users [11] Market Data and Key Metrics Changes - Regional revenues increased year-over-year, particularly in Danville and New Orleans, contributing to the overall growth in the regional segment [7][8] - The Las Vegas market experienced a soft summer, with occupancy down about 5 percentage points, impacting overall performance [15][18] - The company noted that the group room night mix is expected to increase to 17% in Q4, indicating a recovery in group business [7][8] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx projects exceeding return expectations, including new attractions and renovations in Las Vegas [8][9] - Management emphasized the importance of refining marketing strategies to enhance customer engagement and drive returns on investments [9][19] - The company aims to achieve 20% top-line growth with 50% flow-through to EBITDA, maintaining a strong outlook for the Digital segment [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the Las Vegas market due to softer leisure demand but expressed optimism for recovery in Q4 and beyond [15][18] - The company is monitoring the regulatory environment regarding prediction markets and is prepared to adapt its strategy as needed [60][62] - Management highlighted the importance of customer experience and service quality as key drivers of success in a competitive landscape [9][19] Other Important Information - The company is on track to complete phase two of the master plan at Caesars Republic Lake Tahoe by mid-2026, indicating ongoing investment in regional properties [9] - The company plans to continue using its strong free cash flow for debt reduction and stock repurchases, maintaining a balanced approach [14][20] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management noted that leisure demand is improving, with group activity helping to compress rates better than in Q3 [22][24] Question: Regional performance and promotional strategies - Management expects improved flow-through from marketing strategies as they refine their approach and focus on effective promotions [25][27] Question: Future outlook for Las Vegas - Management indicated that the key question for 2026 is whether leisure demand will continue to recover or stall [45][46] Question: Digital segment performance and customer acquisition - Management acknowledged the impact of game outcomes on performance and emphasized the importance of customer acquisition strategies moving forward [48][49] Question: Regulatory environment and prediction markets - Management is closely monitoring the regulatory landscape and is prepared to adapt to changes regarding prediction markets [71][72] Question: Impact of city ad campaigns on demand - Management confirmed that recent ad campaigns were effective in stimulating demand and indicated ongoing efforts to promote value in Las Vegas [75][76] Question: M&A activity and asset sales - Management stated they are open to discussions regarding M&A opportunities but are not actively marketing any Vegas assets [78][79] Question: Operational expenses and budgeting for 2026 - Management highlighted labor as a key focus area for optimization as they budget for the upcoming year [82][83]

Core Insights - Caesars Entertainment and AGS have launched two exclusive slot titles, Kingdom of Horus and Reign of Anubis, available both in-person at Caesars' locations in Atlantic City and online across five North American jurisdictions [1][3]. Group 1: Launch Details - The new games are now live at Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino in New Jersey, Pennsylvania, Michigan, West Virginia, and Ontario, as well as on casino floors at Caesars destinations in Atlantic City [1]. - The launch event featured local social media influencers, including NJ Slot Guy, who participated in a ceremonial first spin at Caesars Atlantic City [2]. Group 2: Game Features - Kingdom of Horus and Reign of Anubis are part of AGS' Triple Coin Treasures series, featuring a 3×5 reel layout with 40 paylines and mechanics such as Scarab Prizes, Wild Coins, and Pot Bonuses [4]. - Players can unlock Extra Spins, benefit from Symbol Upgrades, and enjoy Boosted Prizes with credit multipliers for enhanced payout potential [4]. Group 3: Strategic Importance - The launch is part of Caesars' strategy to blend online and in-person casino experiences, with a commitment to offering premium gaming experiences [3]. - The new titles join a growing list of exclusive launches between AGS and Caesars, enhancing Caesars' online casino offerings [3]. Group 4: Company Background - Caesars Entertainment is the largest casino-entertainment company in the US, known for its diversified gaming, entertainment, and hospitality amenities [9]. - The company operates under various brand names, including Caesars®, Harrah's®, and Horseshoe®, and emphasizes a strong loyalty program, Caesars Rewards® [9].