Financial Highlights - RSI achieved record revenue of $269 million in 2Q25, up 22% year-over-year[8] - Adjusted EBITDA grew to a record $40 million in 2Q25, an 88% year-over-year increase[9] - The company is raising FY25 revenue guidance to $1.05 billion - $1.1 billion, implying 16% year-over-year growth at the midpoint[9] - FY25 Adjusted EBITDA guidance is raised to $133 million – $147 million, implying 51% growth at the midpoint[9] User Growth - U S and Canada Monthly Active Users ("MAUs") grew 21% year-over-year[10] - LATAM MAUs grew 42% year-over-year[10] Business Performance - Online Casino revenue grew 25% and OSB (Online Sports Betting) revenue grew 15% year-over-year[12] - Revenue from markets outside of Illinois and Pennsylvania reached 65% of total revenue in 2Q25, the highest since going public[15] - Delaware GGR annual run rate increased to over $146 million during 2Q25, with iCasino revenue exceeding 7x the previous operator's best quarter[13] Market Positioning - The total addressable market (TAM) is estimated to be approximately $145 billion, including ~$76 6 billion for OSB, ~$5 2 billion for Canada, and ~$14 9 billion for Latin America[18]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDAR of $955 million for Q2 2025 [6][4] - The digital segment achieved its best quarter ever with adjusted EBITDA of $80 million, a 100% increase year over year [12][6] - Las Vegas segment reported same store adjusted EBITDAR of $469 million, with occupancy at 97% compared to 99% last year [7][6] - Regional segment reported adjusted EBITDAR of $439 million, impacted by one-time items [8][6] Business Line Data and Key Metrics Changes - Digital segment net revenues increased by 24% year over year to $343 million, with adjusted EBITDA margins growing to 23.3% [12][6] - The Las Vegas segment faced challenges with lower table games volume and hold, but is on track for a record EBITDA year in 2025 [8][6] - Regional revenues were up year over year, driven by new properties and strategic reinvestment in the Caesars Rewards database [7][6] Market Data and Key Metrics Changes - The Las Vegas market experienced softer demand, particularly in May and June, but bookings have stabilized recently [20][19] - The regional segment was negatively impacted by approximately $30 million in one-time items, including construction disruptions [22][21] - Digital growth was driven by a significant increase in sports and casino revenues, with net revenues up 2851% year over year [12][6] Company Strategy and Development Direction - The company is focused on refining its marketing approach and leveraging its customer database to drive profitable revenues [43][45] - Investments in new slot capital and property renovations are expected to generate strong returns [8][10] - The company aims to achieve over $500 million in EBITDA from digital by 2026, with ongoing improvements in customer acquisition tools [60][59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter and 2026, citing a strong group calendar and expected recovery in Las Vegas [20][36] - The company anticipates that regional EBITDA will be flat to up for the full year, despite recent challenges [22][21] - Management noted that the digital segment's momentum is strong, with expectations for continued growth [60][59] Other Important Information - The company has made significant investments in its properties, including room remodels and partnerships to enhance guest experiences [66][65] - The tax bill is expected to reduce cash taxes significantly, which will help offset any shortfalls in EBITDA from Las Vegas [30][29] Q&A Session Summary Question: Can you unpack the stabilization seen in Las Vegas? - Management noted that forward cash room expectations stabilized in July after a decline in May and June, projecting a record group year in 2025 [34][35] Question: What are the specifics of the promotional efforts? - The company is leveraging its database for targeted marketing and filling rooms in Las Vegas, adapting offers based on performance [43][45] Question: How is the company addressing the softness in leisure demand in Las Vegas? - Management indicated that the softness is part of normal seasonality and expects improvement as group bookings increase [53][52] Question: What is the outlook for digital growth? - The company is on track to exceed the $500 million EBITDA target for digital, with strong momentum and customer acquisition strategies in place [60][59] Question: Are there plans for further investments in Vegas properties? - Management confirmed ongoing room remodels and partnerships to enhance property offerings, but noted that most major capital investments have already been made [66][65]

Financial Highlights - RSI achieved record revenue of $262 million in 1Q25, up 21% year-over-year[8] - Adjusted EBITDA grew to a record $33 million in 1Q25, up 95% year-over-year[9] - The company reiterated FY25 revenue guidance of $1.01 billion - $1.08 billion, implying 13% year-over-year growth at the midpoint[9] - FY25 Adjusted EBITDA guidance is $115 million – $135 million, implying 35% growth at the midpoint[9] - $5.2 million of Class A common stock was repurchased under the Company's $50 million authorized buyback program in 1Q25[11] Business Growth - Online Casino revenue grew 25% and OSB (Online Sports Betting) revenue grew 11% year-over-year[12] - US and Canadian markets launched since 2021, combined with LATAM, saw revenue growth of 37% year-over-year[13] - Delaware GGR (Gross Gaming Revenue) annual run rate grew to over $135 million during 1Q25[13] - Revenue from markets outside of Illinois and Pennsylvania grew to 64% of total revenue in 1Q25[15] - LATAM MAUs grew 61% year-over-year, a new quarterly record[10] Market Position and Strategy - The company has a total addressable market of approximately $131 billion[20] - The U S market is estimated at $76.6 billion for OSB and $33.2 billion for iCasino[20] - Canada is estimated at $4.1 billion for OSB and $1.4 billion for iCasino[20] - Latin America is estimated at $7.9 billion for OSB and $8.0 billion for iCasino[20]