Caesars Entertainment, Inc. is a geographically diversified gaming and hospitality company that operates casino properties, hotels, restaurants, bars, entertainment venues, and retail shops. The company generates its primary revenue from gaming operations, including retail and online sports betting and iGaming, which accounted for approximately 55% of total net revenues in 2023 . In addition to gaming, Caesars' business activities include food and beverage operations and hotel operations, contributing to its diverse revenue streams . The company's operations are divided into four reportable segments: Las Vegas, Regional, Caesars Digital, and Managed and Branded .
- Gaming Operations - Operates approximately 51,300 slot machines and 2,700 table games, including poker, across its properties, and offers retail and online sports betting and iGaming .
- Hotel Operations - Owns, leases, brands, or manages 52 domestic properties in 18 states, providing accommodation services .
- Food and Beverage Operations - Manages restaurants, bars, and other dining establishments, contributing to the company's hospitality offerings .
- Caesars Digital - Engages in digital operations through platforms like the Caesars Sportsbook app, offering online gaming and sports betting .
- Managed and Branded - Involves the management and branding of properties, expanding the company's reach and influence in the hospitality sector .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Thomas R. Reeg ExecutiveBoard | Chief Executive Officer (CEO) | None reported | CEO of CZR since the merger with Eldorado Resorts; brings financial and operational expertise. | View Report → |
Bret Yunker Executive | Chief Financial Officer (CFO) | None reported | Joined CZR in May 2019; previously Managing Director at JP Morgan Chase & Co. and Bank of America Merrill Lynch, specializing in gaming industry finance. | |
Edmund L. Quatmann Jr. Executive | EVP, Chief Legal Officer, and Secretary | None reported | Joined CZR in May 2017 after the merger with Isle of Capri Casinos; oversees legal and regulatory matters. | |
Josh Jones Executive | Chief Marketing Officer (CMO) | None reported | Joined CZR in 2016; held various roles including VP of Corporate Finance and SVP of Operations before becoming CMO in 2021. | |
Stephanie Lepori Executive | Chief Administrative and Accounting Officer | None reported | With CZR since 1995; extensive experience in finance and gaming; previously Chief Accounting Officer. | |
Bonnie S. Biumi Board | Board Member | Board Member at Kite Realty Trust Group and Virgin Cruises Limited | Extensive experience in corporate finance and accounting; previously President and CFO of Kerzner International Resorts. | |
Courtney R. Mather Board | Board Member | CEO and CIO of Vision One; Board Member at Newell Brands Inc. | Financial and strategic expert; previously Managing Director at Icahn Capital LP and Goldman Sachs. | |
David P. Tomick Board | Lead Independent Director | Board Member at Casalu, Inc., Gryppers, Inc., Autocam Medical, and First Choice Packaging | Financial and management expert; Chair of CZR's Audit Committee; extensive experience in corporate governance and investor relations. | |
Don R. Kornstein Board | Vice Chairman of the Board | Founder and Managing Member of Alpine Advisors LLC | Extensive experience in gaming and entertainment industries; previously served on boards of several companies including Caesars Acquisition Company. | |
Gary L. Carano Board | Executive Chairman of the Board | Board Member at Recreational Enterprises, Inc. | Extensive experience in gaming and hospitality; previously CEO of Eldorado Resorts and General Manager of Silver Legacy Resort Casino. | |
Jan Jones Blackhurst Board | Board Member | Chairwoman of Public Education Foundation; Executive Director of UNLV Black Fire Leadership Initiative; Board Member at Esports Entertainment Group and Gaming & Hospitality Acquisition Corp. | Former EVP of Public Policy and Corporate Responsibility at CZR; over 20 years of experience in gaming industry leadership. | |
Michael E. Pegram Board | Board Member | None reported | Extensive experience in horse racing and gaming; partner in multiple casinos in Nevada and owner of successful racehorses. |
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Given the decline in gaming volumes in your regional segment, particularly the reduction in unrated play due to increased competition, how do you plan to address this competitive pressure and regain market share, especially in affected geographies like Terre Haute?
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With adjusted EBITDAR in your regional segment down 8% year-over-year due to factors like competitive pressures, construction disruptions, and difficult comps, can you elaborate on your specific strategies to reverse this trend and improve margins in the regional market?
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You mentioned that your elevated capital investment cycle is nearing completion, leading to increased free cash flow, but with significant debt remaining, how will you balance debt reduction with potential share repurchases, and what factors will influence your capital allocation decisions?
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Given the significant increase in labor costs in Las Vegas and the impact of the new union contract, how sustainable are your current EBITDAR margins, and what measures are you implementing to mitigate future cost escalations while maintaining service quality?
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Considering that you need a favorable swing in hold to achieve year-over-year EBITDA growth in Las Vegas, how confident are you in meeting your full-year guidance without relying on variable factors like hold percentage, and what other drivers can support your growth expectations?
Research analysts who have asked questions during Caesars Entertainment earnings calls.
Barry Jonas
Truist Securities
4 questions for CZR
Brandt Montour
Barclays PLC
4 questions for CZR
Daniel Guglielmo
Capital One
4 questions for CZR
David Katz
Jefferies Financial Group Inc.
4 questions for CZR
John DeCree
CBRE
4 questions for CZR
Jordan Bender
JMP Securities
4 questions for CZR
Steven Wieczynski
Stifel
4 questions for CZR
Carlo Santarelli
Deutsche Bank
3 questions for CZR
Chad Beynon
Macquarie
3 questions for CZR
Daniel Politzer
Wells Fargo
3 questions for CZR
Shaun Kelley
Bank of America Merrill Lynch
3 questions for CZR
Stephen Grambling
Morgan Stanley
3 questions for CZR
Joseph Greff
JPMorgan Chase & Co.
1 question for CZR
Lizzie Dove
Goldman Sachs
1 question for CZR
Samir Ghafir
Macquarie
1 question for CZR
Steve Pizzella
Deutsche Bank
1 question for CZR
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Horseshoe Baltimore | 2023 | Caesars Entertainment acquired the remaining 24.2% equity for $66 million and repaid a $250 million senior secured term loan using cash on hand, which reduced its interest expense, streamlined its financial structure, and consolidated full ownership of the property. |
William Hill PLC | 2021 | William Hill was acquired in an all-cash transaction valued at approximately £2.9 billion (roughly $3.9–$4.0 billion), financed through various bridge and revolving credit facilities; the deal strategically expanded Caesars’ presence in the U.S. sports betting market while including plans to divest non-U.S. operations. |
Recent press releases and 8-K filings for CZR.
- Caesars Entertainment is the first US operator to launch IGT’s “Kitty Glitter Grand™” simultaneously online and in-casino across New Jersey, Pennsylvania, Michigan, West Virginia and Ontario, with Tropicana joining pending approval.
- This exclusive launch reflects Caesars’ strategy to bridge digital and physical gaming to enhance customer engagement.
- Caesars reported Q2 2025 net revenue of $2.9 billion (up 2.9% YoY) and a net loss of $82 million.
- Caesars is partnering with Dry Creek Rancheria to develop the Caesars Republic Sonoma County integrated resort off Highway 101 above Alexander Valley Vineyards.
- CasinoTrac is enhancing its Nevada footprint with new installations of player management and loyalty systems at Barton’s Club 93 and Border Inn Casino.
- Amendment executed on May 2, 2025: Caesars Entertainment, Inc. entered into an amendment with the Icahn Group that revises the thresholds for beneficial ownership and board representation.
- Impact on board representation: The changes allow the Icahn Group to reduce its ownership below a 5% cap without affecting board representation and require new irrevocable resignations if certain minimum share thresholds are not maintained.
- Consolidated net revenues reached $2.8 billion with adjusted EBITDA of $884 million, reflecting year-over-year increases of 2% and 4% respectively.
- The Digital segment achieved $335 million in net revenue, up 19% YOY, driven by robust growth in iGaming and strong sports betting performance.
- The Regional segment delivered $440 million in adjusted EBITDA amid mixed operating conditions in Las Vegas and steady performance in newer markets.
- Management executed a $100 million stock repurchase at an average price of $23.84 to support balance sheet strength.