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.
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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.
- CEO Tom Reeg anticipates a recovery in Las Vegas visitation in Q4 2025 following a year of declining hotel occupancy and room rates.
- In Q3 2025, slot handle was down 2%, while hold percentage fell nearly 600 basis points, resulting in a year-over-year impact of >$30 million—the lowest hold in over three years.
- September 2025 marked the strongest month of Q3 for Caesars in Las Vegas, driven by robust group bookings that are projected to deliver a record EBITDA year in 2026.
- Caesars has realized over $1 billion in combined sales and cost synergies from its 2020 merger, equating to about a 30% increase in pro forma 2019 EBITDAR.
- Caesars posted consolidated Q3 net revenues of $2.9 billion and adjusted EBITDA of $884 million ($927 million hold-normalized).
- Digital segment delivered $311 million net revenue, $28 million adj EBITDA ($40 million hold-normalized); Las Vegas segment had same-store adj EBITDA of $379 million ($398 million hold-normalized) with 92% occupancy (-5 pp) and ADR down 5%; Regional segment achieved $506 million adj EBITDA ($517 million hold-normalized) on 6% net revenue growth.
- Redeemed $546 million of senior notes and repurchased $100 million of stock in Q3 (∼$400 million since mid-2024, share base -6%); nearest debt maturity in 2028; weighted average cost of debt ~6%; using free cash flow for debt reduction and buybacks.
- Outlook: expect sequential Q4 recovery in Las Vegas driven by strong group bookings (group mix to rise to 17%), targeting a record full-year 2025 Vegas EBITDA; Digital remains on track for long-term ~20% topline growth and 50% flow-through despite sports outcome volatility.
- Consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million (hold-normalized $927 million).
- Digital segment net revenue of $311 million with adjusted EBITDA of $28 million (hold-normalized $40 million); achieved 6% sports volume growth and 29% iCasino revenue growth despite low NFL hold and WSOP sale.
- Las Vegas segment same-store adjusted EBITDA of $379 million (hold-normalized $398 million) with 92% occupancy and 5% ADR decline; strong Q4 group bookings expected to drive a record EBITDA year in 2025.
- Regional segment adjusted EBITDA of $506 million (hold-normalized $517 million) on 6% net revenue growth; redeemed $546 million of senior notes and repurchased $100 million of stock in Q3, with debt maturing in 2028 at ~6% average cost.
- Q3 2025 net revenues grew 0.1% YoY while Adjusted EBITDA declined 11.2% YoY to $884 million, yielding a 30.8% margin on an unfavorable hold impact.
- On a hold-adjusted basis, net revenues rose 3.0% YoY and Adjusted EBITDA fell 4.4% YoY to $927 million.
- Caesars Digital net revenues increased 3% YoY, driven by a 24% rise in iGaming handle (net gaming revenue of $124 million) and a 6% increase in sports gaming handle; ARPMUP was $200 with 458,434 monthly unique payers (+15% YoY).
- For the trailing twelve months ending 9/30/2025, Caesars Digital delivered approximately $1.3 billion of net revenue and $171 million of Adjusted EBITDA, while total TTM Adjusted EBITDA was distributed as Owned $2,037 million, Leased $1,688 million, and Managed & Branded $68 million.
- Consolidated Q3 net revenue of $2.9 B, adjusted EBITDA of $884 M, and hold-normalized EBITDA of $927 M
- Las Vegas segment delivered same-store adjusted EBITDA of $379 M (hold-normalized $398 M), with 92% occupancy vs 97% LY and 5% ADR decline, and saw sequential improvement into Q4 driven by stronger group bookings
- Regional segment generated adjusted EBITDA of $506 M (hold-normalized $517 M) on 6% net revenue growth, with strategic marketing reinvestment improving margins
- Digital segment reported net revenue of $311 M, adjusted EBITDA of $28 M (hold-normalized $40 M), with 29% iCasino net revenue growth and monthly active payers up 15% to 460 K
- Balance sheet actions included $546 M senior note redemption, $100 M stock repurchase in Q3 (≈$400 M since mid-2024), with weighted-average cost of debt just over 6% and next maturity in 2028
- GAAP net revenues of $2.9 billion in Q3 2025, broadly flat YoY, and a net loss of $55 million vs. $9 million loss in Q3 2024.
- Same-store Adjusted EBITDA of $884 million, down 11.2% YoY; Caesars Digital Adjusted EBITDA was $28 million vs. $52 million a year ago.
- Cash and cash equivalents of $836 million and total debt of $11.9 billion (net debt $11.1 billion) as of September 30, 2025.
- Share buybacks: repurchased 3.9 million shares for $100 million in Q3; total 13.2 million shares for $391 million since mid-2024.
- CEO Tom Reeg expects improved Q4 performance driven by stronger Las Vegas occupancy and digital momentum.
- 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.