Total Revenue

-4% " " " " "

The year-over-year decline was driven primarily by lower gaming volumes in both Las Vegas and Regional segments, coupled with increased competition in certain markets and construction disruptions that impacted operations. These challenges outweighed the strong growth in Caesars Digital, which posted a double-digit revenue increase.

Las Vegas

-5% " " "

The drop reflects softer gaming volumes, partially due to the anniversary of large conventions and group events in the prior year, as well as some ongoing roadwork disruptions on the Strip. Despite high hotel occupancy, the net decrease was influenced by lower table games drop and slot handle, as well as heightened labor costs and promotional expenses.

Regional

-8% " " "

Regional properties faced increased local competition, inclement weather in certain markets, and construction-related disruptions that reduced foot traffic. A shift in customer mix, with fewer unrated (casual) players, also weighed on gaming revenues, while last year’s performance included impacts from a national tournament that did not recur this year.

Caesars Digital

+41% " " "

The digital segment’s strong growth stemmed from improved sports betting hold, higher iGaming volume, and new product enhancements that boosted player engagement. The company also benefited from more efficient promotional spending, leveraging past learnings to refine marketing strategies. Together, these factors led to record net revenues for Caesars Digital.

Managed & Branded

-31% " " "

This segment’s revenues and margins were heavily affected by the decline in reimbursement-related income and lower management fees driven by reduced property-level results. Since these agreements reimburse payroll and other operating costs, any drop in volumes or increased costs in the managed properties directly impacts the segment's profitability.

Hotel

-7% " "

While occupancy remained relatively strong, fewer large group events compared to the prior year, property renovations, and rising labor costs contributed to the decrease. Additionally, the Rio divestiture in late 2023 reduced total available rooms in Las Vegas, slightly lowering segment-wide performance.

Other

-15% " "

The “Other” category declined mainly due to lower costs of goods sold and reductions in certain entertainment-related expenses that were elevated in the prior year. At the same time, fewer foreign currency or investment valuation gains helped keep “Other” lower in 2024 than in the comparable period.

Operating Income (EBIT)

-11% " "

EBIT fell year-over-year because of impairment charges recognized in underperforming regional properties, higher operating costs, and a slight dip in total revenues. Although Caesars Digital provided a positive contribution, it wasn’t sufficient to fully offset the impact of increased competition, lower volume in Las Vegas, and construction-related expenses throughout the portfolio.

Net Income

-109% " " " " "

The swing from a positive net income in the prior year to a small loss this year was influenced by the absence of a one-time $940 million tax benefit recorded in the prior period, impairment charges in the Regional segment, and higher interest expenses. While operational metrics were solid in certain segments, these non-operational factors drove net income below last year’s levels.

Las Vegas Group & Convention

FY 2025

mid-single-digit growth "

expected to be stronger in 2025 vs 2024 "

no change

CapEx

FY 2025

expected to decrease by approximately $200M "

expected to decline significantly to $650M "

no change

Las Vegas Segment

Q4 2024

no prior guidance

expected to see improved performance; cash room revenue up slightly "

no prior guidance

Sports Betting

Q4 2024

no prior guidance

expects a strong Q4 2024 "

no prior guidance

Sports Betting

FY 2025

no prior guidance

continued growth "

no prior guidance

Debt Reduction

FY 2024

no prior guidance

expects total debt to be reduced by 25% since the Caesars acquisition "

no prior guidance

Free Cash Flow

FY 2025

no prior guidance

expected to increase dramatically "

no prior guidance

Continued emphasis on digital/iGaming growth

Consistent emphasis on growing digital/iGaming across Q2, Q1, and Q4 2023 with improving holds, higher parlay mixes, and strong EBITDA targets. " " "

Sports betting net revenue up 36%, iGaming up 83%. Higher hold percentages, focus on parlay and structural improvements. Achieved $52M in digital EBITDA. " " "

Consistently mentioned; sentiment remains positive, focusing on profitability.

Las Vegas segment dynamics

Previously focused on record convention paces, some table softness, and cost pressures. Q2 2024 highlighted cost management; Q1 and Q4 2023 discussed table volatility and union-driven expense growth. " " "

Strong group/convention bookings. Table game softness from high-end play timing shifts; costs steady year-over-year. " " "

Recurring topic; stable non-gaming performance and ongoing watch on table play volatility.

Regional markets facing new competition and openings

Prior calls noted construction disruptions in New Orleans and Danville’s strong temporary facility performance. Expected EBITDA lift from permanent openings. " " " "

New competition in multiple markets. Caesars New Orleans renovation reopened late Oct; Danville temporary strong, permanent expected by Dec. " " "

Consistent theme; sentiment is positive about long-term EBITDA gains once disruptions subside.

Shifting focus on free cash flow, debt reduction, and buybacks

Q2: Reduced term loan with FCF, open to share buybacks. Q1/Q4: Eyeing leverage reduction first, then buybacks if stock is undervalued. " " "

Emphasized debt reduction as priority. Repurchased $140M shares, $500M authorized but not on a fixed schedule. "

Consistently mentioned; remains a core financial strategy tied to leverage targets.

Rising labor and inflation costs requiring revenue growth

Q2: Maintained strong margins vs. rising labor costs. Q1: A 5% revenue lift needed to keep margins. Q4: Mid-single-digit expense growth, offset by higher demand. " " "

No specific mention in Q3.

Topic absent in Q3; previously highlighted as a margin driver needing higher revenues.

Emergence of volatility in high-end play, slot vs. table mix

Q2: Minimal mention of high-end volatility. Q1: Low table hold impacted results. Q4: Historically low hold in November, shift toward slot-heavy mix in iGaming. " " "

Volatility from a few large players shifting trips; digital shifting increasingly to slots (higher hold). " "

Recurring mention; volatility continues, with a strategic push toward higher-hold slot play.

Long-term impact of expanding digital segments & new properties

Q2/Q1/Q4 calls all projected strong returns from digital and new properties like Danville and New Orleans, supporting EBITDA and FCF expansion. " " " "

Digital EBITDA ($126M TTM) seen as driver of future growth; Danville permanent opening and Caesars New Orleans expected to boost profits. " " "

Consistent theme; expansions forecast stronger profitability and free cash flow over the long run.