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Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

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Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

33e8b60973b3c98f717a603a58794b844bed88c193988963cc1ea6591909e82e

Number of domestic properties (count of properties)

Number of states with properties (count of states)

Number of slot machines, video lottery terminals and e-tables (count of machines)

Number of table games (count of table games)

Number of hotel rooms (count of rooms)

Las Vegas segment table games drop (USD millions)

Las Vegas segment table games hold (percentage)

Las Vegas segment slot handle (USD millions)

Las Vegas segment hotel occupancy (percentage)

Regional segment table games drop (USD millions)

Regional segment table games hold (percentage)

Regional segment slot handle (USD millions)

Caesars Digital sports betting handle (USD millions)

Caesars Digital sports betting hold (percentage)

Caesars Digital iGaming handle (USD millions)

Caesars Digital iGaming hold (percentage)

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Cash and cash equivalents (USD, millions)

Restricted cash (USD, millions)

Accounts receivable, net (USD, millions)

Inventories (USD, millions)

Prepayments and other current assets (USD, millions)

Total current assets (USD, millions)

Investments in and advances to unconsolidated affiliates (USD, millions)

Property and equipment, net (USD, millions)

Goodwill (USD, millions)

Intangible assets other than goodwill (USD, millions)

Deferred tax asset (USD, millions)

Other long-term assets, net (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Accrued interest (USD, millions)

Accrued other liabilities (USD, millions)

Current portion of long-term debt (USD, millions)

Total current liabilities (USD, millions)

Long-term financing obligations (USD, millions)

Long-term debt (USD, millions)

Deferred tax liability (USD, millions)

Other long-term liabilities (USD, millions)

Total liabilities (USD, millions)

Caesars stockholders’ equity (USD, millions)

Noncontrolling interests (USD, millions)

Total stockholders’ equity (USD, millions)

Total liabilities and stockholders’ equity (USD, millions)

5600798cdcd4837ea2ac2affda6801aa9c52e7cf73b4cfc6c74232825dc304c5

Net Revenues (USD, millions)

Casino Net Revenues (USD, millions)

Food and beverage Net Revenues (USD, millions)

Hotel Net Revenues (USD, millions)

Other Net Revenues (USD, millions)

Casino Operating Expenses (USD, millions)

Food and beverage Operating Expenses (USD, millions)

Hotel Operating Expenses (USD, millions)

Other Operating Expenses (USD, millions)

General and administrative Operating Expenses (USD, millions)

Corporate Operating Expenses (USD, millions)

Depreciation and amortization Operating Expenses (USD, millions)

Transaction and other costs, net Operating Expenses (USD, millions)

Total Operating Expenses (USD, millions)

Operating Income (USD, millions)

Interest expense, net Other Expense (USD, millions)

Loss on extinguishment of debt Other Expense (USD, millions)

Other income (loss) Other Expense (USD, millions)

Total Other Expense (USD, millions)

Income (loss) before income taxes (USD, millions)

Benefit (provision) for income taxes (USD, millions)

Net income (loss) (USD, millions)

Net income attributable to noncontrolling interests (USD, millions)

Net income (loss) attributable to Caesars (USD, millions)

Basic income (loss) per share (USD)

Diluted income (loss) per share (USD)

Weighted average basic shares outstanding (millions)

Weighted average diluted shares outstanding (millions)

4c83e17ee45b92edba66013ea299c0d7850883c77e4403ea0c5e376f8b43ff51

The significant drop in cash and cash equivalents in Q1 2024 is primarily attributable to a combination of factors. **Operating cash inflows** were lower, declining to **$80 million** in Q1 2024 compared to **$174 million** in the prior period, which reduced cash inflows from operations.  **[0001590895-24-000088_czr-20240331.htm:40]**  Additionally, the company engaged in substantial **debt refinancing activities**, refinancing **$4.4 billion** of debt and incurring a **$48 million** loss on early extinguishment of debt, which also impacted cash balances.  **[0001590895-24-000088_czr-20240331.htm:40]** **[0001590895-24-000088_czr-20240331.htm:30]**  Finally, planned **capital expenditures** for various construction projects, with expected spending of approximately **$800 million** in 2024, further contributed to the reduction in available cash.  **[0001590895-24-000086_ex991-2024q1ceiearningsrel.htm:2]** **[CZR_3381582_3]** 

Why did cash and cash equivalents drop significantly in Q1 2024?

The sharp increase in **prepayments and other current assets** in Q3 2024 was primarily driven by the reclassification of **$180 million in trademarks** related to the World Series of Poker (WSOP) as **assets held for sale** in connection with the sale of WSOP to NSUS Group Inc.  **[0001590895-24-000138_czr-20240930.htm:1]** **[0001590895-24-000138_czr-20240930.htm:7]** 

What drove the sharp increase in prepayments and other current assets in Q3 2024?

The **Accounts receivable, net** dropped by **$139 million** from **$608 million in Q4 2023** to **$469 million in Q3 2024**. The documents do not provide a definitive explanation for this decline; however, it is noted that typical factors influencing such a change include **improved collections, lower sales, or adjustments to credit terms**.  **[0001590895-24-000138_czr-20240930.htm:1]** 

Why did accounts receivable drop considerably in Q3 2024?

The significant increase in the current portion of long-term debt in Q3 2024 was primarily driven by **scheduled principal payments** on debt that was due within 12 months, active **debt refinancing and repayments**—including the issuance of **$1.1 billion of 6.00% Senior Notes due 2032** to redeem approximately **$1.1 billion of CEI Senior Notes due 2027**—as well as a **$100 million voluntary principal repayment** on the CEI Term Loan B and the utilization of **$210 million of the Caesars Virginia Delayed Draw Term Loan**. These actions combined to reclassify a significant portion of the company’s long-term debt into the current category.  **[0001590895-24-000138_czr-20240930.htm:12]** **[0001590895-24-000124_czr-20240630.htm:13]** **[0001590895-24-000138_czr-20240930.htm:34]** 

What caused the significant increase in the current portion of long-term debt in Q3 2024?

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The documents explain that in Q4 2023, the **basic loss per share** of **$(0.34)** was influenced by a combination of factors such as a **net loss reduction** (from **$148 million** to **$72 million**), an **increase in operating income** (from **$488 million** to **$536 million**), and relatively **stable interest expense**.  **[0001590895-24-000050_ex991-2023q4ceiearningsrel.htm:6]**  However, there is no specific information provided in the documents regarding what drove the reversal from the **positive EPS of $0.34** in Q3 2023 to the **negative EPS of $(0.34)** in Q4 2023.  **[0001590895-23-000122_czr-20230930.htm:2]** **[0001590895-24-000051_czr-20231231.htm:99]**  Hence, we cannot definitively identify the drivers of the Q3-to-Q4 reversal based solely on the available documents.

What drove the reversal to negative EPS in Q4 2023?

In Q4 2023, Caesars Entertainment’s overall reported results turned negative because the performance mix across its segments did not fully offset its expenses. Specifically, while the company’s digital segment improved significantly—moving from a loss (with adjusted EBITDA of **$(5) million** in the prior year) to a positive **$29 million** in Q4 2023—the Las Vegas segment saw its net income fall from **$295 million** in Q4 2022 to **$250 million** in Q4 2023. In addition, ongoing corporate and other expenses contributed to the overall GAAP net loss of approximately **$72 million** for the quarter.  **[0001590895-24-000050_ex991-2023q4ceiearningsrel.htm:0]** **[0001590895-24-000050_ex991-2023q4ceiearningsrel.htm:2]** 

Why did net income turn negative in Q4 2023?

The turnaround to positive net income in FY 2023 was due to several factors, including an **improved performance in the Caesars Digital segment**—where the net loss dramatically reduced from **$790 million to $91 million**—and **strong results in the Las Vegas segment** with net income rising to **$1,042 million**. Additionally, a **reduction in Corporate and Other losses** (from **$1,292 million to $643 million**), the **absence of discontinued operations losses** that had a notable negative impact in FY 2022, **higher consolidated Adjusted EBITDA** (an increase from **$3,243 million to $3,938 million**), **lower impairment charges**, and a significant **tax benefit of $888 million** compared to a much smaller benefit in the previous year all together contributed to the positive net income outcome for FY 2023.  **[0001590895-24-000050_ex991-2023q4ceiearningsrel.htm:2]** **[0001590895-24-000051_czr-20231231.htm:155]** **[0001590895-24-000051_czr-20231231.htm:113]** **[0001590895-24-000051_czr-20231231.htm:64]** **[0001590895-24-000051_czr-20231231.htm:73]** **[0001590895-24-000051_czr-20231231.htm:65]** 

What contributed to the turnaround to positive net income in FY 2023?

Net revenues declined in Q1 2024 primarily due to lower casino revenues. The **Las Vegas segment** saw a decrease of **$103 million** driven by a lower table game hold (18.2% in Q1 2024 vs. 22.1% in Q1 2023), reduced casino volumes following the divestiture of Rio All-Suite Hotel & Casino, and the unfavorable timing of major city-wide conventions. Additionally, the **Regional segment** experienced a decline of **$24 million** as a result of inclement weather and heightened competition from new casino resorts. These factors combined to result in an overall net revenue decline compared to the previous year.  **[0001590895-24-000088_czr-20240331.htm:34]** **[0001590895-24-000088_czr-20240331.htm:31]** 

Why did net revenues decline in Q1 2024?

In Q1 2024, **Caesars Entertainment's lower operating income** was driven by several factors. **Net revenues declined** from **$2,830 million in Q1 2023 to $2,742 million in Q1 2024**, and **operating expenses increased** from **$2,227 million to $2,257 million**. Additionally, the company experienced **transitory issues**, such as **low table hold in Las Vegas** and **inclement winter weather** in its regional segment, as well as higher **promotional and marketing costs** due to the launch of Caesars Sportsbook in new jurisdictions. Although the loss on debt extinguishment improved (from **$197 million in Q1 2023 to $48 million in Q1 2024**), this positive factor was not enough to offset the negative impacts from the declining revenues and rising expenses.  **[0001590895-24-000088_czr-20240331.htm:2]** **[0001590895-24-000088_czr-20240331.htm:32]** **[CZR_3381582_1]** **[CZR_3381582_4]** **[0001590895-24-000088_czr-20240331.htm:30]** **[0001590895-24-000088_czr-20240331.htm:33]** 

What factors led to lower operating income in Q1 2024?

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82b4da62e7c2f8369b29f1fe4f4f1f800fcd7a8c9d44cceee734ae1869fcf810

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e3d20daaaacb826c9f8cc6978a03cd14aef86ad7c2970a24754b56089e654b45

Caesars Entertainment Inc (CZR)

Financials