v3.25.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company’s Statements of Operations present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 12 for additional information on the Company’s reportable segments.
Three Months Ended March 31, 2025
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Casino$243 $1,030 $324 $— $(3)$1,594 
Food and beverage286 149 — — — 435 
Hotel343 139 — — — 482 
Other131 70 11 67 4 283 
Net revenues$1,003 $1,388 $335 $67 $1 $2,794 
Three Months Ended March 31, 2024
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Casino$239 $1,031 $266 $— $(1)$1,535 
Food and beverage287 135 — — — 422 
Hotel362 131 — — — 493 
Other140 68 16 68 — 292 
Net revenues$1,028 $1,365 $282 $68 $(1)$2,742 
Accounts Receivable, Net
(In millions)March 31, 2025December 31, 2024
Casino$159 $206 
Food and beverage and hotel121 107 
Other160 157 
Accounts receivable, net$440 $470 
Contract and Contract Related Liabilities
The Company records contract or contract related liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by customers, (2) Caesars Rewards player loyalty program obligations, which represent the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on certain types of customer spend, including online and retail gaming, hotel, dining, retail shopping, and player loyalty program incentives earned, and (3) customer deposits and other deferred revenue, which primarily represents funds deposited by customers related to gaming play and advance payments received for goods and services yet to be provided (such as advance ticket sales, deposits on rooms and convention space, unpaid wagers, iGaming deposits, or future sports bets). These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within Accrued other liabilities on the Company’s Balance Sheets. Liabilities expected to be recognized as revenue beyond one year of being purchased, earned, or deposited are recorded within Other long-term liabilities on the Company’s Balance Sheets.
The following table summarizes the activity related to contract and contract related liabilities:
Outstanding Chip LiabilityCaesars RewardsCustomer Deposits and Other Deferred Revenue
(In millions)202520242025202420252024
Balance at January 1$47 $42 $79 $86 $549 $693 
Balance at March 3134 39 81 85 491 631 
Increase / (decrease)$(13)$(3)$2 $(1)$(58)$(62)
Lease Revenue
Lodging Arrangements
Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three months ended March 31, 2025 and 2024, we recognized lease revenue of approximately $482 million and $493 million, respectively, which is included in Hotel revenues in the Statements of Operations.
Conventions
Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Food and beverage revenue in the Statements of Operations and during the three months ended March 31, 2025 and 2024, lease revenue related to conventions was approximately $15 million and $13 million, respectively.
Real Estate Operating Leases
Real estate lease revenue is included in Other revenue in the Statements of Operations. During the three months ended March 31, 2025 and 2024, we recognized approximately $29 million and $35 million, respectively, of real estate lease revenue.
Real estate lease revenue includes $14 million and $13 million of variable rental income for the three months ended March 31, 2025 and 2024, respectively.