v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Company’s principal operating activities occur in four reportable segments. The reportable segments are based on the similar characteristics of the operating segments with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between these reportable segments within Caesars: (1) Las Vegas, (2) Regional, (3) Caesars Digital, and (4) Managed and Branded, in addition to Corporate and Other. See table below for a summary of these segments.
The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of March 31, 2025:
Las VegasRegionalManaged and Branded
Caesars Palace Las Vegas
Caesars Atlantic City
Harveys Lake Tahoe
Managed
The Cromwell
Caesars New Orleans
Horseshoe Baltimore
Harrah’s Ak-Chin
Flamingo Las Vegas
Caesars VirginiaHorseshoe Black Hawk
Harrah’s Cherokee
Harrah’s Las Vegas
Circus Circus RenoHorseshoe Bossier City
Harrah’s Cherokee Valley River
Horseshoe Las Vegas
Eldorado Gaming Scioto DownsHorseshoe Council Bluffs
Harrah’s Resort Southern California
The LINQ Hotel & Casino
Eldorado Resort Casino RenoHorseshoe Hammond
Caesars Windsor
Paris Las Vegas
Grand Victoria CasinoHorseshoe Indianapolis Branded
Planet Hollywood Resort & Casino
Harrah’s Atlantic City
Horseshoe Lake CharlesCaesars Republic Scottsdale
Harrah’s Columbus NebraskaHorseshoe St. Louis
Caesars Southern Indiana
Caesars Digital
Harrah’s Council Bluffs
Horseshoe Tunica
Harrah’s Northern California
Caesars Digital
Harrah’s Gulf Coast
Isle Casino Bettendorf
Harrah’s Hoosier Park Racing & Casino
Isle of Capri Casino Boonville
Harrah’s Joliet
Isle of Capri Casino Lula
Harrah’s Lake Tahoe
Isle Casino Waterloo
Harrah’s Laughlin
Lady Luck Casino - Black Hawk
Harrah’s Metropolis
Silver Legacy Resort Casino
Harrah’s North Kansas City
Trop Casino Greenville
Harrah’s Philadelphia
Tropicana Atlantic City
Harrah’s Pompano Beach
Tropicana Laughlin Hotel & Casino
Certain of our properties operate off-track betting locations, including Harrah’s Hoosier Park Racing & Casino, which operates Winner’s Circle Indianapolis and Winner’s Circle New Haven, and Horseshoe Indianapolis, which operates Winner’s Circle Clarksville. On December 12, 2024, we sold the LINQ Promenade, which is an open-air dining, entertainment, and retail promenade next to The LINQ Hotel & Casino (the “LINQ”). We continue to operate the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction, located on the east side of the Las Vegas Strip next to the LINQ. The CAESARS FORUM is a 550,000 square feet conference center with 300,000 square feet of flexible meeting space, two of the largest pillarless ballrooms in the world and direct access to the LINQ.
Corporate and Other includes certain unallocated corporate overhead costs and other adjustments, including eliminations of transactions among segments, to reconcile to the Company’s consolidated results.
The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM assesses segment performance by using Adjusted EBITDA, which is defined and reconciled to net income (loss) below.
The CODM uses Adjusted EBITDA during the annual budgeting process and evaluates budget-to-actual variances on a regular basis to make decisions about the allocation of operating and capital resources. Annual incentive awards have historically been based on the achievement of Adjusted EBITDA as a primary metric as the Company believes it most accurately reflects our results and represents a key metric in our industry.
The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other:
Three Months Ended March 31,
(In millions)20252024
Las Vegas:
Net revenues$1,003 $1,028 
Adjusted EBITDA433 440 
Regional:
Net revenues1,388 1,365 
Adjusted EBITDA440 433 
Caesars Digital:
Net revenues335 282 
Adjusted EBITDA43 5 
Managed and Branded:
Net revenues67 68 
Adjusted EBITDA16 18 
Corporate and Other:
Net revenues1 (1)
Adjusted EBITDA(48)(43)
Disaggregation of Certain Significant Expenses by Segment
Three Months Ended March 31, 2025
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Net revenues
$1,003 $1,388 $335 $67 $1 $2,794 
Gaming taxes
(30)(301)(86)— — 
Labor expense
(301)(300)— — — 
Other segment expenses (a)
(239)(347)(206)(51)(49)
Adjusted EBITDA
$433 $440 $43 $16 $(48)$884 
Three Months Ended March 31, 2024
(In millions)
Las Vegas
RegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Net revenues
$1,028 $1,365 $282 $68 $(1)$2,742 
Gaming taxes
(30)(306)(78)— — 
Labor expense(290)(292)— — — 
Other segment expenses (a)
(268)(334)(199)(50)(42)
Adjusted EBITDA
$440 $433 $5 $18 $(43)$853 
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(a)The ‘Other segment expenses’ category for each of our reportable segments primarily includes:
•Las Vegas and Regional Segments - Cost of sales associated with food, beverage and retail offerings; commission fees, talent fees and ticketing expenses associated with entertainment offerings; utility costs; costs of supplies; repairs and maintenance charges; professional fees; marketing and advertising expenses; software and licensing expenses; rental costs; and insurance expense.
•Caesars Digital - Labor costs directly associated with the operation and maintenance of the digital platforms; professional fees; marketing and advertising expenses; and software and licenses expenses.
•Managed and Branded - Reimbursable expenses which are primarily payroll costs associated with our managed properties.
•Corporate and Other - Unallocated corporate payroll and overhead costs.
Reconciliation of Net Income (Loss) Attributable to Caesars to Adjusted EBITDA by Segment
Adjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less certain operating expenses and is comprised of net income (loss) before (i) interest income and interest expense, net of interest capitalized, (ii) income tax (benefit) provision, (iii) depreciation and amortization, and (iv) certain items that we do not consider indicative of our ongoing operating performance at an operating property level.
In evaluating Adjusted EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items.
Adjusted EBITDA is a financial measure commonly used in our industry and should not be construed as an alternative to net income (loss) as an indicator of operating performance or as an alternative to cash flows provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management.
Three Months Ended March 31,
(In millions)20252024
Net loss attributable to Caesars$(115)$(158)
Net income attributable to noncontrolling interests17 16 
Provision for income taxes11 15 
Other (income) loss (a)
1 (26)
Loss on extinguishment of debt— 48 
Interest expense, net574 590 
Depreciation and amortization357 327 
Transaction costs and other, net (b)
13 16 
Stock-based compensation expense26 25 
Adjusted EBITDA$884 $853 
Adjusted EBITDA by Segment:
Las Vegas$433 $440 
Regional440 433 
Caesars Digital43 5 
Managed and Branded16 18 
Corporate and Other(48)(43)
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(a)Other (income) loss for the three months ended March 31, 2024 primarily represents a change in estimate of our disputed claims liability.
(b)Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with new property openings and non-cash changes in equity method investments.
Capital Expenditures, Net - By Segment
Three Months Ended March 31,
(In millions)20252024
Las Vegas$37 $55 
Regional159 176 
Caesars Digital22 24 
Corporate and Other
5 9 
Total$223 $264 
Total Assets - By Segment
(In millions)March 31, 2025December 31, 2024
Las Vegas$25,189 $25,040 
Regional14,480 15,664 
Caesars Digital1,223 1,262 
Managed and Branded 298 282 
Corporate and Other (a)
(8,792)(9,658)
Total$32,398 $32,590 
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(a)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.