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 Vegas | | Regional | | Managed 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 Virginia | | Horseshoe Black Hawk | | Harrah’s Cherokee | Harrah’s Las Vegas | | Circus Circus Reno | | Horseshoe Bossier City | | Harrah’s Cherokee Valley River | Horseshoe Las Vegas | | Eldorado Gaming Scioto Downs | | Horseshoe Council Bluffs | | Harrah’s Resort Southern California | The LINQ Hotel & Casino | | Eldorado Resort Casino Reno | | Horseshoe Hammond | | Caesars Windsor | Paris Las Vegas | | Grand Victoria Casino | | Horseshoe Indianapolis | | Branded | Planet Hollywood Resort & Casino | | Harrah’s Atlantic City | | Horseshoe Lake Charles | | Caesars Republic Scottsdale | | | Harrah’s Columbus Nebraska | | Horseshoe 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 | | |
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) | 2025 | | 2024 | | | | | | Las Vegas: | | | | | | | | | Net revenues | $ | 1,003 | | | $ | 1,028 | | | | | | | Adjusted EBITDA | 433 | | | 440 | | | | | | | Regional: | | | | | | | | | Net revenues | 1,388 | | | 1,365 | | | | | | | Adjusted EBITDA | 440 | | | 433 | | | | | | | Caesars Digital: | | | | | | | | | Net revenues | 335 | | | 282 | | | | | | | Adjusted EBITDA | 43 | | | 5 | | | | | | | Managed and Branded: | | | | | | | | | Net revenues | 67 | | | 68 | | | | | | | Adjusted EBITDA | 16 | | | 18 | | | | | | | Corporate and Other: | | | | | | | | | Net revenues | 1 | | | (1) | | | | | | | Adjusted EBITDA | (48) | | | (43) | | | | | |
Disaggregation of Certain Significant Expenses by Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | (In millions) | Las Vegas | | Regional | | Caesars Digital | | Managed and Branded | | Corporate and Other | | Total | 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 | | Regional | | Caesars Digital | | Managed and Branded | | Corporate and Other | | Total | 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 | |
____________________(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. | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | (In millions) | 2025 | | 2024 | | | | | | Net loss attributable to Caesars | $ | (115) | | | $ | (158) | | | | | | | Net income attributable to noncontrolling interests | 17 | | | 16 | | | | | | | | | | | | | | | Provision for income taxes | 11 | | | 15 | | | | | | Other (income) loss (a) | 1 | | | (26) | | | | | | | Loss on extinguishment of debt | — | | | 48 | | | | | | | Interest expense, net | 574 | | | 590 | | | | | | | Depreciation and amortization | 357 | | | 327 | | | | | | | | | | | | | | Transaction costs and other, net (b) | 13 | | | 16 | | | | | | | Stock-based compensation expense | 26 | | | 25 | | | | | | | Adjusted EBITDA | $ | 884 | | | $ | 853 | | | | | | | | | | | | | | | Adjusted EBITDA by Segment: | | | | | | | | | Las Vegas | $ | 433 | | | $ | 440 | | | | | | | Regional | 440 | | | 433 | | | | | | | Caesars Digital | 43 | | | 5 | | | | | | | Managed and Branded | 16 | | | 18 | | | | | | | Corporate and Other | (48) | | | (43) | | | | | |
____________________ (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.
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