0001590895-25-000068 | 10-K | XBRL Viewer | Caesars Entertainment INC

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Leases - Schedule of Maturity of Lessor Lease Receivables (Details) $ in Millions	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 57
2026	56
2027	51
2028	47
2029	42
Thereafter	670
Total	$ 923

Basis of Presentation and Significant Accounting Policies - Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Interest expense	$ 2,438	$ 2,394	$ 2,303
Capitalized interest	(61)	(40)	(26)
Interest income	(11)	(12)	(12)
Total interest expense, net	$ 2,366	$ 2,342	$ 2,265

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policy [Line Items]
Advertising costs	$ 231	$ 259	$ 571
Fair Value, Inputs, Level 1
Summary of Significant Accounting Policy [Line Items]
Marketable securities	$ 2	$ 2

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment are stated at cost, except for assets acquired in our business combinations which were adjusted for fair value under Accounting Standards Codification (“ASC”) 805. Internal use software costs are capitalized during the application development stage. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the asset as noted in the table below, or the term of the lease, whichever is less. Gains or losses on the disposal of property and equipment are included in operating income. Useful lives of each asset class are generally as follows:


Buildings and improvements			3 to 40 years
Land improvements			12 to 40 years
Furniture, fixtures and equipment			3 to 15 years
Riverboats			30 years

A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes our hotel rooms, convention space and retail space through various short-term and long-term operating leases. See Note 7 for further discussion of our leases.

The Company evaluates its property and equipment and other long-lived assets for impairment whenever indicators of impairment exist. The Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge may be recorded for any difference between fair value and the carrying value. All recognized impairment losses are recorded as operating expenses, unless the assets represent a discontinued operation. See Note 3 for further discussion of impairment on assets previously held for sale.


Property and Equipment, Net
	December 31,
(In millions)	2024		2023
Land	$	2,059	$	2,088
Buildings, riverboats, and leasehold and land improvements	14,866		13,543
Furniture, fixtures, and equipment	2,880		2,409
Construction in progress	167		762
Total property and equipment	19,972		18,802
Less: accumulated depreciation	(5,160)		(4,046)
Total property and equipment, net	$	14,812	$	14,756


Depreciation Expense
	Years Ended December 31,
(In millions)	2024		2023		2022
Depreciation expense	$	1,189	$	1,117	$	1,018

Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 866	$ 1,005
Restricted cash	95	122
Accounts receivable, net	470	608
Inventories	45	46
Prepayments and other current assets	271	264
Total current assets	1,747	2,045
Investments in and advances to unconsolidated affiliates	131	157
Property and equipment, net	14,812	14,756
Goodwill	10,601	10,990
Intangible assets other than goodwill	4,133	4,523
Deferred tax asset	62	47
Other long-term assets, net	1,104	848
Total assets	32,590	33,366
CURRENT LIABILITIES:
Accounts payable	296	408
Accrued interest	242	369
Accrued other liabilities	1,625	1,848
Current portion of long-term debt	109	65
Total current liabilities	2,272	2,690
Long-term financing obligation	12,899	12,759
Long-term debt	12,033	12,224
Deferred tax liability	130	102
Other long-term liabilities	880	871
Total liabilities	28,214	28,646
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.00001 par value, 150,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.00001 par value, 500,000,000 shares authorized, 211,325,086 and 215,800,650 issued and outstanding, net of treasury shares	0	0
Additional paid-in capital	6,862	7,001
Accumulated deficit	(2,801)	(2,523)
Treasury stock at cost, 0 and 363,016 shares held	0	(23)
Accumulated other comprehensive income	96	97
Caesars stockholders' equity	4,157	4,552
Noncontrolling interests	219	168
Total stockholders’ equity	4,376	4,720
Total liabilities and stockholders’ equity	$ 32,590	$ 33,366

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Preferred stock, beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	$ 4,541	$ 0	$ 0	$ 6,877	$ (2,410)	$ 36	$ (23)	$ 61
Common stock, beginning balance (in shares) at Dec. 31, 2021			214,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1,000,000
Stock-based compensation	102			102
Net income (loss)	(910)				(899)			(11)
Other comprehensive income (loss), net of tax	55					56		(1)
Shares withheld related to net share settlement of stock awards	(26)			(26)
Transactions with noncontrolling interests	(11)							(11)
Preferred stock, ending balance (in shares) at Dec. 31, 2022		0
Ending balance at Dec. 31, 2022	3,751	$ 0	$ 0	6,953	(3,309)	92	(23)	38
Common stock, ending balance (in shares) at Dec. 31, 2022			215,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1,000,000
Stock-based compensation	104			104
Net income (loss)	828				786			42
Other comprehensive income (loss), net of tax	5					5
Shares withheld related to net share settlement of stock awards	(27)			(27)
Transactions with noncontrolling interests	$ 59			(29)				88
Preferred stock, ending balance (in shares) at Dec. 31, 2023	0	0
Ending balance at Dec. 31, 2023	$ 4,720	$ 0	$ 0	7,001	(2,523)	97	(23)	168
Common stock, ending balance (in shares) at Dec. 31, 2023	215,800,650		216,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			0
Stock-based compensation	$ 94			94
Net income (loss)	(211)				(278)			67
Other comprehensive income (loss), net of tax	(1)					(1)
Shares withheld related to net share settlement of stock awards	(17)			(17)
Cancellation of shares issued	0			(14)			14
Repurchase of common stock (in shares)			(5,000,000)
Repurchase of common stock	(193)			(202)			9
Transactions with noncontrolling interests	$ (16)			0				(16)
Preferred stock, ending balance (in shares) at Dec. 31, 2024	0	0
Ending balance at Dec. 31, 2024	$ 4,376	$ 0	$ 0	$ 6,862	$ (2,801)	$ 96	$ 0	$ 219
Common stock, ending balance (in shares) at Dec. 31, 2024	211,325,086		211,000,000

Divestitures and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value and Information of Net Operating Revenues and Net Income (Loss)

The following information presents the net revenues and net income (loss) of recent divestitures:


	Year Ended December 31, 2024
(In millions)	LINQ Promenade
Net revenues	$	25
Net income	16


	Year Ended December 31, 2023
(In millions)	LINQ Promenade		Rio
Net revenues	$	28	$	145
Net income	21		15



	Year Ended December 31, 2022
(In millions)	LINQ Promenade		Rio		Baton Rouge
Net revenues	$	27	$	199	$	6
Net income (loss)	17		18		(1)

The following information presents the net revenues and net loss for the Company’s discontinued operations:



	Year Ended December 31, 2022
(In millions)	William Hill International
Net revenues	$	820
Net loss	(448)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Long-Term Debt - Caesars Virginia Senior Revolving and Delayed Draw Term Loan Credit Facility due 2029 (Details) - USD ($) $ in Millions	Dec. 31, 2024	Apr. 26, 2024
Long-term debt
Total debt	$ 12,294
Line of Credit \| CVA Credit Agreement \| Secured Debt
Long-term debt
Debt instrument, face amount		$ 400
Total debt	295
Line of Credit \| CVA Credit Agreement \| Revolving Credit Facility
Long-term debt
Credit facility		25
Line of credit facility, remaining borrowing capacity	$ 25
Line of Credit \| CVA Credit Agreement \| Letter of Credit
Long-term debt
Credit facility		$ 10

Earnings per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to Caesars by the weighted average shares outstanding during the reporting period. Diluted EPS is computed similarly to basic EPS except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period.

For a period in which the Company generated a net loss from continuing operations attributable to Caesars, the weighted average shares outstanding - basic was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share.

The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations during the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
(In millions, except per share amounts)	2024		2023		2022
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$	(278)	$	786	$	(513)
Discontinued operations, net of income taxes	—		—		(386)
Net income (loss) attributable to Caesars	$	(278)	$	786	$	(899)
Shares outstanding:
Weighted average shares outstanding – basic	215		215		214
Effect of dilutive securities:
Stock-based compensation awards	—		1		—
Weighted average shares outstanding – diluted	215		216		214

Basic income (loss) per share from continuing operations	$	(1.29)	$	3.65	$	(2.39)
Basic loss per share from discontinued operations	—		—		(1.80)
Net income (loss) per common share attributable to common stockholders – basic:	$	(1.29)	$	3.65	$	(4.19)

Diluted income (loss) per share from continuing operations	$	(1.29)	$	3.64	$	(2.39)
Diluted loss per share from discontinued operations	—		—		(1.80)
Net income (loss) per common share attributable to common stockholders – diluted:	$	(1.29)	$	3.64	$	(4.19)


Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS
	Years Ended December 31,
(In millions)	2024	2023	2022
Stock-based compensation awards	4	1	3
Total anti-dilutive common stock	4	1	3

Leases - Operating and Finance Leases Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Right-of-use asset obtained in exchange for operating lease liability	$ 10	$ 41
Disposal of ROU asset	1	7
Disposal of lease liability	$ 1	7
Remaining lease term, finance leases	34 years
Finance lease extension term increments	1 month
Finance lease, right-of-use asset	$ 60	69
Finance lease liabilities	$ 68	$ 77
Minimum
Lessee, Lease, Description [Line Items]
Options to extend lease term	1 month
Remaining lease term, operating leases	1 year
Maximum
Lessee, Lease, Description [Line Items]
Options to extend lease term	73 years
Remaining lease term, operating leases	67 years

Employee Benefit Plans - Multi-employer Pension Plan Participation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Multiemployer Plans [Line Items]
Other Funds	$ 4	$ 4	$ 3
Total Contributions	$ 57	55	50
Southern Nevada Culinary and Bartenders Pension Plan
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Green
Contributions	$ 27	$ 26	24
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Sep. 30, 2028
Percentage of total contributions made during the year		5.00%
Legacy Plan of the UNITE HERE Retirement Fund
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Red
Contributions	$ 11	$ 10	9
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Sep. 30, 2027
Percentage of total contributions made during the year		5.00%
Central Pension Fund of the IUOE & Participating Employers
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Green
Contributions	$ 7	$ 7	7
Expiration Date of Collective Bargaining Agreement	Mar. 31, 2029
Western Conference of Teamsters Pension Plan
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Green
Contributions	$ 7	7	6
Expiration Date of Collective Bargaining Agreement	Aug. 31, 2029
Painters IUPAT
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Red
Contributions	$ 1	$ 1	$ 1
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	Jun. 30, 2026

Revenue Recognition - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 11,245,000,000	$ 11,528,000,000	$ 10,821,000,000
Accounts Receivable
Disaggregation of Revenue [Line Items]
Concentrations of credit risk related to receivables	0	0
Complimentaries and Loyalty Point Redemptions
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,300,000,000	$ 1,400,000,000	$ 1,200,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Interest Expense, Net

Interest Expense, Net


	Years Ended December 31,
(In millions)	2024		2023		2022
Interest expense	$	2,438	$	2,394	$	2,303
Capitalized interest	(61)		(40)		(26)
Interest income	(11)		(12)		(12)
Total interest expense, net	$	2,366	$	2,342	$	2,265

Long-Term Debt- CEI Senior Notes due 2029 (Details) - CEI Senior Notes due 2029 - Senior Notes $ in Billions	Sep. 24, 2021 USD ($)
Long-term debt
Long-term debt, gross	$ 1.2
Interest rate (as a percent)	4.625%

- Definition

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Release of valuation allowance	$ 940,000,000		$ 940,000,000
Decrease in unrecognized tax benefits		$ 8,000,000	4,000,000	$ 29,000,000
Unrecognized tax benefits, interest and penalties accrued		1,000,000	0
Unrecognized tax benefits that would impact effective tax rate		$ 106,000,000	$ 112,000,000

Long-Term Debt - CEI Senior Secured Notes due 2032 (Details) - CEI Senior Secured Notes due 2032 - Senior Notes - USD ($) $ in Billions	Dec. 31, 2024	Feb. 06, 2024
Long-term debt
Long-term debt, gross		$ 1.5
Interest rate (as a percent)	6.50%	6.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Divestitures and Discontinued Operations - Narrative (Details) - USD ($) $ in Millions					12 Months Ended
	Dec. 12, 2024	Oct. 29, 2024	Aug. 01, 2024	May 05, 2022	Dec. 31, 2022	Apr. 07, 2022
NSUS Group Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Licensing agreement, term			20 years
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| LINQ Promenade
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration to be received		$ 275
Proceeds from divestiture	$ 275
Gain on sale	$ 34
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Transaction and other costs, net
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Baton Rouge
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) from equity method investment				$ (3)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| WSOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture			$ 250
Gain on sale		$ 317
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]		Transaction and other costs, net
Consideration receivable			250
Disposal group, consideration			$ 500
Discontinued Operations, Held for sale - Sold \| William Hill International
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration						$ 2,000
Impairment charge of net assets being sold					$ 503

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Oct. 17, 2024	Feb. 06, 2024	Dec. 31, 2023	Feb. 06, 2023	Jul. 06, 2020
Long-term debt
Total debt	$ 12,294
Current portion of long-term debt	(109)			$ (65)
Long-term debt	12,033			12,224
Face Value
Long-term debt
Special Improvement District Bonds	42
Long-term notes and other payables	2
Total debt	12,294
Current portion of long-term debt	(109)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	12,185
Fair value	12,267
Book Value
Long-term debt
Special Improvement District Bonds	42			45
Long-term notes and other payables	2			2
Total debt	12,154			12,305
Current portion of long-term debt	(109)			(65)
Deferred finance charges associated with the CEI Revolving Credit Facility	(12)			(16)
Long-term debt	12,033			12,224
Unamortized discounts and deferred finance charges	152			150
CEI Revolving Credit Facility \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	0
CEI Revolving Credit Facility \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	0			0
CEI Term Loan A \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	675
CEI Term Loan A \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	673			710
CVA Revolving Credit Facility \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	0
CVA Revolving Credit Facility \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	0			0
CVA Delayed Draw Term Loan \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	295
CVA Delayed Draw Term Loan \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	288			0
CEI Term Loan B \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	2,056
CEI Term Loan B \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	2,021			2,432
CEI Term Loan B-1 \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	2,878
CEI Term Loan B-1 \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	$ 2,844			0
CEI Senior Secured Notes due 2030 \| Senior Notes
Long-term debt
Long-term debt, gross					$ 2,000
Interest rate (as a percent)	7.00%				7.00%
CEI Senior Secured Notes due 2030 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 2,000
CEI Senior Secured Notes due 2030 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 1,982			1,978
CEI Senior Secured Notes due 2032 \| Senior Notes
Long-term debt
Long-term debt, gross			$ 1,500
Interest rate (as a percent)	6.50%		6.50%
CEI Senior Secured Notes due 2032 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 1,500
CEI Senior Secured Notes due 2032 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	1,484			0
CEI Senior Secured Notes due 2025 \| Senior Notes
Long-term debt
Long-term debt, gross						$ 3,400
Interest rate (as a percent)						6.25%
CEI Senior Secured Notes due 2025 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
CEI Senior Secured Notes due 2025 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	0			3,374
CRC Senior Secured Notes \| Senior Notes
Long-term debt
Long-term debt, gross						$ 1,000
Interest rate (as a percent)						5.75%
CRC Senior Secured Notes \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
CRC Senior Secured Notes \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 0			983
CEI Senior Notes due 2027 \| Senior Notes
Long-term debt
Long-term debt, gross						$ 1,800
Interest rate (as a percent)	8.125%					8.125%
CEI Senior Notes due 2027 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 546
CEI Senior Notes due 2027 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 542			1,593
CEI Senior Notes due 2029 \| Senior Notes
Long-term debt
Interest rate (as a percent)	4.625%
CEI Senior Notes due 2029 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 1,200
CEI Senior Notes due 2029 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 1,190			1,188
CEI Senior Notes due 2032 \| Senior Notes
Long-term debt
Long-term debt, gross		$ 1,100
Interest rate (as a percent)	6.00%	6.00%
CEI Senior Notes due 2032 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	$ 1,100
CEI Senior Notes due 2032 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 1,086			$ 0
Special Improvement District Bonds
Long-term debt
Interest rate (as a percent)	4.30%

Leases - Summary of Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 79
2026	77
2027	78
2028	75
2029	74
Thereafter	1,848
Total future minimum lease payments	2,231
Less: present value factor	(1,494)
Total lease liability	$ 737

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net income (loss) attributable to Caesars		$ (278)	$ 786	$ (899)
Net income (loss) attributable to noncontrolling interests		67	42	(11)
Net loss from discontinued operations		0	0	386
(Benefit) provision for income taxes		87	(888)	(41)
Other income		(27)	(10)	(46)
Loss on extinguishment of debt		89	200	85
Interest expense, net		2,366	2,342	2,265
Depreciation and amortization		1,324	1,261	1,205
Impairment charges		302	95	108
Transaction costs and other, net		(285)	6	90
Stock-based compensation expense		94	104	101
Adjusted EBITDA		3,739	3,938	3,243
Release of valuation allowance	$ 940		940
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA		(166)	(154)	(124)
Las Vegas \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA		1,907	2,016	1,964
Regional \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA		1,810	1,962	1,985
Caesars Digital \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA		117	38	(666)
Managed and Branded \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA		$ 71	$ 76	$ 84

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 132
2026	132
2027	86
2028	45
2029	$ 44

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating lease expense:
Total operating lease costs	$ 239	$ 255	$ 270
Operating Expenses
Operating lease expense:
Operating lease expense	81	96	132
Short-term and variable lease expense	$ 158	$ 159	$ 138

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Additional significant accounting policy disclosures are provided within the applicable Notes to the Financial Statements.

Basis of Presentation

Our Financial Statements are prepared in accordance with accounting principles generally accepted in the United States, which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably determined. Actual amounts could materially differ from those estimates.

The presentation of financial information herein for the periods after the Company’s acquisitions or before divestitures of various properties is not fully comparable to the periods prior to their respective purchase or after the sale dates. See Note 3 for properties recently divested.

Our Financial Statements include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions.

Consolidation of Subsidiaries and Variable Interest Entities

We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for as investments in equity securities.

We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE. If we determine an investment qualifies, or no longer qualifies, as a VIE, there may be a material effect to our Financial Statements.

Fair Value Measurements

The Company measures certain of its financial assets and liabilities at fair value, on a recurring basis, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Levels of the hierarchy prioritize the inputs used to measure fair value and include:

•Level 1: Observable inputs such as quoted prices in active markets.

•Level 2: Inputs other than quoted prices in active markets that are either directly or indirectly observable.

•Level 3: Unobservable inputs that reflect the Company’s own assumptions, as there is little, if any, related market activity.

Cash and Cash Equivalents

Cash equivalents include investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1). Cash and cash equivalents also include cash maintained for gaming operations.

Restricted Cash

Restricted cash includes cash equivalents held in certificates of deposit accounts or money market type funds, that are not subject to remeasurement on a recurring basis, which are restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business.

Marketable Securities

Marketable securities consist primarily of trading securities held by the Company’s deferred compensation plans. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1) and represent the amounts the Company would expect to receive if the Company sold these marketable securities. As of both December 31, 2024 and 2023, the Company held $2 million in Level 1 securities.

Derivative Instruments

The Company may enter into derivative instruments to hedge the risk of fluctuations in interest rates, foreign exchange rates or pricing for other commodities. These agreements are designated as cash flow hedges. As of December 31, 2024 and 2023, the Company did not hold any cash flow hedges or any derivative financial instruments for trading purposes.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company has bank deposits that may at times exceed federally insured limits. Management believes all financial institutions holding its cash are of high credit quality and does not believe the Company is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

Advertising

Advertising costs are expensed in the period the advertising initially takes place. Advertising costs were $231 million, $259 million and $571 million for the years ended December 31, 2024, 2023 and 2022, respectively, and are included within operating expenses. During the year ended December 31, 2022, the Company launched significant television, radio and internet marketing campaigns promoting the Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.

Interest Expense, Net


	Years Ended December 31,
(In millions)	2024		2023		2022
Interest expense	$	2,438	$	2,394	$	2,303
Capitalized interest	(61)		(40)		(26)
Interest income	(11)		(12)		(12)
Total interest expense, net	$	2,366	$	2,342	$	2,265

Recently Issued Accounting Pronouncements

Pronouncements Implemented in 2024

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. This guidance is effective for years beginning after December 15, 2023, and interim periods within years beginning after December 15, 2024. Amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. As of December 31, 2024, the Company has implemented the updated amendments included in ASU 2023-07. See Note 16 for additional reportable segment disclosures.

Pronouncements to Be Implemented in Future Periods

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures,” which requires additional disclosure about specific expense categories in the notes to financial statements. This information is generally not presented in the financial statements today. This update applies to all public business entities and will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We do not expect the amendments in this update to have a material impact on our Financial Statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes: Improvements to Income Tax Disclosures,” which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. These updates apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Updates will be applied on a prospective basis with the option to apply the standard retrospectively. We do not expect the amendments in this update to have a material impact on our Financial Statements.

In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments In Response to the SEC’s Disclosure Update and Simplification Initiative,” to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. This guidance is effective for the Company no later than June 30, 2027. We do not expect the amendments in this update to have a material impact on our Financial Statements.

Leases - Financing Obligation (Details) $ in Millions	12 Months Ended
Leases - Financing Obligation (Details) $ in Millions	Dec. 31, 2024 USD ($) term yr
VICI Lease
Lessee, Lease, Description [Line Items]
Lessee, finance lease, term of contract	15 years
Lessee, finance lease, discount rate	11.01%
Lessee, finance lease, number of renewal options \| term	4
Finance lease, renewal term	5 years
Contractual rent amount	$ 1,100
Annual escalation provision, floor percentage	2.00%
Annual escalation provision, starting year \| yr	2
Variable element starting year	8 years
Golf Course \| VICI Golf Course Use Agreement
Lessee, Lease, Description [Line Items]
Finance lease, renewal term	35 years
Lessee, annual base rent	$ 14

Stock-Based Compensation and Stockholder's Equity

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation and Stockholders’ Equity

Stock-Based Awards

The Company maintains long-term incentive plans which allow for granting stock-based compensation awards of Company Common Stock to directors, employees, officers, and consultants or advisers who render services to the Company or its subsidiaries, including stock options, restricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based performance stock units (“MSUs”), stock appreciation rights, and other stock-based awards or dividend equivalents. Forfeitures are recognized in the period in which they occur.

Performance Incentive Plans

The Board of Directors (“Board”) adopted, and the Company’s stockholders approved, the 2015 Equity Incentive Plan, as amended and restated in 2019 (the “2015 Plan”), which allows for shares to be granted as part of the Company’s long-term incentive plan. On April 24, 2024, the Board approved an amendment to the 2015 Plan and the Company’s stockholders subsequently approved the adoption of the amended and restated 2015 Plan on June 11, 2024. The amendment to the 2015 Plan allows for, among other things, an increase in the number of shares available for future grants to 8 million shares, plus the number of shares available for issuance under the 2015 Plan on the date the Company’s stockholders approved the amendment. As of December 31, 2024, the Company had approximately 10 million shares available for grant under the 2015 Plan.

Equity awards granted to employees and executive officers generally vest within one to three years from the grant date either ratably on each anniversary, or entirely at the end of the service period. Awards may also contain performance conditions in addition to time based vesting conditions. Performance awards relate to the achievement of defined levels of performance and will vest and become payable at the end of the vesting period. Performance awards may contain targeted performance levels, which may ultimately vest within a range of 0% to 200% of the target award, based on defined operating metrics or market performance as compared to a peer group. RSUs granted to non-employee directors generally vest immediately and are issued on the vesting date, or may be deferred.

Total stock-based compensation expense in the accompanying Statements of Operations was $94 million, $104 million and $101 million during the years ended December 31, 2024, 2023 and 2022, respectively. These amounts are included in Corporate expenses in the Company’s Statements of Operations.

Restricted Stock Unit Activity

During the year ended December 31, 2024, the Company granted RSUs to employees of the Company with an aggregate fair value of $88 million. Each RSU represents the right to receive payment in respect of one share of the Company’s Common Stock.

A summary of the RSUs activity for the year ended December 31, 2024 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2023	1,922,419	$	60.11
Granted (b)	2,020,005	43.77
Vested	(1,055,671)	62.64
Forfeited	(217,942)	49.06
Unvested outstanding as of December 31, 2024	2,668,811	47.64

____________________

(a)Represents the weighted-average grant date fair value of RSUs, which is the share price of our common stock on the grant date.

(b)Included are 45,800 RSUs granted to non-employee members of the Board during the year ended December 31, 2024.

Performance Stock Unit Activity

During the year ended December 31, 2024, the Company granted PSUs to employees of the Company with an aggregate fair value of $5 million as of December 31, 2024. On the vesting date, recipients will receive between 0% and 200% of the target number of PSUs granted, in the form of Company Common Stock, based on the achievement of specified performance conditions and terms of the underlying award agreement. The fair value of the PSUs is based on the market price of our common stock when a mutual understanding of the key terms and conditions of the awards between the Company and recipient is achieved. The awards are remeasured each period until such an understanding is reached.

A summary of the PSUs activity for the year ended December 31, 2024 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2023	328,230	$	46.88
Granted	161,688	33.42
Performance Adjustment	27,314
Vested	(99,377)	41.66
Forfeited	(20,699)	39.86
Unvested outstanding as of December 31, 2024	397,156	33.42

____________________

(a)This represents the weighted-average grant date fair value for PSUs where the grant date has been achieved or the price of our common stock as of the balance sheet date for PSUs where a grant date has not been achieved.

Market-Based Stock Unit Activity

During the year ended December 31, 2024, the Company granted MSUs to employees of the Company with an aggregate fair value of $26 million. On the vesting date, recipients will receive between 0% and 200% of the granted MSUs in the form of Company Common Stock based on the achievement of specified market and service conditions. Based on the terms and conditions of the awards, the grant date fair value of the MSUs was determined using a Monte Carlo simulation model. Key assumptions for the Monte Carlo simulation model are the risk-free interest rate, expected volatility, expected dividends and correlation coefficient. The effect of market conditions is considered in determining the grant date fair value, which is not subsequently revised based on actual performance.

A summary of the MSUs activity for the year ended December 31, 2024 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2023	872,019	$	85.11
Granted	435,536	58.56
Performance Adjustment	(154,420)
Vested	(18,713)	63.99
Forfeited	(38,318)	77.95
Unvested outstanding as of December 31, 2024	1,096,104	73.15

____________________

(a)Represents the grant date fair value determined using a Monte Carlo simulation model.

Stock Option Activity

There was no stock option activity during the year ended December 31, 2024.


Stock Option Exercises
	Years Ended December 31,
(Dollars in millions)	2024		2023		2022





Option Exercises:
Number of options exercised	—		88		43,384
Cash received for options exercised	$	—	$	—	$	1
Aggregate intrinsic value of options exercised	$	—	$	—	$	2

Unrecognized Compensation Cost

As of December 31, 2024, the Company had $105 million of unrecognized compensation expense, which is expected to be recognized over a weighted-average period of 1.8 years.

Accumulated Other Comprehensive Income

The changes in AOCI by component, net of tax, for the periods through December 31, 2024 and 2023 are shown below.


Changes in AOCI by component, net of tax
(In millions)	Unrealized Net Gains on Derivative Instruments		Foreign Currency Translation Adjustments		Other		Total
Balances as of December 31, 2022	$	94	$	(1)	$	(1)	$	92
Other comprehensive income before reclassifications	—		1		4		5

Total other comprehensive income, net of tax	—		1		4		5
Balances as of December 31, 2023	$	94	$	—	$	3	$	97
Other comprehensive loss before reclassifications	—		—		(1)		(1)

Total other comprehensive loss, net of tax	—		—		(1)		(1)
Balances as of December 31, 2024	$	94	$	—	$	2	$	96

Share Repurchase Program

On November 8, 2018, the Company announced that its Board of Directors authorized a $150 million common stock repurchase program (the “2018 Share Repurchase Program”). For the year ended December 31, 2024, the Company acquired 3,872,478 shares of common stock under the 2018 Share Repurchase Program at an aggregate value of $141 million, excluding any applicable excise taxes, and an average of $36.38 per share. In connection with these repurchases, including repurchases of $9 million in 2018, the 2018 Share Repurchase Program was completed and all shares repurchased under the 2018 Share Repurchase Program were retired.

On October 2, 2024, the Company announced that its Board of Directors authorized a $500 million common stock repurchase program (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. As of December 31, 2024, the Company has acquired 1,262,990 shares of common stock under the 2024 Share Repurchase Program at an aggregate value of $50 million, excluding any applicable excise taxes, and an average of $39.59 per share. The 2024 Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the 2024 Share Repurchase Program. All share repurchases under the 2024 Share Repurchase Program are retired upon repurchase.

No shares were repurchased during the years ended December 31, 2023 or 2022.

Shares Held in Escrow

In connection with the settlement of convertible notes during 2021, the Company issued approximately 139 thousand shares of common stock, at a fair value of approximately $14 million. The shares were contributed to, and held in, an escrow trust which was recorded within Treasury stock. During the year ended December 31, 2024, the shares were released from escrow and returned to the Company following an update to the estimated disputed claims liability.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (211)	$ 828	$ (910)
Foreign currency translation adjustments	0	1	34
Change in fair market value of interest rate swaps, net of tax	0	0	21
Other	(1)	4	0
Other comprehensive income (loss), net of tax	(1)	5	55
Comprehensive income (loss)	(212)	833	(855)
Net (income) loss attributable to noncontrolling interests	(67)	(42)	11
Foreign currency translation adjustments	0	0	1
Comprehensive (income) loss attributable to noncontrolling interests	(67)	(42)	12
Comprehensive income (loss) attributable to Caesars	$ (279)	$ 791	$ (843)

Long-Term Debt - CEI Senior Notes due 2032 (Details) - CEI Senior Notes due 2032 - Senior Notes - USD ($) $ in Billions	Dec. 31, 2024	Oct. 17, 2024
Long-term debt
Long-term debt, gross		$ 1.1
Interest rate (as a percent)	6.00%	6.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

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. Also, see Note 3, Note 4 and Note 5 for a discussion of the impairment of intangibles and long-lived assets related to certain segments.

The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of December 31, 2024:

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 (a)

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 (b)

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

___________________

(a)Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia was complete and opened on December 17, 2024.

(b)Temporary gaming facility was open from June 12, 2023 through March 20, 2024, closing in anticipation of the permanent facility which opened on May 17, 2024, following weeks of construction disruption due to weather.

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. We also opened our first non-gaming hotel experience in the United States on March 6, 2024 at Caesars Republic Scottsdale featuring approximately 270 hotel rooms, approximately 20,000 square feet of event space and hotel amenities including, pools, bars, lounges, and celebrity partnered restaurants.

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.


	Years Ended December 31,
(In millions)	2024		2023		2022
Las Vegas:
Net revenues	$	4,274	$	4,470	$	4,287
Adjusted EBITDA	1,907		2,016		1,964
Regional:
Net revenues	5,539		5,778		5,704
Adjusted EBITDA	1,810		1,962		1,985
Caesars Digital:
Net revenues	1,163		973		548
Adjusted EBITDA	117		38		(666)
Managed and Branded:
Net revenues	274		307		282
Adjusted EBITDA	71		76		84
Corporate and Other:
Net revenues	(5)		—		—
Adjusted EBITDA	(166)		(154)		(124)

Disaggregation of Certain Significant Expenses by Segment


	Year Ended December 31, 2024
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Net revenues	$	4,274	$	5,539	$	1,163	$	274	$	(5)	$	11,245

Gaming taxes	(129)		(1,202)		(303)		—		—

Labor expense	(1,177)		(1,144)		—		—		—

Other segment expenses (b)	(1,061)		(1,383)		(743)		(203)		(161)

Adjusted EBITDA	$	1,907	$	1,810	$	117	$	71	$	(166)	$	3,739


	Year Ended December 31, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Net revenues	$	4,470	$	5,778	$	973	$	307	$	—	$	11,528

Gaming taxes	(139)		(1,269)		(245)		—		—

Labor expense (a)	(1,175)		(1,154)		—		—		—

Other segment expenses (b)	(1,140)		(1,393)		(690)		(231)		(154)

Adjusted EBITDA	$	2,016	$	1,962	$	38	$	76	$	(154)	$	3,938


	Year Ended December 31, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Net revenues	$	4,287	$	5,704	$	548	$	282	$	—	$	10,821

Gaming taxes	(137)		(1,268)		(239)		—		—

Labor expense (a)	(1,091)		(1,088)		—		—		—

Other segment expenses (b)	(1,095)		(1,363)		(975)		(198)		(124)

Adjusted EBITDA	$	1,964	$	1,985	$	(666)	$	84	$	(124)	$	3,243

____________________

(a)Labor expense for the Las Vegas segment includes $49 million and $65 million for the years ended December 31, 2023 and 2022, respectively, related to Rio-All Suite Hotel & Casino which was divested at the end of the third quarter of 2023.

(b)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 composed 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 flow 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.


	Years Ended December 31,
(In millions)	2024		2023		2022
Net income (loss) attributable to Caesars	$	(278)	$	786	$	(899)
Net income (loss) attributable to noncontrolling interests	67		42		(11)
Net loss from discontinued operations	—		—		386
(Benefit) provision for income taxes (a)	87		(888)		(41)
Other income (b)	(27)		(10)		(46)
Loss on extinguishment of debt	89		200		85
Interest expense, net	2,366		2,342		2,265
Depreciation and amortization	1,324		1,261		1,205
Impairment charges (c)	302		95		108
Transaction costs and other, net (d)	(285)		6		90
Stock-based compensation expense	94		104		101
Adjusted EBITDA	$	3,739	$	3,938	$	3,243

Adjusted EBITDA by Segment:
Las Vegas	$	1,907	$	2,016	$	1,964
Regional	1,810		1,962		1,985
Caesars Digital	117		38		(666)
Managed and Branded	71		76		84
Corporate and Other	(166)		(154)		(124)

____________________

(a)Benefit for income taxes for the year ended December 31, 2023 includes the release of $940 million of valuation allowance against deferred tax assets.

(b)Other income for the year ended December 31, 2024 primarily represents a change in estimate of our disputed claims liability.

(c)Impairment charges for the year ended December 31, 2024 include impairments within our Regional segment as a result of a decrease in projected future cash flows at certain properties primarily due to localized competition and an impairment to a trademark due to the performance of our smallest brand in the Las Vegas segment.

(d)Transaction costs and other, net primarily includes non-cash losses on the write down and disposal of assets, gains from the sales of the WSOP trademark and the LINQ Promenade, insurance proceeds from property damage, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with new property openings and expansion projects at existing properties, and non-cash changes in equity method investments.


Capital Expenditures, Net - By Segment
	Years Ended December 31,
(In millions)	2024		2023		2022
Las Vegas	$	253	$	257	$	165
Regional	878		839		597
Caesars Digital	107		100		106

Corporate and Other	58		68		84
Total	$	1,296	$	1,264	$	952


Total Assets - By Segment
	December 31,
(In millions)	2024		2023
Las Vegas	$	25,040	$	24,230
Regional	15,664		15,291
Caesars Digital	1,262		1,095
Managed and Branded	282		224
Corporate and Other (a)	(9,658)		(7,474)
Total	$	32,590	$	33,366

____________________

(a)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
NET REVENUES:
Net revenues	$ 11,245	$ 11,528	$ 10,821
OPERATING EXPENSES:
General and administrative	1,920	2,012	2,068
Corporate	307	306	286
Impairment charges	302	95	108
Depreciation and amortization	1,324	1,261	1,205
Transaction and other costs, net	(331)	(13)	14
Total operating expenses	8,941	9,056	9,082
Operating income	2,304	2,472	1,739
OTHER EXPENSE:
Interest expense	(2,366)	(2,342)	(2,265)
Loss on extinguishment of debt	(89)	(200)	(85)
Other income	27	10	46
Total other expense	(2,428)	(2,532)	(2,304)
Loss from continuing operations before income taxes	(124)	(60)	(565)
Benefit (provision) for income taxes	(87)	888	41
Income (loss) from continuing operations, net of income taxes	(211)	828	(524)
Discontinued operations, net of income taxes	0	0	(386)
Net income (loss)	(211)	828	(910)
Net (income) loss attributable to noncontrolling interests	(67)	(42)	11
Net income (loss) attributable to Caesars	$ (278)	$ 786	$ (899)
Net income (loss) per share - basic and diluted:
Basic income (loss) per share from continuing operations (in dollars per shares)	$ (1.29)	$ 3.65	$ (2.39)
Basic loss per share from discontinued operations (in dollars per share)	0	0	(1.80)
Basic income (loss) per share (in dollars per share)	(1.29)	3.65	(4.19)
Net income (loss) per share - diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	(1.29)	3.64	(2.39)
Diluted loss per share from discontinued operations (in dollars per share)	0	0	(1.80)
Diluted income (loss) per share (in dollars per share)	$ (1.29)	$ 3.64	$ (4.19)
Weighted average number of shares outstanding:
Weighted average basic shares outstanding (in shares)	215	215	214
Weighted average diluted shares outstanding (in shares)	215	216	214
Casino
NET REVENUES:
Net revenues	$ 6,267	$ 6,367	$ 5,997
OPERATING EXPENSES:
Cost of goods and services	3,370	3,342	3,526
Food and beverage
NET REVENUES:
Net revenues	1,716	1,728	1,596
OPERATING EXPENSES:
Cost of goods and services	1,073	1,049	935
Hotel
NET REVENUES:
Net revenues	2,016	2,090	1,957
OPERATING EXPENSES:
Cost of goods and services	580	570	529
Other
NET REVENUES:
Net revenues	1,246	1,343	1,271
OPERATING EXPENSES:
Cost of goods and services	$ 396	$ 434	$ 411

Litigation, Commitments and Contingencies	12 Months Ended
Litigation, Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	Litigation, Commitments and Contingencies Litigation General We are a party to various legal proceedings, which have arisen in the normal course of our business. Such proceedings can be costly, time consuming, unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact our consolidated financial condition or results of operations. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. While we maintain insurance coverage that we believe is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. The current liability for the estimated losses associated with these proceedings is not material to our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations. Cybersecurity Incident On September 14, 2023, we announced that an unauthorized actor had gained access to our information technology network as a result of a social engineering attack on an outsourced IT support vendor used by the Company, and acquired a copy of, among other data, our loyalty program database, which includes driver’s license numbers and/or social security numbers for a significant number of members in the database (“Data Incident”). As a result of the Data Incident, numerous putative class action lawsuits have been filed against us purporting to represent various classes of persons whose personal information was affected by the Data Incident. These putative class actions assert a variety of common law and statutory claims based on allegations that we failed to use reasonable security procedures and practices to safeguard customers’ personal information, and seek monetary and statutory damages, injunctive relief and other related relief. In addition to those putative class action lawsuits, individual claims have been filed or threatened against us as well. In addition, we have received inquiries from numerous state regulators related to the Data Incident. We have responded or are in the process of responding to these inquiries and are cooperating fully with regulators. While we intend to vigorously defend ourselves in the above-described proceedings, we believe it is reasonably possible that we may incur losses associated therewith. It is not possible at this time to estimate the amount of loss or range of loss, if any, that might result from adverse judgments, settlements, or other resolution given the stage of these proceedings, the absence of specific allegations regarding the alleged damages, the uncertainty as to the certification of a class or classes and the size of any certified class, if applicable, and/or the lack of resolution of significant factual and legal issues. Moreover, additional lawsuits and claims related to the Data Incident may be asserted and governmental agencies may open additional inquiries or investigations into the Data Incident. We have received, and continue to pursue, reimbursements from insurance carriers for costs incurred as a result of the Data Incident. We have incurred, and may continue to incur, certain expenses related to the Data Incident, including expenses to respond to, remediate and investigate this matter. The full scope of the costs and related impacts of this incident, including the extent to which these costs will be offset by our cybersecurity insurance or potential indemnification claims against third parties, has not been determined. We are unable to predict the full impact of this incident and its impact on guest behavior in the future, including whether a change in our guests’ behavior could negatively impact our financial condition and results of operations on an ongoing basis. Based on our assessment, the incident has not had a material impact, and we do not believe the incident has materially affected or will materially affect us, including our operations, business strategy, results of operations, or financial condition. Contractual Commitments Capital Commitments Caesars New Orleans In April 2020, the Company and the State of Louisiana, by and through the Louisiana Gaming Control Board, entered into an Amended and Restated Casino Operating Contract. Additionally, the Company, New Orleans Building Corporation and the City entered into a Second Amended and Restated Lease Agreement. In connection with these amendments, the Company was required to make a capital investment of at least $325 million on, or around our property, which the Company completed in October 2024 with the transformation of Harrah’s to Caesars New Orleans. Sports Sponsorship/Partnership Obligations The Company has agreements with certain professional sports leagues and teams, sporting event facilities and media companies for tickets, suites, advertising, marketing, promotional and sponsorship opportunities including communication with partner customer databases. Some of the agreements provide Caesars with exclusivity to access the aforementioned rights within the casino and/or sports betting category. As of December 31, 2024 and 2023, obligations related to these agreements were $421 million and $605 million, respectively, with contracts extending through 2040. These obligations are composed of various third-party agreements which have been entered into by the Company for certain of our Las Vegas and Regional properties, or our Caesars Digital segment. The agreements include leasing of event suites that are generally considered short-term leases for which the Company does not record a right of use asset or lease liability. The Company recognizes expenses in the period services are received in accordance with the various agreements. In addition, assets or liabilities may be recorded related to the timing of payments as required by the respective agreement. Self-Insurance The Company is self-insured for workers compensation and other risk insurance, as well as health insurance and general liability. The Company’s total estimated self-insurance liability was $204 million and $200 million as of December 31, 2024 and 2023, respectively, which is included in Accrued other liabilities in our Balance Sheets. The assumptions utilized by our actuaries are subject to significant uncertainty and if outcomes differ from these assumptions or events develop or progress in a negative manner, the Company could experience a material adverse effect and additional liabilities may be recorded in the future. Contingencies Weather Disruption - Lake Charles On August 27, 2020, Hurricane Laura made landfall on Lake Charles as a Category 4 storm severely damaging the Isle of Capri Casino Lake Charles (“Lake Charles”). During the year ended December 31, 2022, the Company reached a final settlement agreement with the insurance carriers for a total amount of $128 million, before our insurance deductible of $25 million. The Company has received a total of $103 million related to damaged fixed assets, remediation costs and business interruption. The Company recorded a gain of $38 million during the year ended December 31, 2022, which is included in Transaction and other costs, net in our Statements of Operations, as the proceeds received for the cost to replace damaged property is in excess of the respective carrying value of the assets. The construction of our new land-based casino, Horseshoe Lake Charles, was completed and reopened in December 2022.

Leases - Schedule of Leases Recorded on Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other long-term assets, net	Other long-term assets, net
Operating lease ROU assets	$ 604	$ 622
Liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued other liabilities	Accrued other liabilities
Current operating lease liabilities	$ 21	$ 23
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Non-current operating lease liabilities	$ 716	$ 728

Leases - GLPI Leases and Lease Covenants (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) term yr
Lessee, Lease, Description [Line Items]
Lease term	20 years
Imputed discount rate	9.75%
Escalation provision, percent	1.02
Lessee, operating lease, lease year	2
Lessee, leasing arrangements, percentage of EBITDAR to rent ratio floor	120.00%
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year	2
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year	5
Master Lease Arrangement
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	20 years
Number of renewal terms \| term	4
Finance lease, renewal term	5 years
Lumiere Lease Arrangement
Lessee, Lease, Description [Line Items]
Number of renewal terms \| term	4
Finance lease, renewal term	5 years
Escalation provision, percent	1.0125
GLPI
Lessee, Lease, Description [Line Items]
Escalation provision, percent	1.0175
Lumiere Lease
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent \| $	$ 23
Escalation provision, percent	1.0175
Lumiere Lease \| Gaming And Leisure Properties Master Lease, Six Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year	6
Lumiere Lease \| Gaming And Leisure Properties Master Lease, Seven Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year	7
Land \| GLPI
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent \| $	$ 24
Building \| GLPI
Lessee, Lease, Description [Line Items]
Lease agreement, amount of percentage, base rent \| $	$ 63
Escalation provision, percent	1.0125
Building \| GLPI \| Gaming And Leisure Properties Master Lease, Five Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year	5
Building \| GLPI \| Gaming And Leisure Properties Master Lease, Six Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, preceding year	6
Building \| GLPI \| Gaming And Leisure Properties Master Lease, Seven Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year	7
Building \| GLPI \| Gaming And Leisure Properties Master Lease, Eight Year Option
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease year	8

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Operating Data for Reportable Segments

The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of December 31, 2024:

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 (a)

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 (b)

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

___________________

(a)Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia was complete and opened on December 17, 2024.

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.


	Years Ended December 31,
(In millions)	2024		2023		2022
Las Vegas:
Net revenues	$	4,274	$	4,470	$	4,287
Adjusted EBITDA	1,907		2,016		1,964
Regional:
Net revenues	5,539		5,778		5,704
Adjusted EBITDA	1,810		1,962		1,985
Caesars Digital:
Net revenues	1,163		973		548
Adjusted EBITDA	117		38		(666)
Managed and Branded:
Net revenues	274		307		282
Adjusted EBITDA	71		76		84
Corporate and Other:
Net revenues	(5)		—		—
Adjusted EBITDA	(166)		(154)		(124)

Disaggregation of Certain Significant Expenses by Segment


	Year Ended December 31, 2024
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Net revenues	$	4,274	$	5,539	$	1,163	$	274	$	(5)	$	11,245

Gaming taxes	(129)		(1,202)		(303)		—		—

Labor expense	(1,177)		(1,144)		—		—		—

Other segment expenses (b)	(1,061)		(1,383)		(743)		(203)		(161)

Adjusted EBITDA	$	1,907	$	1,810	$	117	$	71	$	(166)	$	3,739


	Year Ended December 31, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Net revenues	$	4,470	$	5,778	$	973	$	307	$	—	$	11,528

Gaming taxes	(139)		(1,269)		(245)		—		—

Labor expense (a)	(1,175)		(1,154)		—		—		—

Other segment expenses (b)	(1,140)		(1,393)		(690)		(231)		(154)

Adjusted EBITDA	$	2,016	$	1,962	$	38	$	76	$	(154)	$	3,938


	Year Ended December 31, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Net revenues	$	4,287	$	5,704	$	548	$	282	$	—	$	10,821

Gaming taxes	(137)		(1,268)		(239)		—		—

Labor expense (a)	(1,091)		(1,088)		—		—		—

Other segment expenses (b)	(1,095)		(1,363)		(975)		(198)		(124)

Adjusted EBITDA	$	1,964	$	1,985	$	(666)	$	84	$	(124)	$	3,243

____________________

(b)The ‘Other segment expenses’ category for each of our reportable segments primarily includes:

•Managed and Branded - Reimbursable expenses which are primarily payroll costs associated with our managed properties.

•Corporate and Other - Unallocated corporate payroll and overhead costs.


	Years Ended December 31,
(In millions)	2024		2023		2022
Net income (loss) attributable to Caesars	$	(278)	$	786	$	(899)
Net income (loss) attributable to noncontrolling interests	67		42		(11)
Net loss from discontinued operations	—		—		386
(Benefit) provision for income taxes (a)	87		(888)		(41)
Other income (b)	(27)		(10)		(46)
Loss on extinguishment of debt	89		200		85
Interest expense, net	2,366		2,342		2,265
Depreciation and amortization	1,324		1,261		1,205
Impairment charges (c)	302		95		108
Transaction costs and other, net (d)	(285)		6		90
Stock-based compensation expense	94		104		101
Adjusted EBITDA	$	3,739	$	3,938	$	3,243

Adjusted EBITDA by Segment:
Las Vegas	$	1,907	$	2,016	$	1,964
Regional	1,810		1,962		1,985
Caesars Digital	117		38		(666)
Managed and Branded	71		76		84
Corporate and Other	(166)		(154)		(124)

____________________

(a)Benefit for income taxes for the year ended December 31, 2023 includes the release of $940 million of valuation allowance against deferred tax assets.

(b)Other income for the year ended December 31, 2024 primarily represents a change in estimate of our disputed claims liability.

Schedule of Capital Expenditures, Net for Reportable Segments


Capital Expenditures, Net - By Segment
	Years Ended December 31,
(In millions)	2024		2023		2022
Las Vegas	$	253	$	257	$	165
Regional	878		839		597
Caesars Digital	107		100		106

Corporate and Other	58		68		84
Total	$	1,296	$	1,264	$	952

Schedule of Balance Sheet Information for Reportable Segments


Total Assets - By Segment
	December 31,
(In millions)	2024		2023
Las Vegas	$	25,040	$	24,230
Regional	15,664		15,291
Caesars Digital	1,262		1,095
Managed and Branded	282		224
Corporate and Other (a)	(9,658)		(7,474)
Total	$	32,590	$	33,366

____________________

(a)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the expected statutory federal income tax provision
Federal statutory income tax provision (benefit)	$ (26)	$ (13)	$ (118)
State and local income tax provision (benefit)	(16)	(13)	1
Nondeductible compensation and benefits	17	16	13
Goodwill impairment and write offs	53	3	3
Increase (decrease) in uncertain tax positions	1	0	(1)
Change in tax rates from change in tax law before valuation allowance	38	25	86
Foreign taxes	1	3	6
Deferred tax adjustment related to William Hill acquisition	0	0	30
Minority interests	(14)	(9)	3
Valuation allowance	36	(889)	(55)
Tax credits	(10)	(14)	(10)
Other	7	3	1
Income tax (benefit) expense	$ 87	$ (888)	$ (41)

Employee Benefit Plans - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) plan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	50.00%
Defined contribution plan, employer matching contribution, percent of employees	6.00%
Matching contributions	$ 31	$ 29	$ 29
Number of deferred compensation plans \| plan	2
Deferred compensation liability, noncurrent	$ 30	31
Number of deferred compensation plans \| plan	5
Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation liability, noncurrent	$ 6	5
Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Assets held-in-trust, noncurrent	53	67
Scioto Downs Noncontributory Defined-Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1
Fair value of benefit obligations	1
Tropicana Atlantic City Employees Variable Annuity Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	29
Fair value of benefit obligations	19
Cash contributions to pension plan	$ 2	$ 2	$ 2

Leases - Schedule of Cash Paid for Financing Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
GLPI Leases
Lessee, Lease, Description [Line Items]
Cash paid for principal	$ 0	$ 1	$ 0
Cash paid for interest	112	111	110
VICI Leases
Lessee, Lease, Description [Line Items]
Cash paid for principal	1	1	1
Cash paid for interest	$ 1,212	$ 1,175	$ 1,095

Organization and Description of Business - Additional information (Details)	Dec. 31, 2024 property state machine game hotel_room
Organization and Basis of Presentation
Total number of properties \| property	53
Number of slot machines and video lottery terminals \| machine	51,400
Number of table games \| game	2,800
Number of room in hotel \| hotel_room	45,600
Domestic Gaming And Hospitality Properties
Organization and Basis of Presentation
Number of states gaming facilities are located	18
Sports Wagering
Organization and Basis of Presentation
Number of states gaming facilities are located	32
Mobile Sports Betting
Organization and Basis of Presentation
Number of states gaming facilities are located	26
Online Real Money Gaming Businesses
Organization and Basis of Presentation
Number of states gaming facilities are located	5

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2024	Feb. 20, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36629
Entity Registrant Name	CAESARS ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3657681
Entity Address, Address Line One	100 West Liberty Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	775
Local Phone Number	328-0100
Title of 12(b) Security	Common Stock, $0.00001, par value
Trading Symbol	CZR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8.2
Entity Common Stock, Shares Outstanding		212,013,306
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14A in connection with the Registrant’s Annual Meeting of Stockholders (the “Proxy Statement”) are incorporated by reference into Part III of this report. Such Proxy Statement will be filed with the Commission not later than 120 days after the conclusion of the Registrant’s fiscal year ended December 31, 2024.
Entity Central Index Key	0001590895
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Related Party and Affiliate Transactions

12 Months Ended

Dec. 31, 2024

C. S. & Y. Associates

The Company owns the entire parcel on which Eldorado Resort Casino Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates (“CSY”) (the “CSY Lease”). CSY is a general partnership in which a trust has an approximate 27% interest. The Company’s Executive Chairman of the Board, Gary L. Carano, and his siblings are direct or indirect beneficiaries of the trust. The CSY Lease expires on June 30, 2057. Annual rent pursuant to the CSY Lease is currently $0.6 million, paid monthly. Annual rent is subject to periodic rent escalations of 1 to 2 percent through the term of the lease. Commensurate with its interest, the trust receives directly from the Company approximately 27% of the rent paid by the Company. As of December 31, 2024 and 2023 there were no amounts due to or from CSY.

CVA Holdco, LLC

In May 2023, the Company entered into a joint venture, CVA Holdco, LLC, with EBCI and an additional minority partner, to construct, own and operate a gaming facility in Danville, Virginia (“Caesars Virginia”). Caesars Virginia opened in a temporary facility on May 15, 2023 followed by the completion of construction and opening of the permanent facility on December 17, 2024. As the managing member, the Company operates the business and has managed the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. The Company holds a 50.0% variable interest in the joint venture and is the primary beneficiary; as such, the joint venture’s operations are included in the Financial Statements, with a minority interest recorded reflecting the operations attributed to the other partner. The

Company participates ratably, based on ownership percentage, with the partners in the profits and losses of the joint venture. During the year ended December 31, 2024, the Company made distributions totaling $16 million to the partners.

Pompano Joint Venture

In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval. While the Company holds a 50% variable interest in the joint venture, it is not the primary beneficiary; as such, the investment in the joint venture is accounted for using the equity method and is recorded in Investment in and advances to unconsolidated affiliates on the Balance Sheets. The Company participates evenly with Cordish in the profits and losses of the joint venture, which are included in Transaction and other costs, net on the Statements of Operations.


Investment in Pompano Joint Venture
(In millions)
Balance as of January 1, 2023	$	80
Contributions	3
Equity in earnings	64
Balance as of December 31, 2023	147
Distributions	(39)
Equity in earnings	11
Balance as of December 31, 2024	$	119

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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+ Details

Stock-Based Compensation and Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of RSU Activity Including Performance Awards and Converted Isle Awards

A summary of the RSUs activity for the year ended December 31, 2024 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2023	1,922,419	$	60.11
Granted (b)	2,020,005	43.77
Vested	(1,055,671)	62.64
Forfeited	(217,942)	49.06
Unvested outstanding as of December 31, 2024	2,668,811	47.64

____________________

(a)Represents the weighted-average grant date fair value of RSUs, which is the share price of our common stock on the grant date.

(b)Included are 45,800 RSUs granted to non-employee members of the Board during the year ended December 31, 2024.

A summary of the PSUs activity for the year ended December 31, 2024 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2023	328,230	$	46.88
Granted	161,688	33.42
Performance Adjustment	27,314
Vested	(99,377)	41.66
Forfeited	(20,699)	39.86
Unvested outstanding as of December 31, 2024	397,156	33.42

____________________

Share-based Payment Arrangement, Activity

A summary of the MSUs activity for the year ended December 31, 2024 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2023	872,019	$	85.11
Granted	435,536	58.56
Performance Adjustment	(154,420)
Vested	(18,713)	63.99
Forfeited	(38,318)	77.95
Unvested outstanding as of December 31, 2024	1,096,104	73.15

____________________

(a)Represents the grant date fair value determined using a Monte Carlo simulation model.

Schedule of Share-based Compensation, Stock Options Activity


Stock Option Exercises
	Years Ended December 31,
(Dollars in millions)	2024		2023		2022





Option Exercises:
Number of options exercised	—		88		43,384
Cash received for options exercised	$	—	$	—	$	1
Aggregate intrinsic value of options exercised	$	—	$	—	$	2

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component

The changes in AOCI by component, net of tax, for the periods through December 31, 2024 and 2023 are shown below.


Changes in AOCI by component, net of tax
(In millions)	Unrealized Net Gains on Derivative Instruments		Foreign Currency Translation Adjustments		Other		Total
Balances as of December 31, 2022	$	94	$	(1)	$	(1)	$	92
Other comprehensive income before reclassifications	—		1		4		5

Total other comprehensive income, net of tax	—		1		4		5
Balances as of December 31, 2023	$	94	$	—	$	3	$	97
Other comprehensive loss before reclassifications	—		—		(1)		(1)

Total other comprehensive loss, net of tax	—		—		(1)		(1)
Balances as of December 31, 2024	$	94	$	—	$	2	$	96

Leases - Schedule of Other Information Related to Lease Terms and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	31 years 8 months 12 days	32 years 1 month 6 days
Weighted Average Discount Rate	8.20%	8.10%

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 19,972	$ 18,802
Less: accumulated depreciation	(5,160)	(4,046)
Total property and equipment, net	14,812	14,756
Depreciation expense	$ 1,189	1,117	$ 1,018
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	12 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,880	2,409
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Riverboats
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,059	2,088
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,866	13,543
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 167	$ 762

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Consolidation of Subsidiaries and Variable Interest Entities

Basis of Presentation

Our Financial Statements include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions.

Consolidation of Subsidiaries and Variable Interest Entities

Fair Value Measurements

•Level 1: Observable inputs such as quoted prices in active markets.

•Level 2: Inputs other than quoted prices in active markets that are either directly or indirectly observable.

•Level 3: Unobservable inputs that reflect the Company’s own assumptions, as there is little, if any, related market activity.

Cash and Cash Equivalents

Restricted Cash

Marketable Securities

Derivative Instruments

Concentration of Credit Risk

Advertising

Advertising costs are expensed in the period the advertising initially takes place.During the year ended December 31, 2022, the Company launched significant television, radio and internet marketing campaigns promoting the Caesars Sportsbook. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.

Recently Issued Accounting Pronouncements

Pronouncements Implemented in 2024

Pronouncements to Be Implemented in Future Periods

Property and Equipment


Buildings and improvements			3 to 40 years
Land improvements			12 to 40 years
Furniture, fixtures and equipment			3 to 15 years
Riverboats			30 years

Earnings per Share

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits
Balance as of beginning of year	$ 124	$ 128	$ 157
Additions based on tax positions related to the current year	0	0	3
Additions for tax positions of prior years	1	1	1
Reductions for tax positions for prior years	(9)	(5)	(8)
Expiration of statutes	0	0	(1)
Balance as of end of year	116	124	128
William Hill
Reconciliation of Unrecognized Tax Benefits
Sale of William Hill International	$ 0	$ 0	$ (24)

Stock-Based Compensation and Stockholder's Equity - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,720	$ 3,751
Other comprehensive income before reclassifications	(1)	5
Total other comprehensive income, net of tax	(1)	5
Ending balance	4,376	4,720
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	97	92
Ending balance	96	97
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	94	94
Other comprehensive income before reclassifications	0	0
Total other comprehensive income, net of tax	0	0
Ending balance	94	94
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(1)
Other comprehensive income before reclassifications	0	1
Total other comprehensive income, net of tax	0	1
Ending balance	0	0
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3	(1)
Other comprehensive income before reclassifications	(1)	4
Total other comprehensive income, net of tax	(1)	4
Ending balance	$ 2	$ 3

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Leases Recorded on Balance Sheet

Leases recorded on the balance sheet consist of the following:


		December 31,
(In millions)	Classification on the Balance Sheet	2024		2023
Assets:
Operating lease ROU assets	Other long-term assets, net	$	604	$	622

Liabilities:
Current operating lease liabilities	Accrued other liabilities	21		23

Non-current operating lease liabilities	Other long-term liabilities	716		728

Schedule of Other Information Related to Lease Terms and Discount Rates


Lease Terms and Discount Rate	December 31,
	2024		2023
Weighted Average Remaining Lease Term (in years)	31.7		32.1


Weighted Average Discount Rate	8.2	%	8.1	%

Components of Lease Expense


Components of Lease Expense
	Years Ended December 31,
(In millions)	2024		2023		2022
Operating lease expense	$	81	$	96	$	132
Short-term and variable lease expense	158		159		138
Total operating lease costs	$	239	$	255	$	270

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:


Cash payments included in the measurement of lease liabilities
	Years Ended December 31,
(In millions)	2024		2023		2022
Operating cash flows for operating leases	$	81	$	116	$	110

Summary of Maturities of Lease Liabilities


Maturities of Lease Liabilities
(In millions)	Operating Leases

2025	$	79
2026	77
2027	78
2028	75
2029	74
Thereafter	1,848
Total future minimum lease payments	2,231
Less: present value factor	(1,494)
Total lease liability	$	737

Schedule of Future Minimum Lease Payments for Financing Obligation

The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligations, as amended, at December 31, 2024 were as follows:


(In millions)	GLPI Leases		VICI Leases
2025	$	113	$	1,228
2026	115		1,246
2027	117		1,265
2028	119		1,284
2029	120		1,304
Thereafter	4,248		42,406
Total future payments	4,832		48,733
Less: Amounts representing interest	(3,801)		(38,058)
Plus: Residual values	240		893
Financing obligation	$	1,271	$	11,568

Schedule of Cash Paid for Financing Obligation

Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2024, 2023 and 2022 were as follows:


	GLPI Leases (a)						VICI Leases (a)
	December 31,						December 31,
(In millions)	2024		2023		2022		2024		2023		2022
Cash paid for principal	$	—	$	1	$	—	$	1	$	1	$	1
Cash paid for interest	112		111		110		1,212		1,175		1,095

____________________

(a)For the initial periods of the VICI and GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term.

Schedule of Maturity of Lessor Lease Receivables


Maturities of Lease Receivables
(In millions)	Operating Leases
2025	$	57
2026	56
2027	51
2028	47
2029	42
Thereafter	670
Total	$	923

Revenue Recognition - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	$ 47	$ 42	$ 45
Increase (decrease)	5	(3)
Caesars Rewards
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	79	86	87
Increase (decrease)	(7)	(1)
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	549	693	$ 693
Increase (decrease)	$ (144)	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (211)	$ 828	$ (910)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Discontinued operations, net of income taxes	0	0	386
Depreciation and amortization	1,324	1,261	1,205
Amortization of deferred financing costs and discounts	179	200	297
Provision for doubtful accounts	49	41	25
Loss on extinguishment of debt	89	200	85
Non-cash lease amortization	26	51	54
(Gain) loss on investments	(7)	(5)	54
Stock-based compensation expense	94	104	101
(Gain) loss on sale or disposal of property, equipment, trademark and businesses	(359)	22	5
Impairment charges	302	95	108
Deferred income taxes	87	(888)	(41)
Gain on derivatives	0	0	(73)
Other non-cash adjustments to net (income) loss	(23)	(40)	(57)
Change in operating assets and liabilities:
Accounts receivable	86	(82)	(143)
Prepaid expenses and other assets	(13)	39	(15)
Income taxes receivable and payable, net	(48)	(27)	(7)
Accounts payable, accrued expenses and other liabilities	(500)	10	(82)
Other	0	0	1
Net cash provided by operating activities	1,075	1,809	993
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,296)	(1,264)	(952)
Acquisition of gaming rights and developed technology	(15)	(30)	(11)
Proceeds from sale of property, equipment, trademark and businesses	554	1	39
Proceeds from the sale of investments	14	4	126
Proceeds from insurance related to property damage	0	0	36
Distribution from unconsolidated affiliate	39	0	0
Investments in unconsolidated affiliates	0	(3)	0
Other	0	36	(6)
Net cash used in investing activities	(704)	(1,256)	(768)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	7,525	5,460	1,500
Repayments of long-term debt and revolving credit facilities	(7,670)	(6,106)	(2,738)
Financing obligation payments	(8)	(8)	(3)
Debt issuance and extinguishment costs	(121)	(79)	(12)
Proceeds from issuance of common stock	0	0	1
Repurchase of common stock	(191)	0	0
Taxes paid related to net share settlement of equity awards	(17)	(27)	(27)
Payments to acquire ownership interest in subsidiary	0	(66)	0
Contributions from noncontrolling interest owners	0	116	0
Distributions to noncontrolling interest owners	(16)	(3)	(3)
Net cash used in financing activities	(498)	(713)	(1,282)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash flows from operating activities	0	0	(18)
Cash flows from investing activities	0	0	386
Net cash from discontinued operations	0	0	368
Effect of foreign currency exchange rates on cash	0	0	(29)
Decrease in cash, cash equivalents and restricted cash	(127)	(160)	(718)
Cash, cash equivalents and restricted cash, beginning of period	1,143	1,303	2,021
Cash, cash equivalents and restricted cash, end of period	1,016	1,143	1,303
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	866	1,005	1,038
Restricted cash	95	122	131
Restricted and escrow cash included in other long-term assets	55	16	134
Total cash, cash equivalents and restricted cash	1,016	1,143	1,303
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt	1,052	846	805
Cash interest paid for rent related to financing obligations	1,324	1,286	1,205
Income taxes paid, net	48	26	22
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	174	169	145
Acquisition of intangible assets	32	0	0
Note receivable from WSOP trademark sale	$ 250	$ 0	$ 0

Revenue Recognition - Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 11,245	$ 11,528	$ 10,821
Casino
Disaggregation of Revenue [Line Items]
Net revenues	6,267	6,367	5,997
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	1,716	1,728	1,596
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	2,016	2,090	1,957
Other
Disaggregation of Revenue [Line Items]
Net revenues	1,246	1,343	1,271
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	(5)	0	0
Corporate and Other \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	(6)	(3)	(3)
Corporate and Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Corporate and Other \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Net revenues	1	3	3
Las Vegas \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	4,274	4,470	4,287
Las Vegas \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,115	1,212	1,247
Las Vegas \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	1,141	1,152	1,063
Las Vegas \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	1,417	1,447	1,341
Las Vegas \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	601	659	636
Regional \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	5,539	5,778	5,704
Regional \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	4,073	4,272	4,291
Regional \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	575	576	533
Regional \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	599	643	616
Regional \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	292	287	264
Caesars Digital \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,163	973	548
Caesars Digital \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,085	886	462
Caesars Digital \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Caesars Digital \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Caesars Digital \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	78	87	86
Managed and Branded \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	274	307	282
Managed and Branded \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Managed and Branded \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Managed and Branded \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Managed and Branded \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 274	$ 307	$ 282

Goodwill and Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill


Changes in Carrying Value of Goodwill by Segment
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		CEI Total
Gross Goodwill:
Balance as of January 1, 2023	$	6,889	$	3,093	$	1,204	$	—	$	11,186

Other	—		—		—		—		—
Balance as of December 31, 2023	6,889		3,093		1,204		—		11,186
Accumulated Impairment:
Balance as of January 1, 2023	—		(182)		—		—		(182)
Impairment	—		(14)		—		—		(14)
Balance as of December 31, 2023	—		(196)		—		—		(196)
Net carrying value, as of December 31, 2023	$	6,889	$	2,897	$	1,204	$	—	$	10,990

Gross Goodwill:
Balance as of January 1, 2024	$	6,889	$	3,093	$	1,204	$	—	$	11,186

Other (a)	(207)		—		—		—		(207)
Balance as of December 31, 2024	6,682		3,093		1,204		—		10,979
Accumulated Impairment:
Balance as of January 1, 2024	—		(196)		—		—		(196)
Impairment	—		(182)		—		—		(182)

Balance as of December 31, 2024	—		(378)		—		—		(378)

Net carrying value, as of December 31, 2024 (b)	$	6,682	$	2,715	$	1,204	$	—	$	10,601

____________________

(a)Sale of the LINQ Promenade; see Note 3.

(b)$1.0 billion of goodwill within the Regional segment and $462 million within the Las Vegas segment is associated with reporting units with zero or negative carrying value.


Changes in Carrying Amount of Intangible Assets Other than Goodwill
	Amortizing				Non-Amortizing				Total
(In millions)	2024		2023		2024		2023		2024		2023
Balance as of January 1	$	946	$	1,060	$	3,577	$	3,654	$	4,523	$	4,714
Impairment	—		—		(120)		(81)		(120)		(81)
Amortization expense	(135)		(144)		—		—		(135)		(144)

Acquisition of developed technology	21		—		—		—		21		—
Acquisition of gaming rights and customer relationships	26		30		—		4		26		34

Other (a)	(2)		—		(180)		—		(182)		—
Balance as of December 31	$	856	$	946	$	3,277	$	3,577	$	4,133	$	4,523

____________________

(a)Includes sale of the WSOP trademark, see Note 3.

Schedule of Finite-Lived Intangible Assets


Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill
	December 31, 2024							December 31, 2023
(Dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	3 - 7 years	$	593	$	(432)	$	161	$	587	$	(360)	$	227
Gaming rights and other	10 - 34 years	262		(42)		220		242		(28)		214
Trademarks	15 years	313		(109)		204		313		(91)		222
Reacquired rights	24 years	250		(38)		212		250		(28)		222
Technology	3 - 6 years	129		(70)		59		110		(49)		61
		$	1,547	$	(691)	856		$	1,502	$	(556)	946

Non-amortizing intangible assets
Trademarks						1,771						1,998
Gaming rights						983						1,056
Caesars Rewards						523						523
						3,277						3,577
Total amortizing and non-amortizing intangible assets, net						$	4,133					$	4,523

Schedule of Indefinite-Lived Intangible Assets


Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill
	December 31, 2024							December 31, 2023
(Dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	3 - 7 years	$	593	$	(432)	$	161	$	587	$	(360)	$	227
Gaming rights and other	10 - 34 years	262		(42)		220		242		(28)		214
Trademarks	15 years	313		(109)		204		313		(91)		222
Reacquired rights	24 years	250		(38)		212		250		(28)		222
Technology	3 - 6 years	129		(70)		59		110		(49)		61
		$	1,547	$	(691)	856		$	1,502	$	(556)	946

Non-amortizing intangible assets
Trademarks						1,771						1,998
Gaming rights						983						1,056
Caesars Rewards						523						523
						3,277						3,577
Total amortizing and non-amortizing intangible assets, net						$	4,133					$	4,523

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense


Estimated Five-Year Amortization
	Years Ended December 31,
(In millions)	2025		2026		2027		2028		2029
Estimated annual amortization expense	$	132	$	132	$	86	$	45	$	44

Long-Term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt


	December 31, 2024						December 31, 2023
(Dollars in millions)	Final Maturity	Rates	Face Value		Book Value		Book Value
Secured Debt
CEI Revolving Credit Facility	2028	variable	$	—	$	—	$	—
CEI Term Loan A	2028	variable	675		673		710
CVA Revolving Credit Facility	2029	variable	—		—		—
CVA Delayed Draw Term Loan	2029	variable	295		288		—
CEI Term Loan B	2030	variable	2,056		2,021		2,432
CEI Term Loan B-1	2031	variable	2,878		2,844		—
CEI Senior Secured Notes due 2030	2030	7.00%	2,000		1,982		1,978
CEI Senior Secured Notes due 2032	2032	6.50%	1,500		1,484		—
CEI Senior Secured Notes due 2025	N/A	N/A	—		—		3,374
CRC Senior Secured Notes	N/A	N/A	—		—		983
Unsecured Debt
CEI Senior Notes due 2027	2027	8.125%	546		542		1,593
CEI Senior Notes due 2029	2029	4.625%	1,200		1,190		1,188
CEI Senior Notes due 2032	2032	6.00%	1,100		1,086		—
Special Improvement District Bonds	2037	4.30%	42		42		45
Long-term notes and other payables			2		2		2
Total debt			12,294		12,154		12,305
Current portion of long-term debt			(109)		(109)		(65)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(12)		(16)
Long-term debt			$	12,185	$	12,033	$	12,224

Unamortized discounts and deferred finance charges					$	152	$	150
Fair value			$	12,267


Annual Estimated Debt Service Requirements
	Years Ended December 31,
(In millions)	2025		2026		2027		2028		2029		Thereafter		Total
Annual maturities of long-term debt	$	109	$	109	$	655	$	639	$	1,484	$	9,298	$	12,294
Estimated interest payments	790		780		780		690		670		730		4,440
Total debt service obligation (a)	$	899	$	889	$	1,435	$	1,329	$	2,154	$	10,028	$	16,734

____________________

(a)Debt principal payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking SOFR curve, where applicable. Actual payments may differ from these estimates.

Current Portion of Long-Term Debt

The current portion of long-term debt as of December 31, 2024 includes the principal payments on the term loans, special improvement district bonds, and other unsecured borrowings that are contractually due within 12 months. The Company may, from time to time, seek to repurchase or prepay its outstanding indebtedness. Any such purchases or repayments may be funded by existing cash balances or the incurrence of debt. The amount and timing of any repurchase will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations.

Debt Discounts or Premiums and Deferred Finance Charges

Debt discounts or premiums and deferred finance charges incurred in connection with the issuance of debt are amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts are written off and included in our gain or loss calculations to the extent we extinguish debt prior to the original maturity or scheduled payment dates.

Net amortization of the debt issuance costs and the discount and/or premium associated with the Company’s indebtedness totaled $30 million, $48 million and $139 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in interest expense.

Fair Value

The fair value of debt has been calculated primarily based on the borrowing rates available as of December 31, 2024 and based on market quotes of our publicly traded debt. We classify the fair value of debt within Level 1 and Level 2 in the fair value hierarchy.

Terms of Outstanding Debt

CEI Term Loans and CEI Revolving Credit Facility

CEI is party to a credit agreement, dated as of July 20, 2020, with JPMorgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, as collateral agent, and certain banks and other financial institutions and lenders party thereto (the “CEI Credit Agreement”), which, as amended, provides for the CEI Revolving Credit Facility in an aggregate principal amount of $2.25 billion (the “CEI Revolving Credit Facility”) and will mature on January 31, 2028, subject to a springing maturity in the event certain other long-term debt of Caesars is not extended or repaid. The CEI Revolving Credit Facility includes a letter of credit sub-facility of $388 million and contains reserves of $40 million which are available only for certain permitted uses.

On October 5, 2022, Caesars entered into an amendment to the CEI Credit Agreement pursuant to which the Company incurred a senior secured term loan in an aggregate principal amount of $750 million (the “CEI Term Loan A”) as a new term loan under the credit agreement and made certain other amendments to the CEI Credit Agreement. The CEI Term Loan A will mature on January 31, 2028, subject to a springing maturity in the event certain other long-term debt of Caesars is not extended or repaid. The CEI Term Loan A requires scheduled quarterly payments in amounts equal to 1.25% of the original aggregate principal amount of the CEI Term Loan A, with the balance payable at maturity.

Borrowings under the CEI Revolving Credit Facility and the CEI Term Loan A bear interest, paid at least quarterly, at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the Secured Overnight Financing Rate (“Term SOFR”) for the applicable interest period plus an adjustment of 0.10% per annum (the “Term SOFR Adjustment” and Term SOFR as so adjusted, “Adjusted Term SOFR”), subject to a floor of 0% or (b) a base rate (the “Base Rate”) determined by reference to the highest of (i) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month Term SOFR plus 1.00% per annum, plus, in the case of the CEI Revolving Credit Facility and the CEI Term Loan A only, the Term SOFR Adjustment, in each case, plus an applicable margin. Such applicable margin is 2.25% per annum in the case of any Adjusted Term SOFR loan and 1.25% per annum in the case of any Base Rate loan, subject to three 0.25% step-downs based on the Company’s net total leverage ratio. In addition, on a quarterly basis, the Company is required to pay each lender under the CEI Revolving Credit Facility a commitment fee in respect of any unused commitments under the CEI Revolving Credit Facility in the amount of 0.35% per annum of the principal amount of the unused commitments of such lender, subject to three 0.05% step-downs based on the Company’s net total leverage ratio.

On February 6, 2023, the Company entered into an Incremental Assumption Agreement No. 2 pursuant to which the Company incurred a new senior secured incremental term loan in an aggregate principal amount of $2.5 billion (the “CEI Term Loan B”) under the CEI Credit Agreement. The CEI Term Loan B requires scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount of the CEI Term Loan B, with the balance payable at maturity. Borrowings under the CEI Term Loan B, as amended in May 2024 and November 2024, bear interest, paid at least quarterly, at a rate equal to, at the Company’s option, either (a) Term SOFR, subject to a floor of 0.50% or (b) the Base Rate, in each case, plus an applicable margin. Such applicable margin is 2.25% per annum in the case of any Term SOFR loan and 1.25% per annum in the case of any Base Rate loan. The CEI Term Loan B was issued at a price of 99.0% of the principal amount and will mature on February 6, 2030. On June 28, 2024, the Company made a voluntary repayment of $100 million in aggregate principal amount of the CEI Term Loan B with cash on hand. Following the closing of the sale of the LINQ Promenade in December 2024, the Company utilized the proceeds from the sale, as well as cash on hand to make voluntary prepayments totaling $300 million of the outstanding principal of the CEI Term Loan B and recognized a $5 million loss on the early extinguishment of debt during the year ended December 31, 2024.

On February 6, 2024, the Company entered into an Incremental Assumption Agreement No. 3 pursuant to which the Company incurred a new senior secured incremental term loan in an aggregate principal amount of $2.9 billion (the “CEI Term Loan B-1”) under the CEI Credit Agreement. The CEI Term Loan B-1 requires quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount of the CEI Term Loan B-1, with the balance payable at maturity. Borrowings under the CEI Term Loan B-1, as amended in November 2024, bear interest, paid at least quarterly, at a rate equal to, at the Company’s option, either (a) Term SOFR, subject to a floor of 0.50% or (b) the Base Rate, in each case, plus an applicable margin. Such applicable margin is 2.25% per annum in the case of any Term SOFR loan and 1.25% per annum in the case of any Base Rate loan. The CEI Term Loan B-1 was issued at a price of 99.75% of the principal amount and will mature on February 6, 2031.

The net proceeds from the issuance of the CEI Senior Secured Notes due 2032 (defined below) and the net proceeds from the CEI Term Loan B-1, together with borrowings under the CEI Revolving Credit Facility, were used to tender, redeem, repurchase, defease, and/or satisfy and discharge any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees of both the 5.75% Senior Secured Notes due 2025 (the “CRC Senior Secured Notes”) and the 6.25% Senior Secured Notes due 2025 (the “CEI Senior Secured Notes due 2025”). As a result of these transactions, the Company recognized $48 million of loss on early extinguishment of debt during the year ended December 31, 2024.

During the year ended December 31, 2024, the Company utilized and fully repaid the CEI Revolving Credit Facility. Such activity is presented in the financing section in the Statements of Cash Flows. As of December 31, 2024, the Company had $2.1 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $84 million in outstanding letters of credit, $46 million committed for regulatory purposes and the reserves described above.

Caesars Virginia Senior Revolving and Delayed Draw Term Loan Credit Facility due 2029

On April 26, 2024, Caesars Virginia, LLC entered into a credit agreement with Wells Fargo Bank, N.A., as administrative agent and collateral agent, and certain banks and other financial institutions and lenders party thereto, which provides for a senior secured first lien multi-draw term loan facility in an aggregate principal amount of $400 million (the “CVA Delayed Draw Term Loan”) and a senior secured first lien revolving credit facility in an aggregate principal amount of $25 million (the “CVA Revolving Credit Facility”), both maturing on April 26, 2029.

The CVA Delayed Draw Term Loan requires quarterly principal payments commencing on March 31, 2025. The CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan are subject to a variable rate of interest based on Term SOFR plus an applicable margin. The CVA Revolving Credit Facility includes a $10 million letter of credit sub-facility. As of December 31, 2024, there was $295 million utilized under the CVA Delayed Draw Term Loan and $25 million of available borrowing capacity under the CVA Revolving Credit Facility.

CEI Senior Secured Notes due 2030

On February 6, 2023, the Company issued $2.0 billion in aggregate principal amount of 7.00% senior secured notes (the “CEI Senior Secured Notes due 2030”) pursuant to an indenture by and among the Company, the subsidiary guarantors party thereto from time to time, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2030 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2030 will mature on February 15, 2030, with interest payable semi-annually on February 15 and August 15 of each year.

CEI Senior Secured Notes due 2032

On February 6, 2024, the Company issued $1.5 billion in aggregate principal amount of 6.50% senior secured notes due 2032 (the “CEI Senior Secured Notes due 2032”) pursuant to an indenture by and among the Company, the subsidiary guarantors party thereto, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2032 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2032 will mature on February 15, 2032, with interest payable semi-annually on February 15 and August 15 of each year.

CEI Senior Secured Notes due 2025

On July 6, 2020, Colt Merger Sub, Inc. (the “Escrow Issuer”) issued $3.4 billion in aggregate principal amount of the CEI Senior Secured Notes due 2025 at 6.25% pursuant to an indenture dated July 6, 2020, by and among the Escrow Issuer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2025 ranked equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2025 were scheduled to mature on July 1, 2025, with interest payable semi-annually on January 1 and July 1 of each year. On February 6, 2024, the Company fully tendered, redeemed, repurchased, defeased, and/or satisfied and discharged any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees.

CRC Senior Secured Notes due 2025

On July 6, 2020, the Escrow Issuer issued $1.0 billion in aggregate principal amount of the CRC Senior Secured Notes due 2025 at 5.75% pursuant to an indenture, dated July 6, 2020, by and among the Escrow Issuer, U.S. Bank National Association, as trustee and Credit Suisse AG, Cayman Islands Branch, as collateral agent. The CRC Senior Secured Notes ranked equally with all existing and future first priority lien obligations of CRC, CRC Finco, Inc. and the subsidiary guarantors. The CRC Senior Secured Notes were scheduled to mature on July 1, 2025, with interest payable semi-annually on January 1 and July 1 of each year. On February 16, 2024, the Company fully tendered, redeemed, repurchased, defeased, and/or satisfied and discharged any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees.

CEI Senior Notes due 2027

On July 6, 2020, the Escrow Issuer issued $1.8 billion in aggregate principal amount of 8.125% Senior Notes due 2027 pursuant to an indenture, dated July 6, 2020 (the “CEI Senior Notes due 2027”), by and between the Escrow Issuer and U.S. Bank National Association, as trustee. The CEI Senior Notes due 2027 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2027 will mature on July 1, 2027 with interest payable semi-annually on January 1 and July 1 of each year.

The net proceeds from the issuance of the CEI Senior Notes due 2032 (defined below) were used to redeem approximately $1.1 billion of the principal amount, including accrued and unpaid interest, related expenses and fees of the CEI Senior Notes due 2027. As a result of the early repayment, the Company recognized $31 million of loss on extinguishment of debt during the year ended December 31, 2024.

CEI Senior Notes due 2029

On September 24, 2021, the Company issued $1.2 billion in aggregate principal amount of 4.625% Senior Notes due 2029 (the “CEI Senior Notes due 2029”) pursuant to an indenture dated as of September 24, 2021 between the Company and U.S. Bank National Association, as trustee. The CEI Senior Notes due 2029 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2029 will mature on October 15, 2029, with interest payable semi-annually on April 15 and October 15 of each year.

CEI Senior Notes due 2032

On October 17, 2024, the Company issued $1.1 billion in aggregate principal amount of 6.00% Senior Notes due 2032 (the “CEI Senior Notes due 2032”) pursuant to an indenture dated as of October 17, 2024, by and among the Company, the subsidiary guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee. The CEI Senior Notes due 2032 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2032 will mature on October 15, 2032, with interest payable semi-annually on April 15 and October 15 of each year, commencing April 15, 2025.


Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2024
(In millions)	Proceeds		Repayments (a)
CEI Revolving Credit Facility	$	1,730	$	1,730
CEI Term Loan A	—		37
CVA Delayed Draw Term Loan	295		—
CEI Term Loan B	—		425
CEI Term Loan B-1	2,900		22
CEI Senior Secured Notes due 2032	1,500		—
CEI Senior Secured Notes due 2025	—		3,399
CRC Senior Secured Notes	—		989
CEI Senior Notes due 2027	—		1,065
CEI Senior Notes due 2032	1,100		—
Special Improvement District Bonds	—		3
Total	$	7,525	$	7,670

____________________

(a)Includes contractually scheduled repayments as well as voluntary accelerated repayments.

Debt Covenant Compliance

The CEI Revolving Credit Facility, the CEI Term Loan A, the CEI Term Loan B, the CEI Term Loan B-1 and the indentures governing the CEI Senior Secured Notes due 2030, the CEI Senior Secured Notes due 2032, the CEI Senior Notes due 2027, the CEI Senior Notes due 2029 and the CEI Senior Notes due 2032 contain covenants which are standard and customary for these types of agreements. These include negative covenants, which, subject to certain exceptions and baskets, limit the Company’s and its subsidiaries’ ability to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets and make acquisitions.

The CEI Revolving Credit Facility and the CEI Term Loan A include a maximum net total leverage ratio financial covenant of 6.50:1. In addition, the CEI Revolving Credit Facility and the CEI Term Loan A include a minimum fixed charge coverage ratio financial covenant of 2.0:1. From and after the repayment of the CEI Term Loan A, the financial covenants applicable to the CEI Revolving Credit Facility will be tested solely to the extent that certain testing conditions are satisfied. Failure to comply with such covenants could result in an acceleration of the maturity of indebtedness outstanding under the relevant debt document.

As of December 31, 2024, the Company was in compliance with all of the applicable financial covenants described above.

The CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan contain covenants which are standard and customary for this type of agreement, including a maximum net total leverage ratio financial covenant of 4:1 and a minimum fixed charge coverage ratio financial covenant of 1.05:1. Caesars Virginia LLC’s compliance requirements commence starting March 31, 2025.

Guarantees

The CEI Revolving Credit Facility, the CEI Term Loan A, the CEI Term Loan B, the CEI Term Loan B-1 the CEI Senior Secured Notes due 2030 and the CEI Senior Secured Notes due 2032 are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of the Company and are secured by substantially all of the existing and future property and assets of the Company and its subsidiary guarantors (subject to certain exceptions). The CEI Senior Notes due 2027, the CEI Senior Notes due 2029 and the CEI Senior Notes due 2032 are guaranteed on a senior unsecured basis by such subsidiaries.

The CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan are secured by substantially all material assets of Caesars Virginia, LLC and any newly formed wholly-owned subsidiary of Caesars Virginia, LLC. CEI does not provide a guarantee of these facilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Accounting Policies

Casino Revenues

Our casino revenues consist of gaming wagers, pari-mutuel commissions, sports betting and iGaming wagers. Casino revenue represents the Company’s net win from these gaming activities, which is the difference between gaming wins and losses, not the total amount wagered. Progressive jackpots are accrued and charged to revenue at the time the obligation to pay the jackpot is established. Gaming revenues are recognized net of free bets, free play, matched deposits, and other similar incentives to its customers. During significant promotional periods, such as entering new jurisdictions with our Caesars Sportsbook or Caesars Racebook apps, such activity could result in negative net gaming revenue. Such periods are not long in duration as our level of investment during these promotional periods is within our discretion. Pari-mutuel commissions consist of commissions earned from thoroughbred and harness racing and importing of simulcast signals from other racetracks and are recognized at the time wagers are made. Such commissions are a designated portion of the wagering handle as determined by state racing commissions and are shown net of the taxes assessed by state and local agencies, as well as purses and other contractual amounts paid to horsemen associations. The Company recognizes revenues from fees earned through the exporting of simulcast signals to other racetracks at the time wagers are made, which are recorded on a gross basis. Such fees are based upon a predetermined percentage of handle as contracted with the other racetracks.

Non-gaming Revenues

Hotel, food and beverage, and other operating revenues are recognized as services are performed and is the net amount collected from the customer for such goods and services. Hotel, food and beverage services have been determined to be separate, stand-alone performance obligations and are recorded as revenue as the good or service is transferred to the customer over the customer’s stay at the hotel or when the delivery is made for the food and beverage. Advance deposits for future hotel occupancy, convention space or food and beverage services contracts are recorded as deferred income until revenue recognition criteria has been met. The Company also provides goods and services that may include multiple performance obligations, such as for packages, for which revenues are allocated on a pro rata basis based on each service’s standalone selling price (“SSP”).

Sales and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses.

The Company’s Statements of Operations presents 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 16 for additional information on the Company’s reportable segments.


	Year Ended December 31, 2024
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	1,115	$	4,073	$	1,085	$	—	$	(6)	$	6,267
Food and beverage	1,141		575		—		—		—		1,716
Hotel	1,417		599		—		—		—		2,016
Other	601		292		78		274		1		1,246


Net revenues	$	4,274	$	5,539	$	1,163	$	274	$	(5)	$	11,245


	Year Ended December 31, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	1,212	$	4,272	$	886	$	—	$	(3)	$	6,367
Food and beverage	1,152		576		—		—		—		1,728
Hotel	1,447		643		—		—		—		2,090
Other	659		287		87		307		3		1,343
Net revenues	$	4,470	$	5,778	$	973	$	307	$	—	$	11,528


	Year Ended December 31, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	1,247	$	4,291	$	462	$	—	$	(3)	$	5,997
Food and beverage	1,063		533		—		—		—		1,596
Hotel	1,341		616		—		—		—		1,957
Other	636		264		86		282		3		1,271


Net revenues	$	4,287	$	5,704	$	548	$	282	$	—	$	10,821

Accounts Receivable and Credit Risk

We issue credit to approved casino customers following investigations of creditworthiness. Business or economic conditions or other significant events could affect the collectability of these receivables. Accounts receivable are non-interest bearing and are initially recorded at cost.

Marker play represents a meaningful portion of our overall table games volume. We maintain strict controls over the issuance of markers and aggressively pursue collection from those customers who fail to pay their marker balances timely. These collection efforts include the mailing of statements and delinquency notices and the use of personal contacts, outside collection agencies and civil litigation. Markers are generally legally enforceable instruments in the United States. Markers are not legally enforceable instruments in some foreign countries, but the United States assets of foreign customers may be reached to satisfy judgments entered in the United States. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers who are not residents of the United States.

Trade receivables, including casino and hotel receivables, are typically non-interest bearing. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. Management believes that as of December 31, 2024 and 2023, no significant concentrations of credit risk related to receivables existed.

Reserve for Uncollectible Accounts Receivable

An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts, historical collection experience, customer relationships and reasonable forecasts which consider current economic and business conditions to reflect current expected credit loss. As with many estimates, management must make judgments about potential actions by third parties in establishing and evaluating our reserves for bad debts.


Accounts Receivable, Net
	December 31,
(In millions)	2024		2023
Casino	$	206	$	274
Food and beverage and hotel	107		118
Other	157		216
Accounts receivable, net	$	470	$	608


Allowance for Doubtful Accounts
(In millions)	Contracts		Other (a)		Total
Balance as of January 1, 2022	$	110	$	20	$	130
Provision for doubtful accounts	13		12		25
Write-offs less recoveries	(22)		(15)		(37)
Balance as of December 31, 2022	101		17		118
Provision for doubtful accounts	29		12		41
Write-offs less recoveries	(49)		(17)		(66)
Balance as of December 31, 2023	81		12		93
Provision for doubtful accounts	37		12		49
Write-offs less recoveries	(31)		(12)		(43)
Balance as of December 31, 2024	$	87	$	12	$	99

____________________

(a)“Other” includes allowance associated with lease receivables under ASC 842. See Note 7 for further details.

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.

Outstanding Chip Liability

The Company recognizes the impact on gaming revenues on an annual basis to reflect an estimate of the change in the value of outstanding chips that are not expected to be redeemed. This estimate is determined by measuring the difference between the total value of chips placed in service less the value of chips under our control. This measurement is performed on an annual basis utilizing a methodology in which a consistent formula is applied to estimate the percentage of chips not in our custody that are not expected to be redeemed. In addition to the formula, certain judgments are made with regard to various denominations and souvenir chips. The outstanding chip liability is included in accrued other liabilities on the Balance Sheets.

Caesars Rewards Loyalty Program

Caesars Rewards grants Reward Credits to Caesars Rewards Members based on various types of customer spend, including online and retail gaming, hotel, dining, and retail shopping at Caesars-affiliated properties. Members may redeem Reward Credits for complimentary or discounted goods and services such as rooms, food and beverages, merchandise, free play, entertainment, and travel accommodations. Members are able to accumulate Reward Credits over time that they may redeem at their discretion under the terms of the program. A member’s Reward Credit balance is forfeited if the member does not earn at least one Reward Credit during a continuous six-month period.

Because of the significance of the Caesars Rewards program and the ability for customers to accumulate Reward Credits based on their past play, we have determined that Reward Credits granted in conjunction with other earning activity represent a performance obligation. As a result, for transactions in which Reward Credits are earned, we allocate a portion of the transaction price to the Reward Credits that are earned based upon the relative SSP of the goods and services involved. When the activity underlying the “earning” of the Reward Credits has a wide range of selling prices and is highly variable, such as in the case of gaming activities, we use the residual approach in this allocation by computing the value of the Reward Credits as described below and allocating the residual amount to the gaming activity. This allocation results in a significant portion of the transaction price being deferred and is recognized as revenue when the Reward Credits are redeemed in accordance with the specific recognition policy of the activity for which the credits are redeemed.

Our Caesars Rewards loyalty program includes various tiers that offer different benefits, and members are able to earn credits towards tier status, which generally enables them to receive discounts similar to those provided as complimentaries described below. We have determined that any such discounts received as a result of tier status do not represent material rights, and therefore, we do not account for them as distinct performance obligations.

We have determined the SSP of a Reward Credit by computing the redemption value of credits expected to be redeemed. Because Reward Credits are not otherwise independently sold, we analyzed all Reward Credit redemption activity over the preceding calendar year and determined the redemption value based on the fair market value of the goods and services for which the Reward Credits were redeemed. We have applied the practical expedient under the portfolio approach to our Reward Credit transactions because of the similarity of gaming and other transactions and the homogeneity of Reward Credits.

As part of determining the SSP for Reward Credits, we also determined that there is generally an amount of Reward Credits that is not redeemed, which is considered “breakage.” We recognize the expected breakage proportionally with the pattern of revenue recognized related to the redemption of Reward Credits. We periodically reassess our customer behaviors and revise our expectations as deemed necessary on a prospective basis.

The following table summarizes the activity related to short-term and long-term contract and contract related liabilities:


	Outstanding Chip Liability				Caesars Rewards				Customer Deposits and Other Deferred Revenue
(In millions)	2024		2023		2024		2023		2024		2023
Balance at January 1	$	42	$	45	$	86	$	87	$	693	$	693
Balance at December 31	47		42		79		86		549		693
Increase (decrease)	$	5	$	(3)	$	(7)	$	(1)	$	(144)	$	—

Customer deposits and other deferred revenues decreased in 2024 primarily due to a reduction in both advanced ticket sales and gaming deposits.

Complimentaries

The Company offers discretionary coupons and other discretionary complimentaries to customers outside of the loyalty program such as matching deposits, free bets and free play. Such complimentaries are provided in conjunction with other revenue‑earning activities and are generally provided to encourage additional customer spending on those activities. Accordingly, the Company allocates a portion of the transaction price received from such customers to the complimentary goods and services. The Company performs this allocation based on the SSP of the underlying goods and services, which is determined based upon the weighted-average cash sales prices received for similar services at similar points during the year. The retail value of complimentary food, beverage, hotel rooms and other services provided to customers is recognized as a reduction of revenues for the department which issued the complimentary and revenue for the department redeemed. Complimentaries provided by third parties at the discretion and under the control of the Company are recorded as an expense when incurred.

The Company’s revenues included complimentaries and loyalty point redemptions totaling $1.3 billion, $1.4 billion and $1.2 billion for the years ended December 31, 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Long-Term Debt - Debt Discounts or Premiums and Deferred Finance Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Amortization of debt issuance costs and discounts	$ 30	$ 48	$ 139

Litigation, Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2020
Loss Contingencies [Line Items]
Self insurance reserve		$ 204	$ 200
Gain of insured event	$ 38
Weather Disruption - Lake Charles, Louisiana
Loss Contingencies [Line Items]
Insurance settlement, amount, before deductible	128
Deductible	25
Cumulative proceeds from insurance settlement	$ 103
Caesars New Orleans
Loss Contingencies [Line Items]
Capital investment				$ 325
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements		$ 421	$ 605

Long-Term Debt - Schedule of Debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Annual maturities of long-term debt
2025	$ 109
2026	109
2027	655
2028	639
2029	1,484
Thereafter	9,298
Total debt	12,294
Estimated interest payments
2025	790
2026	780
2027	780
2028	690
2029	670
Thereafter	730
Debt estimate interest payment, due	4,440
Total debt service obligation
2025	899
2026	889
2027	1,435
2028	1,329
2029	2,154
Thereafter	10,028
Debt service obligation	$ 16,734

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 11,245	$ 11,528	$ 10,821
Adjusted EBITDA	3,739	3,938	3,243
Operating Segment \| Las Vegas
Segment Reporting Information [Line Items]
Net revenues	4,274	4,470	4,287
Gaming taxes	(129)	(139)	(137)
Labor expense	(1,177)	(1,175)	(1,091)
Other segment expenses	(1,061)	(1,140)	(1,095)
Adjusted EBITDA	1,907	2,016	1,964
Labor expense	1,177	1,175	1,091
Operating Segment \| Las Vegas \| Rio
Segment Reporting Information [Line Items]
Labor expense		(49)	(65)
Labor expense		49	65
Operating Segment \| Regional
Segment Reporting Information [Line Items]
Net revenues	5,539	5,778	5,704
Gaming taxes	(1,202)	(1,269)	(1,268)
Labor expense	(1,144)	(1,154)	(1,088)
Other segment expenses	(1,383)	(1,393)	(1,363)
Adjusted EBITDA	1,810	1,962	1,985
Labor expense	1,144	1,154	1,088
Operating Segment \| Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	1,163	973	548
Gaming taxes	(303)	(245)	(239)
Labor expense	0	0	0
Other segment expenses	(743)	(690)	(975)
Adjusted EBITDA	117	38	(666)
Labor expense	0	0	0
Operating Segment \| Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	274	307	282
Gaming taxes	0	0	0
Labor expense	0	0	0
Other segment expenses	(203)	(231)	(198)
Adjusted EBITDA	71	76	84
Labor expense	0	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	(5)	0	0
Gaming taxes	0	0	0
Labor expense	0	0	0
Other segment expenses	(161)	(154)	(124)
Adjusted EBITDA	(166)	(154)	(124)
Labor expense	$ 0	$ 0	$ 0

Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]

Employee Benefit Plans

401(k) Plans

The Company offers a 401(k) plan to substantially all employees who are not covered by collective bargaining agreements, who meet certain eligibility requirements, namely terms of service. Under the 401(k) plan, the Company matches contributions equal to 50% of the first 6% as outlined per plan documents.

The Company’s matching contribution expense totaled $31 million, $29 million and $29 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Defined-Benefit Plans

Scioto Downs sponsors a noncontributory defined-benefit plan covering all full-time employees meeting certain age and service requirements. On May 31, 2001, the plan was amended to freeze eligibility, accrual of years of service and benefits. As of December 31, 2024, the fair value of the plan assets and benefit obligation was $1 million. We did not make cash contributions to the pension plan during 2024, 2023 and 2022.

In addition, the Company also sponsors a defined-benefit plan for certain Tropicana Atlantic City employees under a Variable Annuity Pension Plan. As of December 31, 2024, the fair value of the plan assets was $29 million and benefit obligations totaled $19 million. Contributions to the plan were $2 million for each of the years ended December 31, 2024, 2023 and 2022, respectively.

Deferred Compensation Plans

CEI assumed two active deferred compensation plans, the Caesars Entertainment Corporation Executive Supplemental Savings Plan III (“ESSP III”) and the Caesars Entertainment Corporation Outside Director Deferred Compensation Plan. These plans are unfunded, non-qualified deferred compensation plans. Payment obligations pursuant to the plans are unsecured general obligations of the Company and affiliates of the Company employing participants in the ESSP III. The liability as of December 31, 2024 and 2023 was $6 million and $5 million, respectively, which was recorded in Other long-term liabilities in the Balance Sheets.

As of December 31, 2024, certain current and former employees of Caesars, and our subsidiaries and affiliates, have balances under: (i) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan, (ii) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II, (iii) the Park Place Entertainment Corporation Executive Deferred Compensation Plan, (iv) the Harrah’s Entertainment, Inc. Deferred Compensation Plan, and (v) the Harrah’s Entertainment, Inc. Executive Deferred Compensation Plan (collectively, the “existing deferred compensation plans”). These plans are deferred compensation plans that allowed certain employees an opportunity to save for retirement and other purposes. Each of the plans are now frozen and no longer accepting contributions. However, participants may still earn returns on existing plan balances based upon their selected investment alternatives, which are reflected in their deferral accounts. The total liability recorded in Other long-term liabilities in the Balance Sheets for these plans was $30 million and $31 million as of December 31, 2024 and 2023, respectively.

Trust Assets

CEI is a party to a trust agreement (the “Trust Agreement”) and an escrow agreement with respect to all five of the existing deferred compensation plans (the “Escrow Agreement”), each structured as a so-called “rabbi trust” arrangement, which holds assets that may be used to satisfy obligations under the existing deferred compensation plans above. Amounts held pursuant to the Trust Agreement and the Escrow Agreement were $53 million and $67 million, as of December 31, 2024 and 2023, respectively, and have been reflected within Other long-term assets, net in the Balance Sheets.

Multi-employer Pension Plans

The Company contributes to a number of multi-employer defined benefit pension plans under the terms of collective bargaining agreements that cover union-represented employees. The risks of participating in these multi-employer plans are different from a single-employer plan in the following respects:

i.Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.

ii.If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

iii.If the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunding of the plan, referred to as a “withdrawal liability.”


Multi-employer Pension Plan Participation
		Pension Protection Act Zone Status (a)		Contributions (In millions)
Pension Fund	EIN/Pension Plan Number	2024	FIP/RP Status (b)	2024		2023		2022		Surcharge Imposed	Expiration Date of Collective Bargaining Agreement (c)
Southern Nevada Culinary and Bartenders Pension Plan (d)	88-6016617/001	Green	No	$	27	$	26	$	24	No	September 30, 2028
Legacy Plan of the UNITE HERE Retirement Fund (d)(e)	82-0994119/001	Red	Yes	11		10		9		No	Various up to September 30, 2027
Central Pension Fund of the IUOE & Participating Employers	36-6052390/001	Green	No	7		7		7		N/A	March 31, 2029
Western Conference of Teamsters Pension Plan	91-6145047/001	Green	No	7		7		6		N/A	August 31, 2029

Painters IUPAT	52-6073909/001	Red	Yes	1		1		1		No	June 30, 2026
Other Funds				4		4		3
Total Contributions				$	57	$	55	$	50

____________________

(a)Represents the Pension Protection Act zone status for applicable plan year beginning January 1, except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status.

(b)Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented.

(c)The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract.

(d)The Company provided more than 5% of the total contributions for the plan year ended December 31, 2023 and as of the date the financial statements were issued, Forms 5500 were not available for the 2024 plan year.

(e)The HEREIU Pension Fund consists of two separate plans, the Legacy Plan of the HEREIU Pension Fund and the Adjustable Plan of the HEREIU Pension Fund. CEI makes a single contribution to the HEREIU Pension Fund, the Trustees of which allocate such contribution between the Legacy Plan and the Adjustable Plan. The contribution amount reflected to the Legacy Plan is the aggregate contribution made to the HEREIU Pension Fund before such allocation between the Legacy Plan and the Adjustable Plan of the HEREIU Pension Fund.

Accrued Other Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	December 31,
(In millions)	2024		2023
Contract and contract related liabilities (See Note 10)	$	592	$	749
Accrued payroll and other related liabilities	238		283
Accrued taxes	205		202
Self-insurance claims and reserves (See Note 8)	204		200
Operating lease liability (See Note 7)	21		23
Accrued marketing	21		23
Disputed claims liability	—		26
Other accruals	344		342
Total accrued other liabilities	$	1,625	$	1,848

Disputed Claims Liability

The disputed claims liability represented certain unsecured claims related to Caesars Entertainment Corporation’s bankruptcy assumed from the Merger.

Long-Term Debt - Summary of Debt and Revolving Credit Facility (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-term debt
Proceeds	$ 7,525	$ 5,460	$ 1,500
Repayments	7,670	$ 6,106	$ 2,738
CEI Revolving Credit Facility
Long-term debt
Proceeds	1,730
Repayments	1,730
CEI Term Loan A
Long-term debt
Proceeds	0
Repayments	37
CVA Delayed Draw Term Loan
Long-term debt
Proceeds	295
Repayments	0
CEI Term Loan B
Long-term debt
Proceeds	0
Repayments	425
CEI Term Loan B-1
Long-term debt
Proceeds	2,900
Repayments	22
CEI Senior Secured Notes due 2032
Long-term debt
Proceeds	1,500
Repayments	0
CEI Senior Secured Notes due 2025
Long-term debt
Proceeds	0
Repayments	3,399
CRC Senior Secured Notes
Long-term debt
Proceeds	0
Repayments	989
CEI Senior Notes due 2027
Long-term debt
Proceeds	0
Repayments	1,065
CEI Senior Notes due 2032
Long-term debt
Proceeds	1,100
Repayments	0
Special Improvement District Bonds
Long-term debt
Proceeds	0
Repayments	$ 3

Goodwill and Intangible Assets, net - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) reporting_unit	Dec. 31, 2023 USD ($) reporting_unit	Dec. 31, 2022 USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Number of reporting unit with fair value less than carrying value \| reporting_unit	6
Impairment of intangible assets	$ 120	$ 81
Goodwill impairment	182	14
Amortization of intangible assets	135	$ 144	$ 187
Regional
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Number of reporting unit with fair value less than carrying value \| reporting_unit		1
Goodwill impairment	182	$ 14	78
Las Vegas
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill impairment	0	0
Trademarks \| Regional
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	15
Trademarks \| Las Vegas
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	32
Gaming rights and other \| Regional
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	$ 73	$ 81
Trade Names \| Regional
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets			$ 30

Long-Term Debt - CRC Senior Secured Notes due 2025 (Details) - CRC Senior Secured Notes - Senior Notes $ in Billions	Jul. 06, 2020 USD ($)
Long-term debt
Long-term debt, gross	$ 1.0
Interest rate (as a percent)	5.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets, net - Schedule of Accumulated Amortization of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 1,547	$ 1,502
Finite-lived intangible assets, accumulated amortization	(691)	(556)
Finite-lived intangible assets, net carrying amount	856	946	$ 1,060
Non-amortizing intangible assets	3,277	3,577	3,654
Total amortizing and non-amortizing intangible assets, net	4,133	4,523	$ 4,714
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	1,771	1,998
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	983	1,056
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets	523	523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	593	587
Finite-lived intangible assets, accumulated amortization	(432)	(360)
Finite-lived intangible assets, net carrying amount	$ 161	227
Customer relationships \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	3 years
Customer relationships \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	7 years
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 262	242
Finite-lived intangible assets, accumulated amortization	(42)	(28)
Finite-lived intangible assets, net carrying amount	$ 220	214
Gaming rights and other \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	10 years
Gaming rights and other \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	34 years
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	15 years
Finite-lived intangible assets, gross carrying amount	$ 313	313
Finite-lived intangible assets, accumulated amortization	(109)	(91)
Finite-lived intangible assets, net carrying amount	$ 204	222
Reacquired Rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	24 years
Finite-lived intangible assets, gross carrying amount	$ 250	250
Finite-lived intangible assets, accumulated amortization	(38)	(28)
Finite-lived intangible assets, net carrying amount	212	222
Technology-Based Intangible Assets
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	129	110
Finite-lived intangible assets, accumulated amortization	(70)	(49)
Finite-lived intangible assets, net carrying amount	$ 59	$ 61
Technology-Based Intangible Assets \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	3 years
Technology-Based Intangible Assets \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	6 years

Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company determines the estimated fair values after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by

management. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is recorded as goodwill.

Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests as of October 1 of each fiscal year. The Company performs this assessment more frequently if impairment indicators exist. We utilized a combined income approach using a discounted cash flow method and a guideline public company method to determine the fair value of our goodwill. The Company performed the annual goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount. The Company determines the estimated fair value of each reporting unit based on a combination of earnings before interest, taxes, depreciation and amortization (“EBITDA”), valuation multiples, and estimated future cash flows discounted at rates commensurate with the capital structure and cost of capital of comparable market participants, giving appropriate consideration to the prevailing borrowing rates within the casino industry in general, and expected sales proceeds. The Company also evaluates the aggregate fair value of all of its reporting units and other non-operating assets in comparison to its aggregate debt and equity market capitalization at the test date. EBITDA multiples and discounted cash flows are common measures used to value businesses in the industry.

Indefinite-lived intangible assets consist primarily of trademarks, Caesars Rewards and expenditures associated with obtaining racing and gaming licenses. Indefinite-lived intangible assets are not subject to amortization but are subject to an annual impairment test. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess amount.

Trademarks and Caesars Rewards were valued using the relief from royalty method, which presumes that without ownership of such trademarks or loyalty program, the Company would have to make a stream of payments to a brand or franchise owner in return for the right to use their name or program. By virtue of this asset, the Company avoids any such payments and records the related intangible value of the Company’s ownership of the brand name or program.

Gaming rights represent intangible assets acquired from the purchase of a gaming entity located in a gaming jurisdiction where competition is limited, such as when only a limited number of gaming operators are allowed to operate in the jurisdiction. These gaming license rights are not subject to amortization as the Company has determined that they have indefinite useful lives. For gaming jurisdictions with high barriers of renewal of the gaming rights, such as material costs of renewal, the gaming rights are deemed to have a finite useful life and are amortized over the expected useful life. We used the Excess Earnings Method and a Cost Approach for estimating fair value for these gaming rights.

Finite-lived intangible assets consist of trade names, customer relationships, reacquired rights, and technology acquired in business combinations. Amortization is recorded using the straight-line method over the estimated useful life of the asset. The Company evaluates for impairment whenever indicators of impairment exist. When indicators are noted, the Company then compares estimated future cash flows, undiscounted, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is recorded. Impairment charges are presented on the Statements of Operations.

As a result of the finalized and approved capital and operating plans and the completion of impairment tests during the year ended December 31, 2024, the Company recognized impairment charges in our Regional and Las Vegas segments. Our Regional segment’s impairments were due to a decrease in projected future cash flows at certain regional properties primarily due to localized competition within certain markets. The Company identified six reporting units in the Regional segment with estimated fair values associated with trademarks, gaming rights and goodwill below their respective carrying values and recorded impairments. This resulted in trademark impairment of $15 million, gaming rights impairment of $73 million and goodwill impairment of $182 million within the segment. Impairment charges of $32 million to a trademark were also recorded due to the performance of our smallest brand in the Las Vegas segment.

During the year ended December 31, 2023, the Company recognized impairment charges in our Regional segment. These impairments were primarily due to a decrease in projected future cash flows at certain regional properties due to increased competition. The Company identified one reporting unit with an estimated fair value of the associated gaming rights below the carrying value and recorded an impairment of $81 million. In addition, the Company identified one reporting unit with an estimated fair value below its carrying value and we recorded an impairment of $14 million to goodwill.

In December 2022, the Company recognized impairment charges in our Regional segment related to goodwill and gaming rights totaling $78 million and $30 million, respectively, due to an increase in the related discount rates, which represents the higher required cost of capital as a result of the macroeconomic environment and projected outlook.


Changes in Carrying Value of Goodwill by Segment
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		CEI Total
Gross Goodwill:
Balance as of January 1, 2023	$	6,889	$	3,093	$	1,204	$	—	$	11,186

Other	—		—		—		—		—
Balance as of December 31, 2023	6,889		3,093		1,204		—		11,186
Accumulated Impairment:
Balance as of January 1, 2023	—		(182)		—		—		(182)
Impairment	—		(14)		—		—		(14)
Balance as of December 31, 2023	—		(196)		—		—		(196)
Net carrying value, as of December 31, 2023	$	6,889	$	2,897	$	1,204	$	—	$	10,990

Gross Goodwill:
Balance as of January 1, 2024	$	6,889	$	3,093	$	1,204	$	—	$	11,186

Other (a)	(207)		—		—		—		(207)
Balance as of December 31, 2024	6,682		3,093		1,204		—		10,979
Accumulated Impairment:
Balance as of January 1, 2024	—		(196)		—		—		(196)
Impairment	—		(182)		—		—		(182)

Balance as of December 31, 2024	—		(378)		—		—		(378)

Net carrying value, as of December 31, 2024 (b)	$	6,682	$	2,715	$	1,204	$	—	$	10,601

____________________

(a)Sale of the LINQ Promenade; see Note 3.

(b)$1.0 billion of goodwill within the Regional segment and $462 million within the Las Vegas segment is associated with reporting units with zero or negative carrying value.


Changes in Carrying Amount of Intangible Assets Other than Goodwill
	Amortizing				Non-Amortizing				Total
(In millions)	2024		2023		2024		2023		2024		2023
Balance as of January 1	$	946	$	1,060	$	3,577	$	3,654	$	4,523	$	4,714
Impairment	—		—		(120)		(81)		(120)		(81)
Amortization expense	(135)		(144)		—		—		(135)		(144)

Acquisition of developed technology	21		—		—		—		21		—
Acquisition of gaming rights and customer relationships	26		30		—		4		26		34

Other (a)	(2)		—		(180)		—		(182)		—
Balance as of December 31	$	856	$	946	$	3,277	$	3,577	$	4,133	$	4,523

____________________

(a)Includes sale of the WSOP trademark, see Note 3.


Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill
	December 31, 2024							December 31, 2023
(Dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	3 - 7 years	$	593	$	(432)	$	161	$	587	$	(360)	$	227
Gaming rights and other	10 - 34 years	262		(42)		220		242		(28)		214
Trademarks	15 years	313		(109)		204		313		(91)		222
Reacquired rights	24 years	250		(38)		212		250		(28)		222
Technology	3 - 6 years	129		(70)		59		110		(49)		61
		$	1,547	$	(691)	856		$	1,502	$	(556)	946

Non-amortizing intangible assets
Trademarks						1,771						1,998
Gaming rights						983						1,056
Caesars Rewards						523						523
						3,277						3,577
Total amortizing and non-amortizing intangible assets, net						$	4,133					$	4,523

Amortization expense with respect to intangible assets for the years ended December 31, 2024, 2023 and 2022 totaled $135 million, $144 million and $187 million, respectively, which is included in Depreciation and amortization in the Statements of Operations.


Estimated Five-Year Amortization
	Years Ended December 31,
(In millions)	2025		2026		2027		2028		2029
Estimated annual amortization expense	$	132	$	132	$	86	$	45	$	44

Leases - Schedule of Future Minimum Lease Payments for Financing Obligation (Details) $ in Millions	Dec. 31, 2024 USD ($)
GLPI Leases
Lessee, Lease, Description [Line Items]
2025	$ 113
2026	115
2027	117
2028	119
2029	120
Thereafter	4,248
Total future payments	4,832
Less: Amounts representing interest	(3,801)
Plus: Residual values	240
Financing obligation	1,271
VICI Leases
Lessee, Lease, Description [Line Items]
2025	1,228
2026	1,246
2027	1,265
2028	1,284
2029	1,304
Thereafter	42,406
Total future payments	48,733
Less: Amounts representing interest	(38,058)
Plus: Residual values	893
Financing obligation	$ 11,568

Related Party and Affiliate Transactions - Investment in Pompano Joint Venture (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Roll Forward]
Beginning balance	$ 157
Ending balance	131	$ 157
Pompano Joint Venture \| Corporate Joint Venture
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Roll Forward]
Beginning balance	147	80
Contributions (Distributions)	(39)	3
Equity in earnings	11	64
Ending balance	$ 119	$ 147

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (278)	$ 786	$ (899)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Long-Term Debt - CEI Senior Notes due 2027 (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 17, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 06, 2020
Long-term debt
Loss on extinguishment of debt		$ 89	$ 200	$ 85
CEI Senior Notes due 2027 \| Senior Notes
Long-term debt
Long-term debt, gross					$ 1,800
Interest rate (as a percent)		8.125%			8.125%
Repayments of debt	$ 1,100
Loss on extinguishment of debt	$ 31

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation and Stockholder's Equity - Stock Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Number of options exercised (in shares)	0	88	43,384
Cash received for options exercised	$ 0	$ 0	$ 1
Aggregate intrinsic value of options exercised	$ 0	$ 0	$ 2

Leases - Lessor Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Net revenues	$ 11,245	$ 11,528	$ 10,821
Extension term	5 years
Variable lease income	$ 62	68	64
Minimum
Lessor, Lease, Description [Line Items]
Lessor term of contract	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lessor term of contract	81 years
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,016	2,090	1,957
Other
Lessor, Lease, Description [Line Items]
Net revenues	1,246	1,343	1,271
Other \| Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	51	40	34
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 148	$ 166	$ 168

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party and Affiliate Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Related Party Transactions


Investment in Pompano Joint Venture
(In millions)
Balance as of January 1, 2023	$	80
Contributions	3
Equity in earnings	64
Balance as of December 31, 2023	147
Distributions	(39)
Equity in earnings	11
Balance as of December 31, 2024	$	119

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company’s provision for income taxes for the years ended December 31, 2024, 2023 and 2022 are presented below.


Components of Income (Loss) Before Income Taxes	Years Ended December 31,
(In millions)	2024		2023		2022
United States	$	(150)	$	(90)	$	(590)
Outside of the U.S.	26		30		25
	$	(124)	$	(60)	$	(565)


Income Tax Provision (Benefit) from Continuing Operations	Years Ended December 31,
(In millions)	2024		2023		2022
United States
Current
Federal	$	38	$	—	$	—
State & Local	27		23		7
Deferred
Federal	36		(754)		(57)
State & Local	(23)		(166)		2
Outside of the U.S.
Current	10		9		7
Deferred	(1)		—		—
	$	87	$	(888)	$	(41)

The following is an allocation of the total income tax provision (benefit) for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
(In millions)	2024		2023		2022
Income tax provision (benefit) applicable to:
Income from continuing operations	$	87	$	(888)	$	(41)
Discontinued operations	—		—		(50)
Additional paid-in capital	—		(12)		—
Other comprehensive income	—		1		(30)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal income tax of 21% to the Company’s reported income tax provision (benefit) for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
(In millions)	2024		2023		2022
Federal statutory income tax provision (benefit)	$	(26)	$	(13)	$	(118)
State and local income tax provision (benefit)	(16)		(13)		1
Nondeductible compensation and benefits	17		16		13
Goodwill impairment and write offs	53		3		3
Increase (decrease) in uncertain tax positions	1		—		(1)
Change in tax rates from change in tax law before valuation allowance	38		25		86
Foreign taxes	1		3		6
Deferred tax adjustment related to William Hill acquisition	—		—		30
Minority interests	(14)		(9)		3
Valuation allowance	36		(889)		(55)
Tax credits	(10)		(14)		(10)
Other	7		3		1
Reported income tax provision (benefit)	$	87	$	(888)	$	(41)

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes at December 31, 2024 and 2023 are as follows:


	As of December 31,
(In millions)	2024		2023
Deferred tax assets:
Loss carryforwards	$	391	$	569
Excess business interest expense	499		399
Credit carryforwards	39		141
Financing obligation	2,673		2,644
Long-term lease obligation	202		208
Other	237		233
	4,041		4,194
Deferred tax liabilities:
Identified intangibles	(677)		(759)

Fixed assets	(2,214)		(2,295)
Right-of-use assets	(168)		(174)
Other	(94)		(101)
	(3,153)		(3,329)
Valuation allowance	(956)		(920)
Net deferred tax liabilities	$	(68)	$	(55)

Summary of Tax Credit Carryforwards

As of December 31, 2024, the Company had federal and state net operating loss carryforwards of $52 million and $9.1 billion, respectively, and federal general business tax credit and research tax credit carryforwards of $89 million, which will expire on various dates as follows:


Year of Expiration	Net Operating Losses				Tax Credits
(In millions)	Federal		States		Federal
2025-2029	$	—	$	955	$	—
2030-2034	33		2,571		—
2035-2044	—		3,173		89
Do not expire	19		2,391		—
	$	52	$	9,090	$	89

Summary of Operating Loss Carryforwards


Year of Expiration	Net Operating Losses				Tax Credits
(In millions)	Federal		States		Federal
2025-2029	$	—	$	955	$	—
2030-2034	33		2,571		—
2035-2044	—		3,173		89
Do not expire	19		2,391		—
	$	52	$	9,090	$	89

Schedule of Unrecognized Tax Benefits Roll Forward


Reconciliation of Unrecognized Tax Benefits	Years Ended December 31,
(In millions)	2024		2023		2022
Balance as of beginning of year	$	124	$	128	$	157


Sale of William Hill International	—		—		(24)
Additions based on tax positions related to the current year	—		—		3
Additions for tax positions of prior years	1		1		1
Reductions for tax positions for prior years	(9)		(5)		(8)

Expiration of statutes	—		—		(1)
Balance as of end of year	$	116	$	124	$	128

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Las Vegas, Nevada
Auditor Firm ID	34

Accrued Other Liabilities - Schedule of Accrued Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Contract and contract related liabilities (See Note 10)	$ 592	$ 749
Accrued payroll and other related liabilities	238	283
Accrued taxes	205	202
Self-insurance claims and reserves (See Note 8)	204	200
Operating lease liability	21	23
Accrued marketing	21	23
Disputed claims liability	0	26
Other accruals	344	342
Total accrued other liabilities	$ 1,625	$ 1,848

Stock-Based Compensation and Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018	Oct. 02, 2024	Apr. 24, 2024	Nov. 08, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 94	$ 104	$ 101
Unrecognized compensation expense	$ 105	$ 105
Shares issued in settlement of convertible notes (in shares)					139,000
Value of shares issued in settlement of convertible notes					$ 14
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares acquired (in shares)			0	0
Common Stock \| 2018 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount									$ 150
Common stock, shares acquired (in shares)		3,872,478
Common stock acquired value		$ 141				$ 9
Common stock acquired average price per share (in dollars per share)		$ 36.38
Common Stock \| 2024 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount							$ 500
Common stock, shares acquired (in shares)	1,262,990
Common stock acquired value	$ 50
Common stock acquired average price per share (in dollars per share)	$ 39.59
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)								8,000,000
Number of shares available for grant (in shares)	10,000,000	10,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, grant date fair value		$ 88
Number of common stock rights (in shares)		1
Recognition period of unrecognized compensation cost		1 year 9 months 18 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, grant date fair value		$ 5
Market-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, grant date fair value		$ 26
Minimum \| 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range as a percent of award target		0.00%
Minimum \| Restricted Stock Units (RSUs) \| Employees and Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		0.00%
Minimum \| Market-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		0.00%
Maximum \| 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range as a percent of award target		200.00%
Maximum \| Restricted Stock Units (RSUs) \| Employees and Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		200.00%
Maximum \| Market-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		200.00%

Related Party and Affiliate Transactions - Narrative (Details) a in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) a	Dec. 31, 2023 USD ($)
Related affiliates
Accounts payable	$ 296,000,000	$ 408,000,000
Accounts receivable, net	$ 470,000,000	608,000,000
Related Party \| C. S. & Y. Associates
Related affiliates
Area of real property leased \| a	30
Annual rent payable	$ 600,000
Accounts payable	0	0
Accounts receivable, net	$ 0	$ 0
Related Party \| C. S. & Y. Associates \| Minimum
Related affiliates
Periodic rent escalations, percent	1.00%
Related Party \| C. S. & Y. Associates \| Maximum
Related affiliates
Periodic rent escalations, percent	2.00%
Related Party \| Donald L. Carano Trust
Related affiliates
Annual rent payable percentage	27.00%
Corporate Joint Venture \| Pompano Joint Venture
Related affiliates
Ownership interest	50.00%
Corporate Joint Venture \| VIEs \| CVA Holdco, LLC
Related affiliates
Variable interest entity, ownership percentage	50.00%
Corporate Joint Venture \| Eastern Band Of Cherokee Indians And Minority Partner \| VIEs \| CVA Holdco, LLC
Related affiliates
Related party transactions	$ 16,000,000
C. S. & Y. Associates \| Related Party \| Donald L. Carano Trust
Related affiliates
Percentage of outstanding shares owned	27.00%

Segment Information - Schedule of Capital Expenditures, Net of Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 1,296	$ 1,264	$ 952
Operating Segment \| Las Vegas
Segment Reporting Information [Line Items]
Capital expenditures, net	253	257	165
Operating Segment \| Regional
Segment Reporting Information [Line Items]
Capital expenditures, net	878	839	597
Operating Segment \| Caesars Digital
Segment Reporting Information [Line Items]
Capital expenditures, net	107	100	106
Corporate and Other
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 58	$ 68	$ 84

Long-Term Debt - CEI Term Loan A and CEI Revolving Credit Facility (Details)					1 Months Ended		12 Months Ended
	Jun. 28, 2024 USD ($)	Feb. 06, 2024 USD ($)	Feb. 06, 2023 USD ($)	Oct. 05, 2022 USD ($) stepdown	Dec. 31, 2024 USD ($)	Nov. 30, 2024	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 20, 2020 USD ($)	Jul. 06, 2020
Long-term debt
Loss on extinguishment of debt							$ 89,000,000	$ 200,000,000	$ 85,000,000
Senior Secured Notes Due 2025
Long-term debt
Loss on extinguishment of debt							48,000,000
Senior Notes \| CEI Term Loan B
Long-term debt
Debt instrument, face amount			$ 2,500,000,000
Percentage of original principal amount amortization			0.25%
Percentage of principal amount issued			99.00%
Repayments of debt	$ 100,000,000				$ 300,000,000
Loss on extinguishment of debt							5,000,000
Senior Notes \| CEI Term Loan B \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate (as a percent)						0.50%
Senior Notes \| CEI Term Loan B \| Base rate
Long-term debt
Spread on variable rate (as a percent)						1.25%
Senior Notes \| CEI Term Loan B \| Applicable Margin
Long-term debt
Spread on variable rate (as a percent)						2.25%
Senior Notes \| CEI Term Loan B-1
Long-term debt
Debt instrument, face amount		$ 2,900,000,000
Percentage of original principal amount amortization		0.25%
Percentage of principal amount issued		99.75%
Senior Notes \| CEI Term Loan B-1 \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate (as a percent)						0.50%
Senior Notes \| CEI Term Loan B-1 \| Base rate
Long-term debt
Spread on variable rate (as a percent)						1.25%
Senior Notes \| CEI Term Loan B-1 \| Applicable Margin
Long-term debt
Spread on variable rate (as a percent)						2.25%
Senior Notes \| CRC Senior Secured Notes
Long-term debt
Interest rate (as a percent)											5.75%
Senior Notes \| CEI Senior Secured Notes due 2025
Long-term debt
Interest rate (as a percent)											6.25%
CEI Revolving Credit Facility
Long-term debt
Available borrowing capacity					2,100,000,000		2,100,000,000
CEI Revolving Credit Facility \| Line of Credit
Long-term debt
Credit facility										$ 2,250,000,000
Amount outstanding					84,000,000		84,000,000
CEI Revolving Credit Facility, Permitted Use Reserves
Long-term debt
Accordion feature										40,000,000
CEI Revolving Credit Facility, Regulatory Purpose
Long-term debt
Amount outstanding					$ 46,000,000		$ 46,000,000
Line of Credit
Long-term debt
Line of credit facility, commitment fee percentage				0.35%
Line of Credit \| SOFR
Long-term debt
Spread on variable rate (as a percent)				2.25%
Line of Credit \| SOFR \| Component One
Long-term debt
Spread on variable rate (as a percent)				0.10%
Line of Credit \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate (as a percent)				0.00%
Line of Credit \| SOFR \| Component Two
Long-term debt
Spread on variable rate (as a percent)				1.00%
Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate \| Component Two
Long-term debt
Spread on variable rate (as a percent)				0.50%
Line of Credit \| Base rate
Long-term debt
Spread on variable rate (as a percent)				1.25%
Line of Credit \| Letter of Credit
Long-term debt
Credit facility										$ 388,000,000
Line of Credit \| Secured Debt
Long-term debt
Debt instrument, face amount				$ 750,000,000
Interest rate (as a percent)				1.25%
Number of stepdowns \| stepdown				3
Leverage ratio stepdown				0.25%
Line of Credit \| Revolving Credit Facility
Long-term debt
Number of stepdowns \| stepdown				3
Leverage ratio stepdown				0.05%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company has operating and finance leases for various real estate and equipment. Certain of the Company’s lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation and rental payments based on usage. The Company’s leases include options to extend the lease term one month to 73 years. The Company’s lease agreements do not contain any material restrictive covenants, other than those described below.

Lessee Arrangements

Operating Leases

The Company leases real estate and equipment used in operations from third parties. As of December 31, 2024, the remaining term of the Company’s operating leases ranged from 1 to 67 years with various extension options available, if the Company elects to exercise them. However, the Company’s remaining terms only include extension options that we have determined are reasonably certain as of December 31, 2024. In addition to minimum rental commitments, certain of the Company’s operating leases provide for contingent rentals based on a percentage of revenues in excess of specified amounts. The Company does not include costs associated with non-lease components in the lease costs disclosed in the table below. During the years ended December 31, 2024 and 2023, the Company obtained $10 million and $41 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. During the years ended December 31, 2024 and 2023, the Company disposed of $1 million and $7 million, respectively, of ROU assets and lease liabilities.

The Company has elected the short-term lease measurement and recognition exemption and does not establish ROU assets or liabilities for operating leases with terms of 12 months or less.

Leases recorded on the balance sheet consist of the following:


		December 31,
(In millions)	Classification on the Balance Sheet	2024		2023
Assets:
Operating lease ROU assets	Other long-term assets, net	$	604	$	622

Liabilities:
Current operating lease liabilities	Accrued other liabilities	21		23

Non-current operating lease liabilities	Other long-term liabilities	716		728


Lease Terms and Discount Rate	December 31,
	2024		2023
Weighted Average Remaining Lease Term (in years)	31.7		32.1


Weighted Average Discount Rate	8.2	%	8.1	%


Components of Lease Expense
	Years Ended December 31,
(In millions)	2024		2023		2022
Operating lease expense	$	81	$	96	$	132
Short-term and variable lease expense	158		159		138
Total operating lease costs	$	239	$	255	$	270

Supplemental cash flow information related to leases is as follows:


Cash payments included in the measurement of lease liabilities
	Years Ended December 31,
(In millions)	2024		2023		2022
Operating cash flows for operating leases	$	81	$	116	$	110


Maturities of Lease Liabilities
(In millions)	Operating Leases

2025	$	79
2026	77
2027	78
2028	75
2029	74
Thereafter	1,848
Total future minimum lease payments	2,231
Less: present value factor	(1,494)
Total lease liability	$	737

Finance Leases

The Company has finance leases for certain equipment and real estate. As of December 31, 2024, the Company’s finance leases had remaining lease terms of up to approximately 34 years, some of which include options to extend the lease terms in one month increments. The Company’s finance lease ROU assets and liabilities were $60 million and $68 million as of December 31, 2024, respectively, and $69 million and $77 million as of December 31, 2023, respectively.

Financing Obligations

VICI Leases & Golf Course Use Agreement

The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 15 years, plus renewal options, using an imputed discount rate of approximately 11.01%.

CEI leases certain real property assets from VICI under the following agreements: (i) for a portfolio of properties located throughout the United States (the “Regional Lease”), (ii) for Caesars Palace Las Vegas and Harrah’s Las Vegas (the “Las Vegas Lease”), and (iii) for Harrah’s Joliet (the “Joliet Lease”), (collectively, “VICI Leases”). The lease agreements, inclusive of all amendments, include (i) a 15-year initial term with four five-year renewal options, (ii) initial annual fixed rent payments of $1.1 billion, subject to annual escalation provisions based on the Consumer Price Index (“CPI”) and a 2% floor which commenced in lease year two of the initial terms and (iii) a variable element based on net revenues of the underlying leased properties, commencing in lease year eight of the initial term.

The Put-Call Right Agreement whereby the Company could have required VICI to purchase and lease back (as lessor) or whereby VICI could have required the Company to sell to VICI and lease back (as lessee) the real estate components of the gaming and racetrack facilities of Harrah’s Hoosier Park Racing & Casino and Horseshoe Indianapolis (the “Centaur properties”) was not exercised by either party prior to the December 31, 2024 expiration.

The Golf Course Use Agreement between the Company and VICI has a 35-year term (inclusive of all renewal periods), whereby the Company agrees to pay initial annual membership and use fees totaling $14 million, subject to annual escalation provisions similar to those described above in the Regional Lease, as well as certain per-round fees set forth in the agreement.

GLPI Leases

The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 20 years, plus renewal options, using an imputed discount rate of approximately 9.75%.

CEI leases certain real property assets from GLPI under the Master Lease (as amended, the “GLPI Master Lease”). The GLPI Master Lease, encompassing a portfolio of properties within the United States, provides for the lease of land, buildings, structures and other improvements on the land, easements and similar appurtenances to the land and improvements relating to the operation of the leased properties. The GLPI Master Lease, inclusive of all amendments, provides for (i) an initial term of 20 years (through September 2038), (ii) four five-year renewals at the Company’s option, (iii) annual land and building base rent of $24 million and $63 million, respectively, (iv) escalating provisions of building base rent equal to 101.25% of the rent for the preceding year for lease years five and six, 101.75% for lease years seven and eight and 102% for each lease year thereafter and (v) relief from the operating, capital expenditure and financial covenants in the event of involuntary closures.

CEI also leases the real estate underlying Horseshoe St. Louis from GLPI, (the “Lumière Lease”). The Lumière Lease, inclusive of all amendments, provides for (i) an initial term commencing on September 29, 2020 and ending on October 31, 2033, (ii) four five-year renewal options, (iii) annual rent payments of $23 million, (iv) escalation provisions commencing in lease year two equal to 101.25% of the rent for the preceding year for lease years two through five, 101.75% for lease years six and seven and 102% for each lease year thereafter, and (v) certain relief under the financial covenant in the event of involuntary closures.

The Company continues to reflect the real estate assets related to the failed sale-lease back transactions on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continues to recognize depreciation expense over their estimated useful lives.

The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligations, as amended, at December 31, 2024 were as follows:


(In millions)	GLPI Leases		VICI Leases
2025	$	113	$	1,228
2026	115		1,246
2027	117		1,265
2028	119		1,284
2029	120		1,304
Thereafter	4,248		42,406
Total future payments	4,832		48,733
Less: Amounts representing interest	(3,801)		(38,058)
Plus: Residual values	240		893
Financing obligation	$	1,271	$	11,568

Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2024, 2023 and 2022 were as follows:


	GLPI Leases (a)						VICI Leases (a)
	December 31,						December 31,
(In millions)	2024		2023		2022		2024		2023		2022
Cash paid for principal	$	—	$	1	$	—	$	1	$	1	$	1
Cash paid for interest	112		111		110		1,212		1,175		1,095

____________________

Lease Covenants

The GLPI Leases and VICI Leases contain certain covenants requiring minimum capital expenditures based on a percentage of net revenues along with maintaining certain financial ratios. The GLPI Leases require the Company to maintain a minimum adjusted revenue to rent ratio of 1.20:1.

The Company was in compliance with all applicable covenants as of December 31, 2024.

Lessor Arrangements

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 years ended December 31, 2024, 2023 and 2022, we recognized $2.0 billion, $2.1 billion and $2.0 billion, respectively, in lease revenue related to lodging arrangements, 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 primarily included in Food and beverage revenue in the Statement of Operations, and during the years ended December 31, 2024, 2023 and 2022, lease revenue related to conventions was $51 million, $40 million and $34 million, respectively.

Real Estate Operating Leases

We enter into long-term real estate leasing arrangements with third party lessees at our properties. As of December 31, 2024, the remaining terms of these operating leases ranged from 1 to 81 years, some of which include options to extend the lease term for up to five years. In addition to minimum rental commitments, certain of our operating leases provide for contingent payments including contingent rentals based on a percentage of revenues in excess of specified amounts and reimbursements for common area maintenance and utilities charges. 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. In addition, to maintain the value of our leased assets, certain leases include specific maintenance requirements of the lessees or maintenance is performed by the Company on behalf of the lessees. During the years ended December 31, 2024, 2023 and 2022, we recognized $148 million, $166 million and $168 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statement of Operations. Real estate lease revenue includes $62 million, $68 million and $64 million of variable rental income for the years ended December 31, 2024, 2023 and 2022, respectively.


Maturities of Lease Receivables
(In millions)	Operating Leases
2025	$	57
2026	56
2027	51
2028	47
2029	42
Thereafter	670
Total	$	923

Leases

Lessee Arrangements

Operating Leases

The Company has elected the short-term lease measurement and recognition exemption and does not establish ROU assets or liabilities for operating leases with terms of 12 months or less.

Leases recorded on the balance sheet consist of the following:


		December 31,
(In millions)	Classification on the Balance Sheet	2024		2023
Assets:
Operating lease ROU assets	Other long-term assets, net	$	604	$	622

Liabilities:
Current operating lease liabilities	Accrued other liabilities	21		23

Non-current operating lease liabilities	Other long-term liabilities	716		728


Lease Terms and Discount Rate	December 31,
	2024		2023
Weighted Average Remaining Lease Term (in years)	31.7		32.1


Weighted Average Discount Rate	8.2	%	8.1	%


Components of Lease Expense
	Years Ended December 31,
(In millions)	2024		2023		2022
Operating lease expense	$	81	$	96	$	132
Short-term and variable lease expense	158		159		138
Total operating lease costs	$	239	$	255	$	270

Supplemental cash flow information related to leases is as follows:


Cash payments included in the measurement of lease liabilities
	Years Ended December 31,
(In millions)	2024		2023		2022
Operating cash flows for operating leases	$	81	$	116	$	110


Maturities of Lease Liabilities
(In millions)	Operating Leases

2025	$	79
2026	77
2027	78
2028	75
2029	74
Thereafter	1,848
Total future minimum lease payments	2,231
Less: present value factor	(1,494)
Total lease liability	$	737

Finance Leases

Financing Obligations

VICI Leases & Golf Course Use Agreement

GLPI Leases

The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 20 years, plus renewal options, using an imputed discount rate of approximately 9.75%.

The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligations, as amended, at December 31, 2024 were as follows:


(In millions)	GLPI Leases		VICI Leases
2025	$	113	$	1,228
2026	115		1,246
2027	117		1,265
2028	119		1,284
2029	120		1,304
Thereafter	4,248		42,406
Total future payments	4,832		48,733
Less: Amounts representing interest	(3,801)		(38,058)
Plus: Residual values	240		893
Financing obligation	$	1,271	$	11,568

Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2024, 2023 and 2022 were as follows:


	GLPI Leases (a)						VICI Leases (a)
	December 31,						December 31,
(In millions)	2024		2023		2022		2024		2023		2022
Cash paid for principal	$	—	$	1	$	—	$	1	$	1	$	1
Cash paid for interest	112		111		110		1,212		1,175		1,095

____________________

Lease Covenants

The Company was in compliance with all applicable covenants as of December 31, 2024.

Lessor Arrangements

Lodging Arrangements

Conventions

Real Estate Operating Leases


Maturities of Lease Receivables
(In millions)	Operating Leases
2025	$	57
2026	56
2027	51
2028	47
2029	42
Thereafter	670
Total	$	923

Leases

Lessee Arrangements

Operating Leases

The Company has elected the short-term lease measurement and recognition exemption and does not establish ROU assets or liabilities for operating leases with terms of 12 months or less.

Leases recorded on the balance sheet consist of the following:


		December 31,
(In millions)	Classification on the Balance Sheet	2024		2023
Assets:
Operating lease ROU assets	Other long-term assets, net	$	604	$	622

Liabilities:
Current operating lease liabilities	Accrued other liabilities	21		23

Non-current operating lease liabilities	Other long-term liabilities	716		728


Lease Terms and Discount Rate	December 31,
	2024		2023
Weighted Average Remaining Lease Term (in years)	31.7		32.1


Weighted Average Discount Rate	8.2	%	8.1	%


Components of Lease Expense
	Years Ended December 31,
(In millions)	2024		2023		2022
Operating lease expense	$	81	$	96	$	132
Short-term and variable lease expense	158		159		138
Total operating lease costs	$	239	$	255	$	270

Supplemental cash flow information related to leases is as follows:


Cash payments included in the measurement of lease liabilities
	Years Ended December 31,
(In millions)	2024		2023		2022
Operating cash flows for operating leases	$	81	$	116	$	110


Maturities of Lease Liabilities
(In millions)	Operating Leases

2025	$	79
2026	77
2027	78
2028	75
2029	74
Thereafter	1,848
Total future minimum lease payments	2,231
Less: present value factor	(1,494)
Total lease liability	$	737

Finance Leases

Financing Obligations

VICI Leases & Golf Course Use Agreement

GLPI Leases

The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 20 years, plus renewal options, using an imputed discount rate of approximately 9.75%.

The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligations, as amended, at December 31, 2024 were as follows:


(In millions)	GLPI Leases		VICI Leases
2025	$	113	$	1,228
2026	115		1,246
2027	117		1,265
2028	119		1,284
2029	120		1,304
Thereafter	4,248		42,406
Total future payments	4,832		48,733
Less: Amounts representing interest	(3,801)		(38,058)
Plus: Residual values	240		893
Financing obligation	$	1,271	$	11,568

Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2024, 2023 and 2022 were as follows:


	GLPI Leases (a)						VICI Leases (a)
	December 31,						December 31,
(In millions)	2024		2023		2022		2024		2023		2022
Cash paid for principal	$	—	$	1	$	—	$	1	$	1	$	1
Cash paid for interest	112		111		110		1,212		1,175		1,095

____________________

Lease Covenants

The Company was in compliance with all applicable covenants as of December 31, 2024.

Lessor Arrangements

Lodging Arrangements

Conventions

Real Estate Operating Leases


Maturities of Lease Receivables
(In millions)	Operating Leases
2025	$	57
2026	56
2027	51
2028	47
2029	42
Thereafter	670
Total	$	923

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$ (278)	$ 786	$ (513)
Discontinued operations, net of income taxes	0	0	(386)
Net income (loss) attributable to Caesars	$ (278)	$ 786	$ (899)
Shares outstanding:
Weighted average shares outstanding - basic (in shares)	215	215	214
Effect of dilutive securities:
Weighted average shares outstanding – diluted (in shares)	215	216	214
Net income (loss) per share - basic and diluted:
Basic income (loss) per share from continuing operations (in dollars per shares)	$ (1.29)	$ 3.65	$ (2.39)
Basic loss per share from discontinued operations (in dollars per share)	0	0	(1.80)
Basic income (loss) per share (in dollars per share)	(1.29)	3.65	(4.19)
Net income (loss) per share -Diluted
Diluted income (loss) per share from continuing operations (in dollars per share)	(1.29)	3.64	(2.39)
Diluted loss per share from discontinued operations (in dollars per share)	0	0	(1.80)
Diluted income (loss) per share (in dollars per share)	$ (1.29)	$ 3.64	$ (4.19)
Restricted Stock Units (RSUs)
Effect of dilutive securities:
Stock-based compensation awards (in shares)	0	1	0

Long-Term Debt - Debt Covenant Compliance (Details)	Dec. 31, 2024
CVA Credit Agreement \| Line of Credit
Long-term debt
Leverage ratio, maximum	4
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.05
CEI Revolving Credit Facility And CEI Term Loan A
Long-term debt
Leverage ratio, maximum	6.50
Debt instrument, covenant, fixed charge coverage ratio, minimum	2.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Divestitures and Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Discontinued Operations

The Company periodically divests assets that it may not consider core to its business to raise capital or, in some cases, to comply with conditions, terms, obligations or restrictions imposed by antitrust, gaming and other regulatory entities. The carrying value of assets that meet the criteria for assets held for sale are compared to the expected selling price and any expected losses are recorded immediately. Gains or losses associated with the disposal of assets held for sale are recorded within operating income, unless the assets represent a discontinued operation.

The LINQ Promenade, Rio and Baton Rouge Divestitures

On October 29, 2024, the Company entered into an agreement to sell the LINQ Promenade to a joint venture between TPG Real Estate (“TPG”) and the Investment Management Platform of Acadia Realty Trust (“Acadia”) for $275 million. On December 12, 2024, we closed the sale for $275 million, resulting in a gain of $34 million, which was recorded in Transaction and other costs, net in the Statements of Operations. The LINQ Promenade was reported within the Las Vegas segment. Proceeds from the sale were used to make a voluntary prepayment of a portion of the outstanding balance of the CEI Term Loan B. See Note 9 for further discussion on the voluntary prepayment.

On October 2, 2023, the Company’s lease term related to certain assets of Rio All-Suite Hotel & Casino (“Rio”) ended and all operations were assumed by the lessor. Rio was reported within the Las Vegas segment.

On May 5, 2022, the Company consummated the sale of the equity interests of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) to CQ Holding Company, Inc., resulting in a loss of $3 million. Baton Rouge was reported in the Regional segment.

Prior to their respective closing dates, none of the divestitures above met the requirements for presentation as discontinued operations.

The following information presents the net revenues and net income (loss) of recent divestitures:


	Year Ended December 31, 2024
(In millions)	LINQ Promenade
Net revenues	$	25
Net income	16


	Year Ended December 31, 2023
(In millions)	LINQ Promenade		Rio
Net revenues	$	28	$	145
Net income	21		15



	Year Ended December 31, 2022
(In millions)	LINQ Promenade		Rio		Baton Rouge
Net revenues	$	27	$	199	$	6
Net income (loss)	17		18		(1)

WSOP Trademark Sale

On August 1, 2024, the Company entered into a definitive agreement to sell the World Series of Poker (“WSOP”) trademark to NSUS Group Inc (“NSUS”) for $250 million in cash at closing and a $250 million note receivable for total consideration of $500 million. On October 29, 2024, the Company closed the sale to NSUS, resulting in a gain of $317 million, which was recorded in Transaction and other costs, net in the Statements of Operations. The note receivable bears interest at market rate plus an applicable margin, which resets quarterly. Interest and principal are due quarterly through its maturity date of October 29, 2029. Concurrent with signing the sale agreement, the Company entered into licensing agreements with NSUS that allows the Company to continue its current operations within the United States, including the WSOP’s live tournament series in Las Vegas for the next 20 years. The WSOP trademark asset was previously reported within the Caesars Digital segment. See Note 5 for further discussion on the trademarks associated with the sale.

Discontinued operations

On April 22, 2021 when the William Hill acquisition was consummated, the Company’s intent was to divest William Hill International. Accordingly, the assets and liabilities were classified as held for sale with operations presented within discontinued operations. On April 7, 2022, the Company amended the agreement to sell William Hill International to 888 Holdings Plc for a revised enterprise value of approximately £2.0 billion. On July 1, 2022, the Company completed the sale of William Hill International to 888 Holdings Plc. During the year ended December 31, 2022, the Company recorded impairments to assets held for sale of $503 million within discontinued operations based on the revised and final sales price.

The following information presents the net revenues and net loss for the Company’s discontinued operations:



	Year Ended December 31, 2022
(In millions)	William Hill International
Net revenues	$	820
Net loss	(448)

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of the Company’s provision for income taxes for the years ended December 31, 2024, 2023 and 2022 are presented below.


Components of Income (Loss) Before Income Taxes	Years Ended December 31,
(In millions)	2024		2023		2022
United States	$	(150)	$	(90)	$	(590)
Outside of the U.S.	26		30		25
	$	(124)	$	(60)	$	(565)


Income Tax Provision (Benefit) from Continuing Operations	Years Ended December 31,
(In millions)	2024		2023		2022
United States
Current
Federal	$	38	$	—	$	—
State & Local	27		23		7
Deferred
Federal	36		(754)		(57)
State & Local	(23)		(166)		2
Outside of the U.S.
Current	10		9		7
Deferred	(1)		—		—
	$	87	$	(888)	$	(41)

The following is an allocation of the total income tax provision (benefit) for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
(In millions)	2024		2023		2022
Income tax provision (benefit) applicable to:
Income from continuing operations	$	87	$	(888)	$	(41)
Discontinued operations	—		—		(50)
Additional paid-in capital	—		(12)		—
Other comprehensive income	—		1		(30)

The following is a reconciliation of the statutory federal income tax of 21% to the Company’s reported income tax provision (benefit) for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
(In millions)	2024		2023		2022
Federal statutory income tax provision (benefit)	$	(26)	$	(13)	$	(118)
State and local income tax provision (benefit)	(16)		(13)		1
Nondeductible compensation and benefits	17		16		13
Goodwill impairment and write offs	53		3		3
Increase (decrease) in uncertain tax positions	1		—		(1)
Change in tax rates from change in tax law before valuation allowance	38		25		86
Foreign taxes	1		3		6
Deferred tax adjustment related to William Hill acquisition	—		—		30
Minority interests	(14)		(9)		3
Valuation allowance	36		(889)		(55)
Tax credits	(10)		(14)		(10)
Other	7		3		1
Reported income tax provision (benefit)	$	87	$	(888)	$	(41)


	As of December 31,
(In millions)	2024		2023
Deferred tax assets:
Loss carryforwards	$	391	$	569
Excess business interest expense	499		399
Credit carryforwards	39		141
Financing obligation	2,673		2,644
Long-term lease obligation	202		208
Other	237		233
	4,041		4,194
Deferred tax liabilities:
Identified intangibles	(677)		(759)

Fixed assets	(2,214)		(2,295)
Right-of-use assets	(168)		(174)
Other	(94)		(101)
	(3,153)		(3,329)
Valuation allowance	(956)		(920)
Net deferred tax liabilities	$	(68)	$	(55)

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax assets. During the second quarter of 2023, the Company evaluated its forecasted adjusted taxable income and objectively verifiable evidence and placed substantial weight on its 2022 and 2023 quarterly earnings, adjusted for non-recurring items, including the interest expense disallowed under current tax law. Accordingly, the Company determined it was more likely than not that a portion of the federal and state deferred tax assets will be realized and, as a result, during the second quarter of 2023, the Company reversed the valuation allowance related to these deferred tax assets and recorded an income tax benefit of $940 million. The Company is still carrying a valuation allowance on certain federal and state deferred tax assets that are not more likely than not to be realized in the future. The Company has assessed the changes to the valuation allowance, including realization of the disallowed interest expense deferred tax asset, using the integrated approach.


Year of Expiration	Net Operating Losses				Tax Credits
(In millions)	Federal		States		Federal
2025-2029	$	—	$	955	$	—
2030-2034	33		2,571		—
2035-2044	—		3,173		89
Do not expire	19		2,391		—
	$	52	$	9,090	$	89

In general, Section 382 of the Internal Revenue Code provides an annual limitation with respect to the ability of a corporation to utilize its net operating loss carryovers, as well as certain built-in losses, against future taxable income in the event of a change in ownership. It is unlikely that the limitation will adversely affect the Company’s ability to utilize its net operating loss carryovers against its future taxable income.


Reconciliation of Unrecognized Tax Benefits	Years Ended December 31,
(In millions)	2024		2023		2022
Balance as of beginning of year	$	124	$	128	$	157


Sale of William Hill International	—		—		(24)
Additions based on tax positions related to the current year	—		—		3
Additions for tax positions of prior years	1		1		1
Reductions for tax positions for prior years	(9)		(5)		(8)

Expiration of statutes	—		—		(1)
Balance as of end of year	$	116	$	124	$	128

We classify reserves for tax uncertainties within Other long-term liabilities in our Balance Sheets, separate from any related income tax payable, deferred tax asset, or deferred tax liability. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities.

We accrue interest and penalties related to unrecognized tax benefits in income tax expense. During 2024, we decreased our unrecognized tax benefits by $8 million, primarily due to a reduction in the Louisiana state tax rate due to a change in tax law. During 2023, we decreased our unrecognized tax benefits by $4 million, primarily due to the noncash settlement of a state audit. During 2022, we decreased our unrecognized tax benefits by $29 million, primarily due to the sale of William Hill International. There was an accrual for the payment of interest and penalties of $1 million as of December 31, 2024 and no accrual for the payment of interest and penalties as of December 31, 2023. Included in the balances of unrecognized tax benefits as of December 31, 2024 and December 31, 2023 was $106 million and $112 million, respectively, of unrecognized tax benefits that, if recognized, would impact the effective tax rate.

In 2021, the Organization for Economic Co-operation and Development (the “OECD”) established an Inclusive Framework on Base Erosion and Profit Shifting and agreed on a two-pillar solution (“Pillar Two”) to global taxation, focusing on global profit allocation and a 15% global minimum effective tax rate. The OECD issued Pillar Two model rules and continues to release guidance on these rules. While the US has not yet adopted the Pillar Two rules, various other countries around the world are enacting legislation. We will continue to analyze the law to determine potential impacts. We currently do not expect the Framework to have a material impact on our effective tax rate or our financial statements.

The Company, including its subsidiaries, files tax returns with federal, state and foreign jurisdictions. The Company does not have tax sharing agreements with the other members within the consolidated group. With few exceptions, the Company is no longer subject to US federal or state and local tax assessments by tax authorities for years before 2021. We believe that it is reasonably possible that the unrecognized tax benefits liability will not materially change within the next 12 months. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although we believe that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on our earnings. Conversely, if these issues are resolved favorably in the future, the related provision would be reduced, thus having a favorable impact on earnings.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	December 31,
(In millions)	2024		2023
Contract and contract related liabilities (See Note 10)	$	592	$	749
Accrued payroll and other related liabilities	238		283
Accrued taxes	205		202
Self-insurance claims and reserves (See Note 8)	204		200
Operating lease liability (See Note 7)	21		23
Accrued marketing	21		23
Disputed claims liability	—		26
Other accruals	344		342
Total accrued other liabilities	$	1,625	$	1,848

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Loss carryforwards	$ 391	$ 569
Excess business interest expense	499	399
Credit carryforwards	39	141
Financing obligation	2,673	2,644
Long-term lease obligation	202	208
Other	237	233
Deferred tax assets	4,041	4,194
Deferred tax liabilities:
Identified intangibles	(677)	(759)
Fixed assets	(2,214)	(2,295)
Right-of-use assets	(168)	(174)
Other	(94)	(101)
Deferred tax liabilities	(3,153)	(3,329)
Valuation allowance	(956)	(920)
Net deferred tax liabilities	$ (68)	$ (55)

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Paid For Amounts Included In Measurement Of Lease Liabilities [Abstract]
Operating cash flows for operating leases	$ 81	$ 116	$ 110

Goodwill and Intangible Assets, net - Schedule of Changes to Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 11,186	$ 11,186
Other	(207)	0
Goodwill, gross, ending balance	10,979	11,186	$ 11,186
Accumulated Impairment:
Accumulated impairment, beginning balance	(196)	(182)
Impairment	(182)	(14)
Accumulated impairment, ending balance	(378)	(196)	(182)
Goodwill, net carrying value	10,601	10,990
Las Vegas
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	6,889	6,889
Other	(207)	0
Goodwill, gross, ending balance	6,682	6,889	6,889
Accumulated Impairment:
Accumulated impairment, beginning balance	0	0
Impairment	0	0
Accumulated impairment, ending balance	0	0	0
Goodwill, net carrying value	6,682	6,889
Goodwill associated with reporting units with zero or negative carrying values	462
Regional
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	3,093	3,093
Other	0	0
Goodwill, gross, ending balance	3,093	3,093	3,093
Accumulated Impairment:
Accumulated impairment, beginning balance	(196)	(182)
Impairment	(182)	(14)	(78)
Accumulated impairment, ending balance	(378)	(196)	(182)
Goodwill, net carrying value	2,715	2,897
Goodwill associated with reporting units with zero or negative carrying values	1,000
Caesars Digital
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,204	1,204
Other	0	0
Goodwill, gross, ending balance	1,204	1,204	1,204
Accumulated Impairment:
Accumulated impairment, beginning balance	0	0
Impairment	0	0
Accumulated impairment, ending balance	0	0	0
Goodwill, net carrying value	1,204	1,204
Managed and Branded
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	0	0
Other	0	0
Goodwill, gross, ending balance	0	0	0
Accumulated Impairment:
Accumulated impairment, beginning balance	0	0
Impairment	0	0
Accumulated impairment, ending balance	0	0	$ 0
Goodwill, net carrying value	$ 0	$ 0

Segment Information - Schedule of Balance Sheet Information for Reportable Segments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 32,590	$ 33,366
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	(9,658)	(7,474)
Las Vegas \| Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	25,040	24,230
Regional \| Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	15,664	15,291
Caesars Digital \| Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,262	1,095
Managed And Branded \| Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 282	$ 224

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
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+ Details

Segment Information - Additional Information (Details) ft² in Thousands	12 Months Ended
	Dec. 31, 2024 ft² hotel_room segment ft ballroom	Mar. 06, 2024 ft² hotel_room
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Observation wheel height \| ft	550
Area of room	300
Number of ballrooms \| ballroom	2
Number of room in hotel \| hotel_room	45,600
Caesars Republic Scottsdale
Segment Reporting Information [Line Items]
Area of real property leased		20
Number of room in hotel \| hotel_room		270
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased	550

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Useful lives of each asset class are generally as follows:


Buildings and improvements			3 to 40 years
Land improvements			12 to 40 years
Furniture, fixtures and equipment			3 to 15 years
Riverboats			30 years


Property and Equipment, Net
	December 31,
(In millions)	2024		2023
Land	$	2,059	$	2,088
Buildings, riverboats, and leasehold and land improvements	14,866		13,543
Furniture, fixtures, and equipment	2,880		2,409
Construction in progress	167		762
Total property and equipment	19,972		18,802
Less: accumulated depreciation	(5,160)		(4,046)
Total property and equipment, net	$	14,812	$	14,756


Depreciation Expense
	Years Ended December 31,
(In millions)	2024		2023		2022
Depreciation expense	$	1,189	$	1,117	$	1,018

Long-Term Debt - CEI Senior Secured Notes due 2025 (Details) - CEI Senior Secured Notes due 2025 - Senior Notes $ in Billions	Jul. 06, 2020 USD ($)
Long-term debt
Long-term debt, gross	$ 3.4
Interest rate (as a percent)	6.25%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of Income (Loss) Before Income Taxes
United States	$ (150)	$ (90)	$ (590)
Outside of the U.S.	26	30	25
Loss from continuing operations before income taxes	(124)	(60)	(565)
Current
Federal	38	0	0
State & Local	27	23	7
Deferred
Federal	36	(754)	(57)
State & Local	(23)	(166)	2
Outside of U.S, Current	10	9	7
Outside of U.S, Deferred	(1)	0	0
Income tax (benefit) expense	87	(888)	(41)
Income tax provision (benefit) applicable to:
Income from continuing operations	87	(888)	(41)
Discontinued operations	0	0	(50)
Additional paid-in capital	0	(12)	0
Other comprehensive income	$ 0	$ 1	$ (30)

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Organization The Company is a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, the Company grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020, and William Hill PLC in 2021. The Company’s ticker symbol on the NASDAQ Stock Market is “CZR”. Description of Business The Company owns, leases, brands or manages an aggregate of 53 domestic properties in 18 states with approximately 51,400 slot machines, video lottery terminals and e-tables, approximately 2,800 table games and approximately 45,600 hotel rooms as of December 31, 2024. In addition, the Company has other properties in North America that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. The Company’s primary source of revenue is generated by its gaming operations, which includes retail and online sports betting and online gaming. Additionally, the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties. The Company’s operations for retail and online sports betting, iGaming, horse racing and online poker are included under the Caesars Digital segment. The Company operates and conducts sports wagering across 32 jurisdictions in North America, 26 of which offer online sports betting, and operates iGaming in five jurisdictions in North America as of December 31, 2024. The Company operates the Caesars Sportsbook app, the Caesars Racebook app, the Caesars Palace Online Casino app and the new Horseshoe Online Casino app which initially launched in October 2024. The Company also expects to continue to grow its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and iGaming. The Company has divested certain properties and other assets, including non-core properties and divestitures required by regulatory agencies. See Note 3 for a discussion of properties and assets recently sold and Note 16 for segment information.

Revenue Recognition - Summary of Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 470	$ 608
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	93	118	$ 130
Provision for doubtful accounts	49	41	25
Write-offs less recoveries	(43)	(66)	(37)
Allowance for doubtful accounts, ending balance	99	93	118
Contracts
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	81	101	110
Provision for doubtful accounts	37	29	13
Write-offs less recoveries	(31)	(49)	(22)
Allowance for doubtful accounts, ending balance	87	81	101
Other
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	12	17	20
Provision for doubtful accounts	12	12	12
Write-offs less recoveries	(12)	(17)	(15)
Allowance for doubtful accounts, ending balance	12	12	$ 17
Casino
Disaggregation of Revenue [Line Items]
Accounts receivable, net	206	274
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	107	118
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 157	$ 216

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	150,000,000	150,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	211,325,086	215,800,650
Common stock, shares outstanding (in shares)	211,325,086	215,800,650
Treasury stock (in shares)	0	363,016

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Multiemployer Plans


Multi-employer Pension Plan Participation
		Pension Protection Act Zone Status (a)		Contributions (In millions)
Pension Fund	EIN/Pension Plan Number	2024	FIP/RP Status (b)	2024		2023		2022		Surcharge Imposed	Expiration Date of Collective Bargaining Agreement (c)
Southern Nevada Culinary and Bartenders Pension Plan (d)	88-6016617/001	Green	No	$	27	$	26	$	24	No	September 30, 2028
Legacy Plan of the UNITE HERE Retirement Fund (d)(e)	82-0994119/001	Red	Yes	11		10		9		No	Various up to September 30, 2027
Central Pension Fund of the IUOE & Participating Employers	36-6052390/001	Green	No	7		7		7		N/A	March 31, 2029
Western Conference of Teamsters Pension Plan	91-6145047/001	Green	No	7		7		6		N/A	August 31, 2029

Painters IUPAT	52-6073909/001	Red	Yes	1		1		1		No	June 30, 2026
Other Funds				4		4		3
Total Contributions				$	57	$	55	$	50

____________________

(b)Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented.

(c)The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract.

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

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+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations


	Years Ended December 31,
(In millions, except per share amounts)	2024		2023		2022
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$	(278)	$	786	$	(513)
Discontinued operations, net of income taxes	—		—		(386)
Net income (loss) attributable to Caesars	$	(278)	$	786	$	(899)
Shares outstanding:
Weighted average shares outstanding – basic	215		215		214
Effect of dilutive securities:
Stock-based compensation awards	—		1		—
Weighted average shares outstanding – diluted	215		216		214

Basic income (loss) per share from continuing operations	$	(1.29)	$	3.65	$	(2.39)
Basic loss per share from discontinued operations	—		—		(1.80)
Net income (loss) per common share attributable to common stockholders – basic:	$	(1.29)	$	3.65	$	(4.19)

Diluted income (loss) per share from continuing operations	$	(1.29)	$	3.64	$	(2.39)
Diluted loss per share from discontinued operations	—		—		(1.80)
Net income (loss) per common share attributable to common stockholders – diluted:	$	(1.29)	$	3.64	$	(4.19)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS
	Years Ended December 31,
(In millions)	2024	2023	2022
Stock-based compensation awards	4	1	3
Total anti-dilutive common stock	4	1	3

Income Taxes - Tax Credit and Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2024 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	$ 52
Tax Credits	89
States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	9,090
2025-2029 \| Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	0
Tax Credits	0
2025-2029 \| States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	955
2030-2034 \| Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	33
Tax Credits	0
2030-2034 \| States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	2,571
2035-2044 \| Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	0
Tax Credits	89
2035-2044 \| States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	3,173
Do not expire \| Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	19
Tax Credits	0
Do not expire \| States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	$ 2,391

Divestitures and Discontinued Operations - Schedule of Information of Net Operating Revenues and Net Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
LINQ Promenade \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	$ 25	$ 28	$ 27
Net income	$ 16	21	17
Rio \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		145	199
Net income		$ 15	18
Baton Rouge \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues			6
Net income			(1)
William Hill International \| Discontinued Operations, Held for sale - Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues			820
Net income			$ (448)

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	4	1	3
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	4	1	3

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of Long-term Debt


	December 31, 2024						December 31, 2023
(Dollars in millions)	Final Maturity	Rates	Face Value		Book Value		Book Value
Secured Debt
CEI Revolving Credit Facility	2028	variable	$	—	$	—	$	—
CEI Term Loan A	2028	variable	675		673		710
CVA Revolving Credit Facility	2029	variable	—		—		—
CVA Delayed Draw Term Loan	2029	variable	295		288		—
CEI Term Loan B	2030	variable	2,056		2,021		2,432
CEI Term Loan B-1	2031	variable	2,878		2,844		—
CEI Senior Secured Notes due 2030	2030	7.00%	2,000		1,982		1,978
CEI Senior Secured Notes due 2032	2032	6.50%	1,500		1,484		—
CEI Senior Secured Notes due 2025	N/A	N/A	—		—		3,374
CRC Senior Secured Notes	N/A	N/A	—		—		983
Unsecured Debt
CEI Senior Notes due 2027	2027	8.125%	546		542		1,593
CEI Senior Notes due 2029	2029	4.625%	1,200		1,190		1,188
CEI Senior Notes due 2032	2032	6.00%	1,100		1,086		—
Special Improvement District Bonds	2037	4.30%	42		42		45
Long-term notes and other payables			2		2		2
Total debt			12,294		12,154		12,305
Current portion of long-term debt			(109)		(109)		(65)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(12)		(16)
Long-term debt			$	12,185	$	12,033	$	12,224

Unamortized discounts and deferred finance charges					$	152	$	150
Fair value			$	12,267

Schedule of Maturities of Principal Amount of Long-term Debt


Annual Estimated Debt Service Requirements
	Years Ended December 31,
(In millions)	2025		2026		2027		2028		2029		Thereafter		Total
Annual maturities of long-term debt	$	109	$	109	$	655	$	639	$	1,484	$	9,298	$	12,294
Estimated interest payments	790		780		780		690		670		730		4,440
Total debt service obligation (a)	$	899	$	889	$	1,435	$	1,329	$	2,154	$	10,028	$	16,734

____________________

Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities


Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2024
(In millions)	Proceeds		Repayments (a)
CEI Revolving Credit Facility	$	1,730	$	1,730
CEI Term Loan A	—		37
CVA Delayed Draw Term Loan	295		—
CEI Term Loan B	—		425
CEI Term Loan B-1	2,900		22
CEI Senior Secured Notes due 2032	1,500		—
CEI Senior Secured Notes due 2025	—		3,399
CRC Senior Secured Notes	—		989
CEI Senior Notes due 2027	—		1,065
CEI Senior Notes due 2032	1,100		—
Special Improvement District Bonds	—		3
Total	$	7,525	$	7,670

____________________

(a)Includes contractually scheduled repayments as well as voluntary accelerated repayments.

Long-Term Debt - CEI Senior Secured Notes due 2030 (Details) - CEI Senior Secured Notes due 2030 - Senior Notes - USD ($) $ in Billions	Dec. 31, 2024	Feb. 06, 2023
Long-term debt
Long-term debt, gross		$ 2.0
Interest rate (as a percent)	7.00%	7.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation and Stockholder's Equity - Summary of Award Activity (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	1,922,419
Granted (in shares)	2,020,005
Vested (in shares)	(1,055,671)
Forfeited (in shares)	(217,942)
Outstanding at the end of the period (in shares)	2,668,811
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) \| $ / shares	$ 60.11
Granted (in dollars per share) \| $ / shares	43.77
Vested (in dollars per share) \| $ / shares	62.64
Forfeited (in dollars per share) \| $ / shares	49.06
Unvested outstanding as of end of period (in dollars per share) \| $ / shares	$ 47.64
Restricted Stock Units (RSUs) \| Non-Employee Members of BOD
Restricted Stock Units
Granted (in shares)	45,800
Performance Shares
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	328,230
Granted (in shares)	161,688
Performance adjustment (in shares)	27,314
Vested (in shares)	(99,377)
Forfeited (in shares)	(20,699)
Outstanding at the end of the period (in shares)	397,156
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) \| $ / shares	$ 46.88
Granted (in dollars per share) \| $ / shares	33.42
Vested (in dollars per share) \| $ / shares	41.66
Forfeited (in dollars per share) \| $ / shares	39.86
Unvested outstanding as of end of period (in dollars per share) \| $ / shares	$ 33.42
Market-based Stock Units
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	872,019
Granted (in shares)	435,536
Performance adjustment (in shares)	(154,420)
Vested (in shares)	(18,713)
Forfeited (in shares)	(38,318)
Outstanding at the end of the period (in shares)	1,096,104
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) \| $ / shares	$ 85.11
Granted (in dollars per share) \| $ / shares	58.56
Vested (in dollars per share) \| $ / shares	63.99
Forfeited (in dollars per share) \| $ / shares	77.95
Unvested outstanding as of end of period (in dollars per share) \| $ / shares	$ 73.15

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment


	Year Ended December 31, 2024
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	1,115	$	4,073	$	1,085	$	—	$	(6)	$	6,267
Food and beverage	1,141		575		—		—		—		1,716
Hotel	1,417		599		—		—		—		2,016
Other	601		292		78		274		1		1,246


Net revenues	$	4,274	$	5,539	$	1,163	$	274	$	(5)	$	11,245


	Year Ended December 31, 2023
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	1,212	$	4,272	$	886	$	—	$	(3)	$	6,367
Food and beverage	1,152		576		—		—		—		1,728
Hotel	1,447		643		—		—		—		2,090
Other	659		287		87		307		3		1,343
Net revenues	$	4,470	$	5,778	$	973	$	307	$	—	$	11,528


	Year Ended December 31, 2022
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	1,247	$	4,291	$	462	$	—	$	(3)	$	5,997
Food and beverage	1,063		533		—		—		—		1,596
Hotel	1,341		616		—		—		—		1,957
Other	636		264		86		282		3		1,271


Net revenues	$	4,287	$	5,704	$	548	$	282	$	—	$	10,821

Schedule of Accounts Receivable


Accounts Receivable, Net
	December 31,
(In millions)	2024		2023
Casino	$	206	$	274
Food and beverage and hotel	107		118
Other	157		216
Accounts receivable, net	$	470	$	608


Allowance for Doubtful Accounts
(In millions)	Contracts		Other (a)		Total
Balance as of January 1, 2022	$	110	$	20	$	130
Provision for doubtful accounts	13		12		25
Write-offs less recoveries	(22)		(15)		(37)
Balance as of December 31, 2022	101		17		118
Provision for doubtful accounts	29		12		41
Write-offs less recoveries	(49)		(17)		(66)
Balance as of December 31, 2023	81		12		93
Provision for doubtful accounts	37		12		49
Write-offs less recoveries	(31)		(12)		(43)
Balance as of December 31, 2024	$	87	$	12	$	99

____________________

(a)“Other” includes allowance associated with lease receivables under ASC 842. See Note 7 for further details.

Summary of Activity Related to Contract and Contract Related Liabilities

The following table summarizes the activity related to short-term and long-term contract and contract related liabilities:


	Outstanding Chip Liability				Caesars Rewards				Customer Deposits and Other Deferred Revenue
(In millions)	2024		2023		2024		2023		2024		2023
Balance at January 1	$	42	$	45	$	86	$	87	$	693	$	693
Balance at December 31	47		42		79		86		549		693
Increase (decrease)	$	5	$	(3)	$	(7)	$	(1)	$	(144)	$	—

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other than Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amortizing
Finite-lived intangible assets, net, beginning balance	$ 946	$ 1,060
Impairment	0	0
Amortization expense	(135)	(144)	$ (187)
Other (a)	(2)	0
Finite-lived intangible assets, net, ending balance	856	946	1,060
Non-Amortizing
Indefinite-lived intangible assets (excluding goodwill), beginning balance	$ 3,577	$ 3,654
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment charges	Impairment charges
Impairment	$ (120)	$ (81)
Other (a)	(180)	0
Indefinite-lived intangible assets (excluding goodwill), ending balance	3,277	3,577	3,654
Total
Intangible assets other than goodwill, beginning balance	$ 4,523	$ 4,714
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment charges	Impairment charges
Impairment	$ (120)	$ (81)
Other (a)	(182)	0
Intangible assets other than goodwill, ending balance	4,133	4,523	$ 4,714
Developed Technology Rights
Total
Acquisition	21	0
Gaming Rights and Customer Relationships
Total
Acquisition	26	34
Developed Technology Rights
Non-Amortizing
Acquisition	0	0
Gaming Rights and Customer Relationships
Non-Amortizing
Acquisition	0	4
Developed Technology Rights
Amortizing
Acquisition	21	0
Gaming Rights and Customer Relationships
Amortizing
Acquisition	$ 26	$ 30