0001590895-26-000011 | 10-K | XBRL Viewer | Caesars Entertainment INC

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Leases - Schedule of Cash Paid for Financing Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
GLPI Leases
Lessee, Lease, Description [Line Items]
Cash paid for principal	$ 0	$ 0	$ 1
Cash paid for interest	113	112	111
VICI Leases
Lessee, Lease, Description [Line Items]
Cash paid for principal	1	1	1
Cash paid for interest	$ 1,236	$ 1,212	$ 1,175

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Consolidation of Subsidiaries and Variable Interest Entities

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 Company has divested certain properties and other assets, including non-core properties and, in previous cases, divestitures required by regulatory agencies. The presentation of financial information herein for the periods before an acquisition or divestiture is not fully comparable to the periods after the respective acquisition or divestiture 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. See Note 16 for segment information.

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 impact the economic performance of the VIE and the right to receive benefits or the obligation to absorb losses that could be potentially significant to the VIE. We review investments, 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 or 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.

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, 2025 and 2024, 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 first occurs.Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.

Recently Issued Accounting Pronouncements

Pronouncements Implemented in 2025

In July 2025, the Financial Accounting Standards Board (“FASB’) issued Accounting Standards Update (“ASU’) 2025-05, “Financial Instruments-Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets.” Amendments in this update provide all entities with a practical expedient in developing reasonable and supportable forecasts when estimating expected credit losses, allowing entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. As of December 31, 2025, the Company has implemented the update and will apply the amendments in the update prospectively.

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 are effective for annual periods beginning after December 15, 2024. As of December 31, 2025, the Company has implemented the updated amendments included in ASU 2023-09 retrospectively to ensure all periods presented are comparable. See Note 14 for additional details.

Pronouncements to Be Implemented in Future Periods

In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software.” Currently, entities are required to capitalize development costs incurred for internal-use software depending on the nature of the costs and project stage. The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that guidance is neutral to different software development methods. Amendments in this update are effective for all entities for annual periods beginning after December 15, 2027. An entity may apply the new guidance; i) prospectively, ii) using a modified transition approach based on the status of a project, or iii) retrospectively. We do not expect the amendments in this update to have a material impact on our Financial Statements.

In November 2024 (as clarified in January 2025 by ASU 2025-01), FASB issued 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 which is generally not presented in 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 within annual 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.

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 class 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. Initial 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.

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.

Divestitures

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

The Company periodically divests assets that it may not consider core to its business to raise capital or, in previous 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.

The LINQ Promenade and Rio 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.

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.

The following information presents the net revenues and net income 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

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. Concurrent with signing the sale agreement, the Company entered into licensing agreements with NSUS that allow 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.

In July 2025, the Company monetized $225 million of the note receivable and applied the proceeds to the redemption of outstanding debt (See Note 9). The remaining 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.

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Paid For Amounts Included In Measurement Of Lease Liabilities [Abstract]
Operating cash flows for operating leases	$ 81	$ 81	$ 116

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
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			$ 5.6
Entity Common Stock, Shares Outstanding		203,521,021
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, 2025.
Entity Central Index Key	0001590895
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

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, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,376	$ 4,720	$ 3,751
Foreign currency and other	2	(1)	5
Ending balance	3,686	4,376	4,720
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	96	97	92
Ending balance	$ 98	$ 96	$ 97

- Definition

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

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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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+ Details

Related Party and Affiliate Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions


Investment in Pompano Joint Venture
(In millions)
Balance as of January 1, 2024	$	147
Distributions	(39)
Equity in earnings	11
Balance as of December 31, 2024	119
Distributions	(23)
Equity in earnings	19
Balance as of December 31, 2025	$	115

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating lease expense:
Total operating lease costs	$ 234	$ 239	$ 255
Operating Expenses
Operating lease expense:
Operating lease expense	87	81	96
Short-term and variable lease expense	$ 147	$ 158	$ 159

Revenue Recognition - Schedule of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Outstanding Chip Liability [Member]
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	$ 39	$ 47	$ 42
Increase (Decrease) in Contract with Customer, Liability	(8)	5
Caesars Rewards Programs [Member]
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	89	79	86
Increase (Decrease) in Contract with Customer, Liability	10	(7)
Customer Deposits And Other Deferred Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities balance	492	549	$ 693
Increase (Decrease) in Contract with Customer, Liability	$ (57)	$ (144)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Lessor Arrangements (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessor, Lease, Description [Line Items]
Net revenues	$ 11,486	$ 11,245	$ 11,528
Extension term	5 years
Variable lease income	$ 60	62	68
Minimum
Lessor, Lease, Description [Line Items]
Lessor term of contract	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lessor term of contract	15 years
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	$ 1,945	2,016	2,090
Other
Lessor, Lease, Description [Line Items]
Net revenues	1,210	1,246	1,343
Other \| Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	56	51	40
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 128	$ 148	$ 166

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025, 2024 and 2023 are presented below.


Components of Income (Loss) Before Income Taxes	Years Ended December 31,
(In millions)	2025		2024		2023
United States	$	(477)	$	(150)	$	(90)
Outside of the U.S.	29		26		30
	$	(448)	$	(124)	$	(60)


Income Tax Provision (Benefit) from Operations	Years Ended December 31,
(In millions)	2025		2024		2023
United States
Current
Federal	$	27	$	38	$	—
State & Local	12		27		23
Deferred
Federal	(50)		36		(754)
State & Local	(7)		(23)		(166)
Outside of the U.S.
Current	9		10		9
Deferred	(2)		(1)		—
	$	(11)	$	87	$	(888)

The following is an allocation of the total income tax provision (benefit) for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions)	2025		2024		2023
Income tax provision (benefit) applicable to:
Income (loss) from operations	$	(11)	$	87	$	(888)

Additional paid-in capital	—		—		(12)
Other comprehensive income	—		—		1

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, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions)	2025				2024				2023
Federal statutory income tax provision (benefit)	$	(94)	21.0	%	$	(26)	21.0	%	$	(13)	21.0	%
State and local income tax provision (benefit) *	3		(0.7)	%	2		(1.6)	%	(114)		190.0	%
Foreign taxes
United Kingdom
Branch taxes	4		(0.9)	%	4		(3.2)	%	3		(5.0)	%
Other	(1)		0.2	%	—		—	%	—		—	%
Other foreign jurisdictions	—		—	%	2		(1.6)	%	3		(5.0)	%
Federal effect of change in tax law or rates	—		—	%	—		—	%	—		—	%
Federal effect of cross-border tax laws	—		—	%	(1)		0.8	%	(1)		1.7	%
Federal tax credits
Research and development tax credit	(3)		0.7	%	(3)		2.4	%	(7)		11.7	%
FICA tax credit	(7)		1.6	%	(8)		6.5	%	(8)		13.3	%
Foreign tax credit	4		(0.9)	%	(4)		3.2	%	—		—	%
Other tax credits	(1)		0.2	%	(1)		0.8	%	(1)		1.7	%
Change in federal valuation allowance	43		(9.6)	%	56		(45.2)	%	(764)		1274.0	%
Federal effect of nontaxable or nondeductible items
Goodwill impairments	27		(6.0)	%	53		(42.7)	%	3		(5.0)	%
Nondeductible compensation and benefits	7		(1.6)	%	8		(6.5)	%	8		(13.3)	%
Minority interests	(14)		3.1	%	(14)		11.3	%	(9)		15.0	%
Share based compensation awards	12		(2.7)	%	12		(9.7)	%	10		(16.7)	%
Other nontaxable or nondeductible items	4		(0.9)	%	6		(4.8)	%	2		(3.3)	%
Increase/(decrease) in unrecognized tax benefits	6		(1.3)	%	1		(0.8)	%	—		—	%
Other	(1)		0.3	%	—		(0.1)	%	—		(0.1)	%
Reported income tax provision (benefit)	$	(11)	2.5	%	$	87	(70.2)	%	$	(888)	1480.0	%

____________________

* In 2025, state and local income taxes in Maryland and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category. In 2024, state and local income taxes in Florida, Maryland, and New Jersey made up the majority of the tax effect in this category. In 2023, state and local income taxes in Illinois and New Jersey made up the majority of the tax effect in this category.

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, 2025 and 2024 are as follows:


	As of December 31,
(In millions)	2025		2024
Deferred tax assets:
Loss carryforwards	$	391	$	391
Excess business interest expense	549		499
Credit carryforwards	—		39
Financing obligation	2,707		2,673
Long-term lease obligation	220		202
Other	238		237
	4,105		4,041
Deferred tax liabilities:
Identified intangibles	(713)		(677)

Fixed assets	(2,099)		(2,214)
Right-of-use assets	(183)		(168)
Other	(80)		(94)
	(3,075)		(3,153)
Valuation allowance	(1,021)		(956)
Net deferred tax assets (liabilities)	$	9	$	(68)

Schedule of Tax Credit Carryforwards

As of December 31, 2025, the Company had federal and state net operating loss carryforwards of $15 million and $9.1 billion, respectively, and federal general business tax credit and research tax credit carryforwards of $52 million, which will expire on various dates as follows:


Year of Expiration	Net Operating Losses				Tax Credits
(In millions)	Federal		States		Federal
2026-2030	$	—	$	1,245	$	—
2031-2035	15		3,829		—
2036-2045	—		1,603		52
Do not expire	—		2,387		—
	$	15	$	9,064	$	52

Summary of Operating Loss Carryforwards


Year of Expiration	Net Operating Losses				Tax Credits
(In millions)	Federal		States		Federal
2026-2030	$	—	$	1,245	$	—
2031-2035	15		3,829		—
2036-2045	—		1,603		52
Do not expire	—		2,387		—
	$	15	$	9,064	$	52

Schedule of Unrecognized Tax Benefits


Reconciliation of Unrecognized Tax Benefits	Years Ended December 31,
(In millions)	2025		2024		2023
Balance as of beginning of year	$	116	$	124	$	128



Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	4		1		1
Reductions for tax positions for prior years	—		(9)		(5)

Expiration of statutes	—		—		—
Balance as of end of year	$	120	$	116	$	124

Schedule of Income Taxes Paid (Refunded)


Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2025
(In millions)	Proceeds		Repayments (a)
CEI Revolving Credit Facility	$	1,475	$	1,315
CEI Term Loan A	—		38
CVA Delayed Draw Term Loan	105		14
CEI Term Loan B	—		25
CEI Term Loan B-1	—		29




CEI Senior Notes due 2027	—		546
Special Improvement District Bonds	—		2
Total	$	1,580	$	1,969

____________________

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

The following is a break-out of the significant income taxes paid (refunded) for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions)	2025		2024		2023
Federal *	$	60	$	10	$	—
State
Florida	1		7		1
Illinois	3		3		3
New Jersey	4		7		3
Virginia	(3)		5		—
Other states	6		5		7
Foreign
Canada	3		4		5
United Kingdom	6		5		7
Other foreign	1		2		—
	$	81	$	48	$	26

____________________

* Included in the Federal income taxes paid for the year ended December 31, 2025 is $19 million of tax credits that the Company purchased from a third-party.

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net income (loss) attributable to Caesars	$ (502)	$ (278)	$ 786
Net income attributable to noncontrolling interests	65	67	42
(Benefit) provision for income taxes	(11)	87	(888)
Other income	(2)	(27)	(10)
Loss on extinguishment of debt	4	89	200
Interest expense, net	2,304	2,366	2,342
Impairment charges	182	302	95
Depreciation and amortization	1,417	1,324	1,261
Transaction costs and other, net	72	(285)	6
Stock-based compensation expense	95	94	104
Adjusted EBITDA	3,624	3,739	3,938
Release of valuation allowance			940
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(196)	(166)	(154)
Las Vegas \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,728	1,907	2,016
Regional \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,789	1,810	1,962
Caesars Digital \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	236	117	38
Managed and Branded \| Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 67	$ 71	$ 76

Litigation, Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Self insurance reserve	$ 212	$ 204
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	$ 318	$ 421

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

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-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

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-Topic 450
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2025

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 other 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. For our annual impairment testing, the Company elected a qualitative approach (“step zero”) for certain of our indefinite-lived assets, where it was determined that it is more likely than not that the fair value of the asset is in excess of its carrying value. To perform the step zero analysis the Company considers general economic conditions, recent and projected financial performance, market competition and changes in the carrying amount of our reporting units for goodwill. We also consider the period of time between the last qualitative assessment performed as well as the passing margin in which fair value exceeded the carrying value. If the qualitative assessment indicates that it is more likely than not that the carrying amount of the reporting unit or indefinite-lived intangible asset exceeds its fair value, the Company does not proceed to a quantitative assessment. For those assets where a quantitative assessment is performed, the Company utilized a combined income approach, using a discounted cash flow method, and a guideline public company method to estimate the 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, as applicable. 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 finalizing our future operating and capital plans, the Company reflected a decrease in future cash flows associated with certain properties in our Regional segment, primarily due to localized competition within certain markets. During the year ended December 31, 2025, the Company identified three reporting units in the Regional segment with estimated fair values associated with trademarks and goodwill below their respective carrying values. This resulted in a trademark impairment of $22 million and goodwill impairments of $160 million. During the year ended December 31, 2024, 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. This resulted in trademark impairments of $15 million, gaming rights impairments of $73 million and goodwill impairments of $182 million. Trademark impairment totaling $32 million was also recognized in the year ended December 31, 2024, due to the performance of our smallest brand in the Las Vegas segment. During the year ended December 31, 2023, the Company identified two reporting units in the Regional segment with estimated fair values associated with gaming rights and goodwill below their respective carrying values. This resulted in gaming right impairments of $81 million and goodwill impairments of $14 million.


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, 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	$	6,682	$	2,715	$	1,204	$	—	$	10,601

Gross Goodwill:
Balance as of January 1, 2025	$	6,682	$	3,093	$	1,204	$	—	$	10,979

Other	—		—		—		—		—
Balance as of December 31, 2025	6,682		3,093		1,204		—		10,979
Accumulated Impairment:
Balance as of January 1, 2025	—		(378)		—		—		(378)
Impairment	—		(160)		—		—		(160)

Balance as of December 31, 2025	—		(538)		—		—		(538)

Net carrying value, as of December 31, 2025 (b)	$	6,682	$	2,555	$	1,204	$	—	$	10,441

____________________

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

(b)$914 million 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)	2025		2024		2025		2024		2025		2024
Balance as of January 1	$	856	$	946	$	3,277	$	3,577	$	4,133	$	4,523
Impairment	—		—		(22)		(120)		(22)		(120)
Amortization expense	(133)		(135)		—		—		(133)		(135)

Acquisition of developed technology	5		21		—		—		5		21
Acquisition of gaming rights and customer relationships	2		26		—		—		2		26

Other (a)	—		(2)		—		(180)		—		(182)
Balance as of December 31	$	730	$	856	$	3,255	$	3,277	$	3,985	$	4,133

____________________

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


Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill
	December 31, 2025							December 31, 2024
(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	1 - 7 years	$	595	$	(495)	$	100	$	593	$	(432)	$	161
Gaming rights and other	10 - 34 years	262		(57)		205		262		(42)		220
Trademarks	15 years	313		(127)		186		313		(109)		204
Reacquired rights	24 years	250		(49)		201		250		(38)		212
Technology	3 - 6 years	134		(96)		38		129		(70)		59
		$	1,554	$	(824)	730		$	1,547	$	(691)	856

Non-amortizing intangible assets other than goodwill
Trademarks						1,749						1,771
Gaming rights						983						983
Caesars Rewards						523						523
						3,255						3,277
Total amortizing and non-amortizing intangible assets other than goodwill, net						$	3,985					$	4,133

Amortization expense with respect to intangible assets for the years ended December 31, 2025, 2024 and 2023 totaled $133 million, $135 million and $144 million, respectively, which is included in Depreciation and amortization in the Statements of Operations.


Estimated Five-Year Amortization
	Years Ended December 31,
(In millions)	2026		2027		2028		2029		2030
Estimated annual amortization expense	$	135	$	88	$	46	$	44	$	44

Long-Term Debt - Caesars Virginia Credit Facility due 2029 (Narrative) (Details) - Line of Credit - CVA Credit Agreement $ in Millions	Apr. 26, 2024 USD ($)
Secured Debt
Long-term debt
Debt instrument, face amount	$ 400
Revolving Credit Facility
Long-term debt
Credit facility	25
Letter of Credit
Long-term debt
Credit facility	$ 10

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Litigation, Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Litigation, Commitments and Contingencies

Litigation

General

We are 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 certain 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 changes in such estimates 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 (the “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 to all such inquiries and have cooperated 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

Sports Sponsorship/Partnership Obligations

The Company has agreements with certain sporting event facilities and professional sports teams primarily for tickets, suites, advertising, marketing, promotional and sponsorship opportunities. 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 and recognizes expenses in the period services are received. As of December 31, 2025 and 2024, obligations related to these agreements were $318 million and $421 million, respectively, with contracts extending through 2040.


Maturities of Sports Sponsorship/Partnership Obligations as of December 31, 2025
(In millions)
2026	$	51
2027	27
2028	27
2029	26
2030	24
Thereafter	163
Total	$	318

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 $212 million and $204 million as of December 31, 2025 and 2024, 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.

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

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 include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions. See Note 16 for segment information.

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

As of December 31, 2025 and 2024, the Company did not hold any cash flow hedges or any derivative financial instruments for trading purposes.

Concentration of Credit Risk

Advertising

Advertising costs are expensed in the period the advertising first occurs. Advertising costs were $237 million, $231 million and $259 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are included within operating expenses. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense.

Interest Expense, Net


	Years Ended December 31,
(In millions)	2025		2024		2023
Interest expense	$	2,329	$	2,438	$	2,394
Capitalized interest	(5)		(61)		(40)
Interest income	(20)		(11)		(12)
Total interest expense, net	$	2,304	$	2,366	$	2,342

Recently Issued Accounting Pronouncements

Pronouncements Implemented in 2025

Pronouncements to Be Implemented in Future Periods

Related Party and Affiliate Transactions

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024 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 the Eastern Band of Cherokee Indians, 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, in the profits and losses of the joint venture. During the year ended December 31, 2025, the Company made distributions totaling $102 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 is 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 Investments 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, 2024	$	147
Distributions	(39)
Equity in earnings	11
Balance as of December 31, 2024	119
Distributions	(23)
Equity in earnings	19
Balance as of December 31, 2025	$	115

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	5	4	1
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-dilutive common stock (in shares)	5	4	1

Accrued Other Liabilities - Schedule of Accrued Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Contract and contract related liabilities (See Note 10)	$ 546	$ 592
Accrued payroll and other related liabilities	236	238
Self-insurance claims and reserves (See Note 8)	212	204
Accrued taxes	199	205
Accrued marketing	21	21
Operating lease liability (See Note 7)	20	21
Other accruals	384	344
Total accrued other liabilities	$ 1,618	$ 1,625

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

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of RSU Activity Including Performance Awards and Converted Isle Awards

A summary of the RSUs activity for the year ended December 31, 2025 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2024	2,668,811	$	47.64
Granted (b)	2,355,297	33.65
Vested	(1,236,947)	48.43
Forfeited	(218,683)	40.32
Unvested outstanding as of December 31, 2025	3,568,478	38.58

____________________

(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 72,668 RSUs granted to non-employee members of the Board during the year ended December 31, 2025.

A summary of the PSUs activity for the year ended December 31, 2025 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2024	397,156	$	33.42
Granted	233,430	23.39
Performance Adjustment	(29,695)
Vested	(80,261)	34.76
Forfeited	(2,596)	29.11
Unvested outstanding as of December 31, 2025	518,034	23.39

____________________

(a)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.

Schedule of Share-based Payment Arrangement, Activity

A summary of the MSUs activity for the year ended December 31, 2025 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2024	1,096,104	$	73.15
Granted	350,152	46.03
Performance Adjustment	(283,204)
Vested	(107,036)	101.71
Forfeited	(6,562)	71.57
Unvested outstanding as of December 31, 2025	1,049,454	61.04

____________________

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

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, 2025 and 2024 are shown below.



(In millions)	Accumulated Other Comprehensive Income (Loss)
Balances as of December 31, 2023	$	97
Foreign currency and other	(1)


Balances as of December 31, 2024	$	96
Foreign currency and other	2


Balances as of December 31, 2025	$	98

Schedule of Share Repurchase Program

The following table illustrates the Company’s shares repurchased for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions, except share and per share data)	2025		2024		2023
Shares repurchased (a)	9,606,145		5,135,468		—
Total cost (b)	$	229	$	191	$	—
Average price paid per share	$	23.86	$	37.17	$	—

____________________

(a)Shares repurchased reflect repurchases settled during the years ended December 31, 2025, 2024 and 2023, as applicable. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31, 2025, 2024 and 2023, respectively.

(b)Total cost excludes commissions or applicable excise tax.

Leases - Schedule of Future Minimum Lease Payments for Financing Obligation (Details) $ in Millions	Dec. 31, 2025 USD ($)
GLPI Leases
Lessee, Lease, Description [Line Items]
2026	$ 115
2027	117
2028	119
2029	120
2030	122
Thereafter	4,126
Total future payments	4,719
Less: Amounts representing interest	(3,675)
Plus: Residual values	240
Financing obligation	1,284
VICI Leases
Lessee, Lease, Description [Line Items]
2026	1,254
2027	1,275
2028	1,305
2029	1,326
2030	1,346
Thereafter	41,634
Total future payments	48,140
Less: Amounts representing interest	(37,328)
Plus: Residual values	893
Financing obligation	$ 11,705

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
NET REVENUES:
Net revenues	$ 11,486	$ 11,245	$ 11,528
OPERATING EXPENSES:
General and administrative	1,926	1,920	2,012
Corporate	322	307	306
Impairment charges	182	302	95
Depreciation and amortization	1,417	1,324	1,261
Transaction and other costs, net	38	(331)	(13)
Total operating expenses	9,628	8,941	9,056
Operating income	1,858	2,304	2,472
OTHER EXPENSE:
Interest expense, net	(2,304)	(2,366)	(2,342)
Loss on extinguishment of debt	(4)	(89)	(200)
Other income	2	27	10
Total other expense	(2,306)	(2,428)	(2,532)
Loss before income taxes	(448)	(124)	(60)
Benefit (provision) for income taxes	11	(87)	888
Net income (loss)	(437)	(211)	828
Net income attributable to noncontrolling interests	(65)	(67)	(42)
Net income (loss) attributable to Caesars	$ (502)	$ (278)	$ 786
Net income (loss) attributable to Caesars per share - basic and diluted:
Basic income (loss) per share (in dollars per share)	$ (2.42)	$ (1.29)	$ 3.65
Diluted income (loss) per share (in dollars per share)	$ (2.42)	$ (1.29)	$ 3.64
Weighted average basic shares outstanding (in shares)	208	215	215
Weighted average diluted shares outstanding (in shares)	208	215	216
Casino
NET REVENUES:
Net revenues	$ 6,617	$ 6,267	$ 6,367
OPERATING EXPENSES:
Cost of goods and services	3,602	3,370	3,342
Food and beverage
NET REVENUES:
Net revenues	1,714	1,716	1,728
OPERATING EXPENSES:
Cost of goods and services	1,106	1,073	1,049
Hotel
NET REVENUES:
Net revenues	1,945	2,016	2,090
OPERATING EXPENSES:
Cost of goods and services	615	580	570
Other
NET REVENUES:
Net revenues	1,210	1,246	1,343
OPERATING EXPENSES:
Cost of goods and services	$ 420	$ 396	$ 434

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Federal statutory income tax provision (benefit)	$ (94)	$ (26)	$ (13)
State and local income tax provision (benefit)	3	2	(114)
Foreign taxes
Federal effect of change in tax law or rates	0	0	0
Federal effect of cross-border tax laws	0	(1)	(1)
Federal tax credits
Research and development tax credit	(3)	(3)	(7)
FICA tax credit	(7)	(8)	(8)
Foreign tax credit	4	(4)	0
Other tax credits	(1)	(1)	(1)
Change in federal valuation allowance	43	56	(764)
Federal effect of nontaxable or nondeductible items
Goodwill impairments	27	53	3
Nondeductible compensation and benefits	7	8	8
Minority interests	(14)	(14)	(9)
Share based compensation awards	12	12	10
Other nontaxable or nondeductible items	4	6	2
Increase/(decrease) in unrecognized tax benefits	6	1	0
Income tax (benefit) expense	$ (11)	$ 87	$ (888)
Percent
Federal statutory income tax provision (benefit)	21.00%	21.00%	21.00%
State and local income tax provision (benefit)	(0.70%)	(1.60%)	190.00%
Foreign taxes
Federal effect of change in tax law or rates (in percent)	0.00%	0.00%	0.00%
Federal effect of cross-border tax laws	0.00%	0.80%	1.70%
Federal tax credits
Research and development tax credit	0.70%	2.40%	11.70%
FICA tax credit	0.016	0.065	0.133
Foreign tax credit	(0.90%)	3.20%	0.00%
Other tax credits	0.20%	0.80%	1.70%
Change in federal valuation allowance	(9.60%)	(45.20%)	1274.00%
Federal effect of nontaxable or nondeductible items
Goodwill impairments	(6.00%)	(42.70%)	(5.00%)
Nondeductible compensation and benefits	(0.016)	(0.065)	(0.133)
Minority interests	0.031	0.113	0.150
Share based compensation awards	(2.70%)	(9.70%)	(16.70%)
Other nontaxable or nondeductible items	(0.90%)	(4.80%)	(3.30%)
Increase/(decrease) in unrecognized tax benefits	(1.30%)	(0.80%)	0.00%
Reported income tax provision (benefit)	2.50%	(70.20%)	1480.00%
United Kingdom
Foreign taxes
Branch taxes	$ 4	$ 4	$ 3
Other	$ (1)	$ 0	$ 0
Foreign taxes
Branch taxes	(0.009)	(0.032)	(0.050)
Other	0.20%	0.00%	0.00%
Other foreign jurisdictions
Foreign taxes
Other foreign jurisdictions	$ 0	$ 2	$ 3
Foreign taxes
Other foreign jurisdictions	0.00%	(1.60%)	(5.00%)
United States
Foreign taxes
Other	$ (1)	$ 0	$ 0
Foreign taxes
Other	0.30%	(0.10%)	(0.10%)

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 11,486	$ 11,245	$ 11,528
Adjusted EBITDA	3,624	3,739	3,938
Operating Segment \| Las Vegas
Segment Reporting Information [Line Items]
Net revenues	4,049	4,274	4,470
Gaming taxes	(122)	(129)	(139)
Labor expense	(1,206)	(1,177)	(1,175)
Other segment expenses	(993)	(1,061)	(1,140)
Adjusted EBITDA	1,728	1,907	2,016
Operating Segment \| Las Vegas \| Rio
Segment Reporting Information [Line Items]
Labor expense			(49)
Operating Segment \| Regional
Segment Reporting Information [Line Items]
Net revenues	5,756	5,539	5,778
Gaming taxes	(1,260)	(1,202)	(1,269)
Labor expense	(1,239)	(1,144)	(1,154)
Other segment expenses	(1,468)	(1,383)	(1,393)
Adjusted EBITDA	1,789	1,810	1,962
Operating Segment \| Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	1,408	1,163	973
Gaming taxes	(367)	(303)	(245)
Labor expense	0	0	0
Other segment expenses	(805)	(743)	(690)
Adjusted EBITDA	236	117	38
Operating Segment \| Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	279	274	307
Gaming taxes	0	0	0
Labor expense	0	0	0
Other segment expenses	(212)	(203)	(231)
Adjusted EBITDA	67	71	76
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	(6)	(5)	0
Gaming taxes	0	0	0
Labor expense	0	0	0
Other segment expenses	(190)	(161)	(154)
Adjusted EBITDA	$ (196)	$ (166)	$ (154)

Goodwill and Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2025

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, 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	$	6,682	$	2,715	$	1,204	$	—	$	10,601

Gross Goodwill:
Balance as of January 1, 2025	$	6,682	$	3,093	$	1,204	$	—	$	10,979

Other	—		—		—		—		—
Balance as of December 31, 2025	6,682		3,093		1,204		—		10,979
Accumulated Impairment:
Balance as of January 1, 2025	—		(378)		—		—		(378)
Impairment	—		(160)		—		—		(160)

Balance as of December 31, 2025	—		(538)		—		—		(538)

Net carrying value, as of December 31, 2025 (b)	$	6,682	$	2,555	$	1,204	$	—	$	10,441

____________________

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

(b)$914 million 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)	2025		2024		2025		2024		2025		2024
Balance as of January 1	$	856	$	946	$	3,277	$	3,577	$	4,133	$	4,523
Impairment	—		—		(22)		(120)		(22)		(120)
Amortization expense	(133)		(135)		—		—		(133)		(135)

Acquisition of developed technology	5		21		—		—		5		21
Acquisition of gaming rights and customer relationships	2		26		—		—		2		26

Other (a)	—		(2)		—		(180)		—		(182)
Balance as of December 31	$	730	$	856	$	3,255	$	3,277	$	3,985	$	4,133

____________________

(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, 2025							December 31, 2024
(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	1 - 7 years	$	595	$	(495)	$	100	$	593	$	(432)	$	161
Gaming rights and other	10 - 34 years	262		(57)		205		262		(42)		220
Trademarks	15 years	313		(127)		186		313		(109)		204
Reacquired rights	24 years	250		(49)		201		250		(38)		212
Technology	3 - 6 years	134		(96)		38		129		(70)		59
		$	1,554	$	(824)	730		$	1,547	$	(691)	856

Non-amortizing intangible assets other than goodwill
Trademarks						1,749						1,771
Gaming rights						983						983
Caesars Rewards						523						523
						3,255						3,277
Total amortizing and non-amortizing intangible assets other than goodwill, net						$	3,985					$	4,133

Schedule of Indefinite-Lived Intangible Assets


Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill
	December 31, 2025							December 31, 2024
(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	1 - 7 years	$	595	$	(495)	$	100	$	593	$	(432)	$	161
Gaming rights and other	10 - 34 years	262		(57)		205		262		(42)		220
Trademarks	15 years	313		(127)		186		313		(109)		204
Reacquired rights	24 years	250		(49)		201		250		(38)		212
Technology	3 - 6 years	134		(96)		38		129		(70)		59
		$	1,554	$	(824)	730		$	1,547	$	(691)	856

Non-amortizing intangible assets other than goodwill
Trademarks						1,749						1,771
Gaming rights						983						983
Caesars Rewards						523						523
						3,255						3,277
Total amortizing and non-amortizing intangible assets other than goodwill, net						$	3,985					$	4,133

Schedule of Estimated Annual Amortization Expense


Estimated Five-Year Amortization
	Years Ended December 31,
(In millions)	2026		2027		2028		2029		2030
Estimated annual amortization expense	$	135	$	88	$	46	$	44	$	44

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits
Balance as of beginning of year	$ 116	$ 124	$ 128
Additions based on tax positions related to the current year	0	0	0
Additions for tax positions of prior years	4	1	1
Reductions for tax positions for prior years	0	(9)	(5)
Expiration of statutes	0	0	0
Balance as of end of year	$ 120	$ 116	$ 124

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

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	2025	FIP/RP Status (b)	2025		2024		2023		Surcharge Imposed	Expiration Date of Collective Bargaining Agreement (c)
Western Unite Here and Employers Pension Fund (d)(e)	93-4160766/001	Green	No	$	28	$	27	$	26	No	September 30, 2028
Legacy Plan of the UNITE HERE Retirement Fund (f)	82-0994119/001	Red	Yes	11		11		10		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		7		N/A	August 31, 2029
Painters IUPAT	52-6073909/001	Red	Yes	1		1		1		No	June 30, 2026

Other Funds				4		4		4
Total Contributions				$	58	$	57	$	55

____________________

(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, 2024 and as of the date the financial statements were issued, Forms 5500 were not available for the 2025 plan year.

(e)Merged pension fund formed in 2024 that holds all the assets of the former Southern Nevada Culinary and Bartenders Pension Plan. Contributions prior to the merger were funded to the former plan.

(f)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.

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480547/715-80-55-8

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

+ Details

Employee Benefit Plans - Narrative (Details) $ in Millions	12 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) plan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 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	$ 34	$ 31	$ 29
Number of deferred compensation plans \| plan	2
Deferred compensation liability, noncurrent	$ 28	30
Number of frozen plans \| plan	5
Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation liability, noncurrent	$ 8	6
Trust for Benefit of Employees
Defined Benefit Plan Disclosure [Line Items]
Assets held-in-trust, noncurrent	51	53
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	33
Fair value of benefit obligations	22
Cash contributions to pension plan	$ 2	$ 2	$ 2

Long-Term Debt - CEI Senior Notes due 2032 (Narrative) (Details) - CEI Senior Notes due 2032 - Senior Notes - USD ($) $ in Billions	Dec. 31, 2025	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

Divestitures - Schedule of Information of Net Operating Revenues and Net Income (Loss) (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
LINQ Promenade
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	$ 25	$ 28
Net income	$ 16	21
Rio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		145
Net income		$ 15

Segment Information - Schedule of Capital Expenditures by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 805	$ 1,296	$ 1,264
Operating Segment \| Las Vegas
Segment Reporting Information [Line Items]
Capital expenditures, net	190	253	257
Operating Segment \| Regional
Segment Reporting Information [Line Items]
Capital expenditures, net	508	878	839
Operating Segment \| Caesars Digital
Segment Reporting Information [Line Items]
Capital expenditures, net	79	107	100
Corporate and Other
Segment Reporting Information [Line Items]
Capital expenditures, net	$ 28	$ 58	$ 68

Long-Term Debt - CEI Term Loan and CEI Revolving Credit Facility (Narrative) (Details)		1 Months Ended
	Oct. 05, 2022 USD ($) stepdown	Nov. 30, 2024	Dec. 31, 2025 USD ($)	Feb. 06, 2024 USD ($)	Feb. 06, 2023 USD ($)	Jul. 20, 2020 USD ($)
CEI Revolving Credit Facility
Long-term debt
Number of stepdowns \| stepdown	3
Leverage ratio stepdown	0.05%
Line of credit facility, commitment fee percentage	0.35%
Available borrowing capacity			$ 1,900,000,000
CEI Revolving Credit Facility \| Line of Credit
Long-term debt
Credit facility						$ 2,250,000,000
Amount outstanding			83,000,000
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
Line of Credit \| CEI Revolving Credit Facility And CEI Term Loan A \| SOFR
Long-term debt
Spread on variable rate (as a percent)	2.25%
Line of Credit \| CEI Revolving Credit Facility And CEI Term Loan A \| SOFR \| Component One
Long-term debt
Spread on variable rate (as a percent)	0.10%
Line of Credit \| CEI Revolving Credit Facility And CEI Term Loan A \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate (as a percent)	0.00%
Line of Credit \| CEI Revolving Credit Facility And CEI Term Loan A \| SOFR \| Component Two
Long-term debt
Spread on variable rate (as a percent)	1.00%
Line of Credit \| CEI Revolving Credit Facility And CEI Term Loan A \| 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 \| CEI Revolving Credit Facility And CEI Term Loan A \| 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 \| CEI Term Loan A
Long-term debt
Debt instrument, face amount	$ 750,000,000
Interest rate (as a percent)	1.25%
Line of Credit \| Secured Debt \| CEI Revolving Credit Facility And CEI Term Loan A
Long-term debt
Number of stepdowns \| stepdown	3
Leverage ratio stepdown	0.25%
Line of Credit \| Secured Debt \| CEI Term Loan B
Long-term debt
Debt instrument, face amount					$ 2,500,000,000
Percentage of original principal amount amortization					0.25%
Line of Credit \| Secured Debt \| CEI Term Loan B \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate (as a percent)		0.50%
Line of Credit \| Secured Debt \| CEI Term Loan B \| Base rate
Long-term debt
Spread on variable rate (as a percent)		1.25%
Line of Credit \| Secured Debt \| CEI Term Loan B \| Applicable Margin
Long-term debt
Spread on variable rate (as a percent)		2.25%
Line of Credit \| Secured Debt \| CEI Term Loan B-1
Long-term debt
Debt instrument, face amount				$ 2,900,000,000
Percentage of original principal amount amortization				0.25%
Line of Credit \| Secured Debt \| CEI Term Loan B-1 \| SOFR \| Component One \| Minimum
Long-term debt
Spread on variable rate (as a percent)		0.50%
Line of Credit \| Secured Debt \| CEI Term Loan B-1 \| Base rate
Long-term debt
Spread on variable rate (as a percent)		1.25%
Line of Credit \| Secured Debt \| CEI Term Loan B-1 \| Applicable Margin
Long-term debt
Spread on variable rate (as a percent)		2.25%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (437)	$ (211)	$ 828
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,417	1,324	1,261
Amortization of deferred financing costs and discounts	178	179	200
Provision for credit losses	43	49	41
Loss on extinguishment of debt	4	89	200
Non-cash lease amortization	24	26	51
Gain on investments	(1)	(7)	(5)
Stock-based compensation expense	95	94	104
(Gain) loss on sale or disposal of property, equipment, trademark and businesses	17	(359)	22
Impairment charges	182	302	95
Deferred income taxes	(11)	87	(888)
Other non-cash adjustments to net (income) loss	(8)	(23)	(40)
Change in operating assets and liabilities:
Accounts receivable	(53)	86	(82)
Prepaid expenses and other assets	(49)	(13)	39
Income taxes receivable and payable, net	(81)	(48)	(27)
Accounts payable, accrued expenses and other liabilities	(18)	(500)	10
Net cash provided by operating activities	1,302	1,075	1,809
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(805)	(1,296)	(1,264)
Acquisition of intangible assets	(4)	(15)	(30)
Proceeds from sale of property, equipment, trademark and businesses	218	554	1
Proceeds from the sale of investments	8	14	4
Distributions from unconsolidated affiliate	23	39	0
Investments in unconsolidated affiliates	(6)	0	(3)
Other	(5)	0	36
Net cash used in investing activities	(571)	(704)	(1,256)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	1,580	7,525	5,460
Repayments of long-term debt and revolving credit facilities	(1,969)	(7,670)	(6,106)
Financing obligation payments	(26)	(8)	(8)
Debt issuance and extinguishment costs	0	(121)	(79)
Repurchase of common stock	(229)	(191)	0
Taxes paid related to net share settlement of equity awards	(17)	(17)	(27)
Payments to acquire ownership interest in subsidiary	0	0	(66)
Contributions from noncontrolling interest owners	0	0	116
Distributions to noncontrolling interest owners	(102)	(16)	(3)
Net cash used in financing activities	(763)	(498)	(713)
Decrease in cash, cash equivalents and restricted cash	(32)	(127)	(160)
Cash, cash equivalents and restricted cash, beginning of period	1,016	1,143	1,303
Cash, cash equivalents and restricted cash, end of period	984	1,016	1,143
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	887	866	1,005
Restricted cash	85	95	122
Restricted and escrow cash included in other long-term assets, net	12	55	16
Total cash, cash equivalents and restricted cash	984	1,016	1,143
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt	813	1,052	846
Cash interest paid for rent related to financing obligations	1,349	1,324	1,286
Income taxes paid, net	81	48	26
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	109	174	169
Acquisition of intangible assets	3	32	0
Note receivable from WSOP trademark sale	$ 0	$ 250	$ 0

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 135
2027	88
2028	46
2029	44
2030	$ 44

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Accounting Policies

Casino Revenues

Casino revenues are generated from gaming wagers, pari-mutuel wagers and 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 provided to customers. Incentive activity in highly competitive markets, or when entering new jurisdictions with Caesars’ sportsbook, racebook, or iGaming apps, may negatively impact net gaming revenues. Pari-mutuel commissions are recognized at the time wagers are made and consist of commissions earned from live thoroughbred racing, live harness racing, or imported simulcast signals from other racetracks. 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 also 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 present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 16 for additional information on the Company’s reportable segments.


	Year Ended December 31, 2025
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	1,072	$	4,193	$	1,359	$	—	$	(7)	$	6,617
Food and beverage	1,099		616		—		—		(1)		1,714
Hotel	1,313		632		—		—		—		1,945
Other	565		315		49		279		2		1,210


Net revenues	$	4,049	$	5,756	$	1,408	$	279	$	(6)	$	11,486


	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

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, 2025 and 2024, no significant concentrations of credit risk related to receivables existed.

Reserve for Uncollectible Accounts Receivable

An estimated allowance for credit losses 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)	2025		2024
Casino	$	221	$	206
Food and beverage and hotel	100		107
Other	155		157
Accounts receivable, net	$	476	$	470


Allowance for Credit Losses
(In millions)	Contracts		Other (a)		Total
Balance as of January 1, 2023	$	101	$	17	$	118
Provision for credit losses	29		12		41
Write-offs less recoveries	(49)		(17)		(66)
Balance as of December 31, 2023	81		12		93
Provision for credit losses	37		12		49
Write-offs less recoveries	(31)		(12)		(43)
Balance as of December 31, 2024	87		12		99
Provision for credit losses	37		6		43
Write-offs less recoveries	(40)		(9)		(49)
Balance as of December 31, 2025	$	84	$	9	$	93

____________________

(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) an outstanding chip liability, (2) Caesars Rewards player loyalty program obligations, and (3) customer deposits and other deferred revenue. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within accrued other liabilities on the Company’s Balance Sheets. Liabilities expected to be recognized as revenue beyond one year of being purchased, earned, or deposited are recorded within other long-term liabilities on the Company’s Balance Sheets.

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


	Outstanding Chip Liability				Caesars Rewards				Customer Deposits and Other Deferred Revenue
(In millions)	2025		2024		2025		2024		2025		2024
Balance at January 1	$	47	$	42	$	79	$	86	$	549	$	693
Balance at December 31	39		47		89		79		492		549
Increase (decrease)	$	(8)	$	5	$	10	$	(7)	$	(57)	$	(144)

During the year ended December 31, 2025, customer deposits and other deferred revenue decreased primarily due to a reduction in gaming deposits. During the year ended December 31, 2024, customer deposits and other deferred revenue decreased primarily due to a reduction in gaming deposits and advanced ticket sales.

Outstanding Chip Liability

The outstanding chip liability represents the amounts owed for the exchange of gaming chips in the possession of our customers. Annually, the Company estimates the value of outstanding chips that are not expected to be redeemed and recognizes the impact on gaming revenues. 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 utilizes 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, with consideration of chip 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. The Caesars Rewards liability represents the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on certain types of customer spend, including retail and online gaming, hotel, dining, retail shopping, and player loyalty program incentives earned. 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 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 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.

Customer Deposits and Other Deferred Revenue

Customer deposits and other deferred revenue primarily represents funds deposited by customers related to gaming play or advance payments received for goods and services yet to be provided. This includes, among other things, advance ticket sales, deposits on rooms and convention space, unpaid wagers, iGaming deposits, and future sports bets.

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 for both years ended December 31, 2025 and 2024 and $1.4 billion for the year ended December 31, 2023.

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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)	202,629,159	211,325,086
Common stock, shares outstanding (in shares)	202,629,159	211,325,086

Litigation, Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturity of Obligations


Maturities of Sports Sponsorship/Partnership Obligations as of December 31, 2025
(In millions)
2026	$	51
2027	27
2028	27
2029	26
2030	24
Thereafter	163
Total	$	318

Accrued Other Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	December 31,
(In millions)	2025		2024
Contract and contract related liabilities (See Note 10)	$	546	$	592
Accrued payroll and other related liabilities	236		238
Self-insurance claims and reserves (See Note 8)	212		204
Accrued taxes	199		205
Accrued marketing	21		21
Operating lease liability (See Note 7)	20		21
Other accruals	384		344
Total accrued other liabilities	$	1,618	$	1,625

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt


	December 31, 2025						December 31, 2024
(Dollars in millions)	Final Maturity	Rates	Face Value		Book Value		Book Value
Secured Debt
CEI Revolving Credit Facility	2028	variable	$	160	$	160	$	—
CEI Term Loan A	2028	variable	637		636		673
CVA Revolving Credit Facility	2029	variable	—		—		—
CVA Delayed Draw Term Loan	2029	variable	386		381		288
CEI Term Loan B	2030	variable	2,031		2,002		2,021
CEI Term Loan B-1	2031	variable	2,849		2,820		2,844
CEI Senior Secured Notes due 2030	2030	7.00%	2,000		1,986		1,982
CEI Senior Secured Notes due 2032	2032	6.50%	1,500		1,486		1,484
Unsecured Debt
CEI Senior Notes due 2029	2029	4.625%	1,200		1,192		1,190
CEI Senior Notes due 2032	2032	6.00%	1,100		1,087		1,086
CEI Senior Notes due 2027	N/A	N/A	—		—		542
Special Improvement District Bonds	2037	4.30%	40		40		42
Long-term notes and other payables			2		2		2
Total debt			11,905		11,792		12,154
Current portion of long-term debt			(114)		(114)		(109)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(8)		(12)
Long-term debt			$	11,791	$	11,670	$	12,033

Unamortized discounts and deferred finance charges					$	121	$	152
Fair value			$	11,912


Annual Estimated Debt Service Requirements
	Years Ended December 31,
(In millions)	2026		2027		2028		2029		2030		Thereafter		Total
Annual maturities of long-term debt	$	114	$	114	$	805	$	1,574	$	3,962	$	5,336	$	11,905
Estimated interest payments	710		690		660		640		410		300		3,410
Total debt service obligation (a)	$	824	$	804	$	1,465	$	2,214	$	4,372	$	5,636	$	15,315

____________________

(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, 2025 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 $27 million, $30 million and $48 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in Interest expense, net in the Statements of Operations.

Fair Value

The fair value of debt has been calculated primarily based on the borrowing rates available as of December 31, 2025 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. 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. 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, 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 will mature on February 6, 2030.

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 will mature on February 6, 2031.

As of December 31, 2025, the Company had $1.9 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $83 million in outstanding letters of credit, $46 million committed for regulatory purposes, the outstanding amount, and the reserves described above.

Caesars Virginia 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 up to 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 which began on June 30, 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.

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 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.

CEI Senior Notes due 2027

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

On July 8, 2025, the Company fully redeemed all of the $546 million outstanding principal amount of the CEI Senior Notes due 2027 and paid the related accrued interest and expenses with borrowings under the CEI Revolving Credit Facility and proceeds received from the partial repayment and sale of $225 million of notes receivable related to the previously disclosed WSOP

trademark sale. As a result of the early repayment, the Company recognized approximately $4 million of loss on extinguishment of debt.


Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2025
(In millions)	Proceeds		Repayments (a)
CEI Revolving Credit Facility	$	1,475	$	1,315
CEI Term Loan A	—		38
CVA Delayed Draw Term Loan	105		14
CEI Term Loan B	—		25
CEI Term Loan B-1	—		29




CEI Senior Notes due 2027	—		546
Special Improvement District Bonds	—		2
Total	$	1,580	$	1,969

____________________

(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 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 agreement.

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, applicable to the operations of Caesars Virginia.

As of December 31, 2025, the Company was in compliance with all of the applicable financial covenants described above.

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 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.

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+ Details

Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

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 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

- 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 - Schedule of Debt and Revolving Credit Facility (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-term debt
Proceeds	$ 1,580	$ 7,525	$ 5,460
Repayments	1,969	$ 7,670	$ 6,106
CEI Revolving Credit Facility
Long-term debt
Proceeds	1,475
Repayments	1,315
CEI Term Loan A
Long-term debt
Proceeds	0
Repayments	38
CVA Delayed Draw Term Loan
Long-term debt
Proceeds	105
Repayments	14
CEI Term Loan B
Long-term debt
Proceeds	0
Repayments	25
CEI Term Loan B-1
Long-term debt
Proceeds	0
Repayments	29
CEI Senior Notes due 2027
Long-term debt
Proceeds	0
Repayments	546
Special Improvement District Bonds
Long-term debt
Proceeds	0
Repayments	$ 2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Stock-Based Compensation and Stockholder's Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 02, 2024	Apr. 24, 2024	Nov. 08, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 95	$ 94	$ 104
Unrecognized compensation expense	101
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
Common Stock \| 2024 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount				$ 500
Share repurchase amount remaining	$ 221
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)	8,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Awards granted, grant date fair value	$ 79
Number of common stock rights (in shares)	1
Recognition period of unrecognized compensation cost	1 year 8 months 12 days
Restricted Stock Units (RSUs) \| Employees and Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
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	$ 16
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 \| 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 \| 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%

Goodwill and Intangible Assets, net - Schedule of Intangible Assets Other than Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amortizing
Finite-lived intangible assets, net, beginning balance	$ 856	$ 946
Impairment	0	0
Amortization expense	(133)	(135)	$ (144)
Other	0	(2)
Finite-lived intangible assets, net, ending balance	730	856	946
Non-Amortizing
Indefinite-lived intangible assets (excluding goodwill), beginning balance	$ 3,277	$ 3,577
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment charges	Impairment charges
Impairment	$ (22)	$ (120)
Other	0	(180)
Indefinite-lived intangible assets (excluding goodwill), ending balance	3,255	3,277	3,577
Total
Intangible assets other than goodwill, beginning balance	$ 4,133	$ 4,523
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment charges	Impairment charges
Impairment	$ (22)	$ (120)
Other	0	(182)
Intangible assets other than goodwill, ending balance	3,985	4,133	$ 4,523
Developed Technology Rights
Total
Acquisition	5	21
Gaming Rights and Customer Relationships
Total
Acquisition	2	26
Developed Technology Rights
Non-Amortizing
Acquisition	0	0
Gaming Rights and Customer Relationships
Non-Amortizing
Acquisition	0	0
Developed Technology Rights
Amortizing
Acquisition	5	21
Gaming Rights and Customer Relationships
Amortizing
Acquisition	$ 2	$ 26

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025:

Las Vegas

Regional

Managed and Branded

Caesars Palace Las Vegas

Caesars Atlantic City

Harrah’s Pompano Beach

Managed

The Cromwell

Caesars New Orleans

Horseshoe Baltimore

Harrah’s Ak-Chin

Flamingo Las Vegas

Caesars Republic Lake Tahoe

Horseshoe Black Hawk

Harrah’s Cherokee

Harrah’s Las Vegas

Caesars Virginia

Horseshoe Bossier City

Harrah’s Cherokee Valley River

Horseshoe Las Vegas

Circus Circus Reno

Horseshoe Council Bluffs

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Eldorado Gaming Scioto Downs

Horseshoe Hammond

Caesars Windsor (a)

Paris Las Vegas

Eldorado Resort Casino Reno

Horseshoe Indianapolis

Branded

Planet Hollywood Resort & Casino

Grand Victoria Casino

Horseshoe Lake Charles

Caesars Southern Indiana

Harrah’s Atlantic City

Horseshoe St. Louis

Harrah’s Northern California

Caesars Digital

Harrah’s Columbus Nebraska

Horseshoe Tunica

Caesars Digital

Harrah’s Council Bluffs

Isle Casino Bettendorf

Harrah’s Gulf Coast

Isle of Capri Casino Boonville

Harrah’s Hoosier Park Racing & Casino

Isle of Capri Casino Lula

Harrah’s Joliet

Isle Casino Waterloo

Harrah’s Lake Tahoe

Lady Luck Casino - Black Hawk

Harrah’s Laughlin

Silver Legacy Resort Casino

Harrah’s Metropolis

Trop Casino Greenville

Harrah’s North Kansas City

Tropicana Atlantic City

Harrah’s Philadelphia

Tropicana Laughlin Hotel & Casino

____________________

(a)In May 2025, the Ontario Lottery and Gaming Corporation selected Caesars to assume the full operation of Caesars Windsor, which is expected to occur in March 2026, at which time the property will move into our Regional segment.

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)	2025		2024		2023
Las Vegas:
Net revenues	$	4,049	$	4,274	$	4,470
Adjusted EBITDA	1,728		1,907		2,016
Regional:
Net revenues	5,756		5,539		5,778
Adjusted EBITDA	1,789		1,810		1,962
Caesars Digital:
Net revenues	1,408		1,163		973
Adjusted EBITDA	236		117		38
Managed and Branded:
Net revenues	279		274		307
Adjusted EBITDA	67		71		76
Corporate and Other:
Net revenues	(6)		(5)		—
Adjusted EBITDA	(196)		(166)		(154)

Disaggregation of Certain Significant Expenses by Segment


	Year Ended December 31, 2025
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Net revenues	$	4,049	$	5,756	$	1,408	$	279	$	(6)	$	11,486

Gaming taxes	(122)		(1,260)		(367)		—		—

Labor expense	(1,206)		(1,239)		—		—		—

Other segment expenses (b)	(993)		(1,468)		(805)		(212)		(190)

Adjusted EBITDA	$	1,728	$	1,789	$	236	$	67	$	(196)	$	3,624


	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 (a)	(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

____________________

(a)Labor expense for the Las Vegas segment includes $49 million for the year ended December 31, 2023, 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 license 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.


	Years Ended December 31,
(In millions)	2025		2024		2023
Net income (loss) attributable to Caesars	$	(502)	$	(278)	$	786
Net income attributable to noncontrolling interests	65		67		42

(Benefit) provision for income taxes (a)	(11)		87		(888)
Other income (b)	(2)		(27)		(10)
Loss on extinguishment of debt	4		89		200
Interest expense, net	2,304		2,366		2,342
Impairment charges (c)	182		302		95
Depreciation and amortization	1,417		1,324		1,261
Transaction costs and other, net (d)	72		(285)		6
Stock-based compensation expense	95		94		104
Adjusted EBITDA	$	3,624	$	3,739	$	3,938

Adjusted EBITDA by Segment:
Las Vegas	$	1,728	$	1,907	$	2,016
Regional	1,789		1,810		1,962
Caesars Digital	236		117		38
Managed and Branded	67		71		76
Corporate and Other	(196)		(166)		(154)

____________________

(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 the estimate of our disputed claims liability.

(c)Impairment charges for the years ended December 31, 2025 and 2023 include impairments within our Regional segment. Impairment charges for the year ended December 31, 2024 include impairments within our Regional and Las Vegas segments.

(d)Transaction costs and other, net primarily includes non-cash losses on the write down and disposal of assets, certain non-recurring litigation reserves, non-recurring asset recoveries, gains from the sales of the WSOP trademark and the LINQ Promenade, 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.

Schedule of Capital Expenditures, Net for Reportable Segments


Capital Expenditures, Net - By Segment
	Years Ended December 31,
(In millions)	2025		2024		2023
Las Vegas	$	190	$	253	$	257
Regional	508		878		839
Caesars Digital	79		107		100

Corporate and Other	28		58		68
Total	$	805	$	1,296	$	1,264

Schedule of Balance Sheet Information for Reportable Segments


Total Assets - By Segment
	December 31,
(In millions)	2025		2024
Las Vegas	$	25,808	$	25,040
Regional	14,435		15,664
Caesars Digital	1,254		1,262
Managed and Branded	343		282
Corporate and Other (a)	(10,201)		(9,658)
Total	$	31,639	$	32,590

____________________

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

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Net Revenues Disaggregated Type of Revenue and Reportable Segment


	Year Ended December 31, 2025
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Casino	$	1,072	$	4,193	$	1,359	$	—	$	(7)	$	6,617
Food and beverage	1,099		616		—		—		(1)		1,714
Hotel	1,313		632		—		—		—		1,945
Other	565		315		49		279		2		1,210


Net revenues	$	4,049	$	5,756	$	1,408	$	279	$	(6)	$	11,486


	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

Schedule of Accounts Receivable, net


Accounts Receivable, Net
	December 31,
(In millions)	2025		2024
Casino	$	221	$	206
Food and beverage and hotel	100		107
Other	155		157
Accounts receivable, net	$	476	$	470


Allowance for Credit Losses
(In millions)	Contracts		Other (a)		Total
Balance as of January 1, 2023	$	101	$	17	$	118
Provision for credit losses	29		12		41
Write-offs less recoveries	(49)		(17)		(66)
Balance as of December 31, 2023	81		12		93
Provision for credit losses	37		12		49
Write-offs less recoveries	(31)		(12)		(43)
Balance as of December 31, 2024	87		12		99
Provision for credit losses	37		6		43
Write-offs less recoveries	(40)		(9)		(49)
Balance as of December 31, 2025	$	84	$	9	$	93

____________________

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

Schedule 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)	2025		2024		2025		2024		2025		2024
Balance at January 1	$	47	$	42	$	79	$	86	$	549	$	693
Balance at December 31	39		47		89		79		492		549
Increase (decrease)	$	(8)	$	5	$	10	$	(7)	$	(57)	$	(144)

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Loss carryforwards	$ 391	$ 391
Excess business interest expense	549	499
Credit carryforwards	0	39
Financing obligation	2,707	2,673
Long-term lease obligation	220	202
Other	238	237
Deferred tax assets	4,105	4,041
Deferred tax liabilities:
Identified intangibles	(713)	(677)
Fixed assets	(2,099)	(2,214)
Right-of-use assets	(183)	(168)
Other	(80)	(94)
Deferred tax liabilities	(3,075)	(3,153)
Valuation allowance	(1,021)	(956)
Net deferred tax assets (liabilities)	$ 9
Net deferred tax assets (liabilities)		$ (68)

Goodwill and Intangible Assets, net - Schedule of Changes to Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 10,979	$ 11,186
Other (a)	0	(207)
Goodwill, gross, ending balance	10,979	10,979	$ 11,186
Accumulated Impairment:
Accumulated impairment, beginning balance	(378)	(196)
Impairment	(160)	(182)
Accumulated impairment, ending balance	(538)	(378)	(196)
Goodwill, net carrying value	10,441	10,601
Las Vegas
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	6,682	6,889
Other (a)	0	(207)
Goodwill, gross, ending balance	6,682	6,682	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	6,682
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 (a)	0	0
Goodwill, gross, ending balance	3,093	3,093	3,093
Accumulated Impairment:
Accumulated impairment, beginning balance	(378)	(196)
Impairment	(160)	(182)	(14)
Accumulated impairment, ending balance	(538)	(378)	(196)
Goodwill, net carrying value	2,555	2,715
Goodwill associated with reporting units with zero or negative carrying values	914
Caesars Digital
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,204	1,204
Other (a)	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 (a)	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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Long-Term Debt - Debt Covenant Compliance (Narrative) (Details)	Dec. 31, 2025
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

Property and Equipment, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 20,679	$ 19,972
Less: accumulated depreciation	(6,321)	(5,160)
Total property and equipment, net	14,358	14,812
Depreciation expense	$ 1,284	1,189	$ 1,117
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]
Total property and equipment	$ 3,174	2,880
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]
Total property and equipment	$ 2,057	2,059
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	15,295	14,866
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 153	$ 167

Long-Term Debt - CEI Senior Notes due 2027 (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 08, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 06, 2020
Long-term debt
Loss on extinguishment of debt		$ 4	$ 89	$ 200
CEI Senior Notes due 2027 \| Senior Notes
Long-term debt
Long-term debt, gross					$ 1,800
Interest rate (as a percent)					8.125%
Repayments of senior notes	$ 546
Proceeds from sale of notes receivable	225
Loss on extinguishment of debt	$ 4

- 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

Related Party and Affiliate Transactions - Narrative (Details) a in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) a	Dec. 31, 2024 USD ($)
Related affiliates
Accounts receivable, net	$ 476,000,000	$ 470,000,000
Accounts payable	$ 297,000,000	296,000,000
Related Party \| Donald L. Carano Trust \| C. S. & Y. Associates
Related affiliates
Percentage of outstanding shares owned	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%
C. S. & Y. Associates \| Related Party
Related affiliates
Area of real property leased \| a	30
Annual rent payable	$ 600,000
Accounts receivable, net	0	0
Accounts payable	$ 0	$ 0
C. S. & Y. Associates \| Related Party \| Minimum
Related affiliates
Periodic rent escalations, percent	1.00%
C. S. & Y. Associates \| Related Party \| Maximum
Related affiliates
Periodic rent escalations, percent	2.00%
Donald L. Carano Trust \| Related Party
Related affiliates
Annual rent payable percentage	27.00%
EBCI and Minority Partner \| Corporate Joint Venture \| VIEs \| CVA Holdco, LLC
Related affiliates
Related party transactions	$ 102,000,000

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Interest Expense, Net

Interest Expense, Net


	Years Ended December 31,
(In millions)	2025		2024		2023
Interest expense	$	2,329	$	2,438	$	2,394
Capitalized interest	(5)		(61)		(40)
Interest income	(20)		(11)		(12)
Total interest expense, net	$	2,304	$	2,366	$	2,342

Leases - GLPI Leases and Lease Covenants (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 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

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income (Loss) Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to Caesars	$ (502)	$ (278)	$ 786
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	208	215	215
Effect of dilutive securities:
Stock-based compensation awards (in shares)	0	0	1
Weighted average diluted shares outstanding (in shares)	208	215	216
Net income (loss) per common share attributable to common stockholders – basic (in dollars per share)	$ (2.42)	$ (1.29)	$ 3.65
Net income (loss) per common share attributable to common stockholders – diluted (in dollars per share)	$ (2.42)	$ (1.29)	$ 3.64

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Revenue Recognition - Schedule of Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 476	$ 470
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	99	93	$ 118
Provision for credit losses	43	49	41
Write-offs less recoveries	(49)	(43)	(66)
Allowance for doubtful accounts, ending balance	93	99	93
Contracts
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	87	81	101
Provision for credit losses	37	37	29
Write-offs less recoveries	(40)	(31)	(49)
Allowance for doubtful accounts, ending balance	84	87	81
Other
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	12	12	17
Provision for credit losses	6	12	12
Write-offs less recoveries	(9)	(12)	(17)
Allowance for doubtful accounts, ending balance	9	12	$ 12
Casino
Disaggregation of Revenue [Line Items]
Accounts receivable, net	221	206
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	100	107
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 155	$ 157

Stock-Based Compensation and Stockholder's Equity - Schedule of Award Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Restricted Stock Units (RSUs)
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	2,668,811
Granted (in shares)	2,355,297
Vested (in shares)	(1,236,947)
Forfeited (in shares)	(218,683)
Outstanding at the end of the period (in shares)	3,568,478
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) \| $ / shares	$ 47.64
Granted (in dollars per share) \| $ / shares	33.65
Vested (in dollars per share) \| $ / shares	48.43
Forfeited (in dollars per share) \| $ / shares	40.32
Unvested outstanding as of end of period (in dollars per share) \| $ / shares	$ 38.58
Restricted Stock Units (RSUs) \| Non-Employee Members of BOD
Restricted Stock Units
Granted (in shares)	72,668
Performance Shares
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	397,156
Granted (in shares)	233,430
Performance adjustment (in shares)	(29,695)
Vested (in shares)	(80,261)
Forfeited (in shares)	(2,596)
Outstanding at the end of the period (in shares)	518,034
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) \| $ / shares	$ 33.42
Granted (in dollars per share) \| $ / shares	23.39
Vested (in dollars per share) \| $ / shares	34.76
Forfeited (in dollars per share) \| $ / shares	29.11
Unvested outstanding as of end of period (in dollars per share) \| $ / shares	$ 23.39
Market-based Stock Units
Restricted Stock Units
Outstanding at the beginning of the period (in shares)	1,096,104
Granted (in shares)	350,152
Performance adjustment (in shares)	(283,204)
Vested (in shares)	(107,036)
Forfeited (in shares)	(6,562)
Outstanding at the end of the period (in shares)	1,049,454
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period (in dollars per share) \| $ / shares	$ 73.15
Granted (in dollars per share) \| $ / shares	46.03
Vested (in dollars per share) \| $ / shares	101.71
Forfeited (in dollars per share) \| $ / shares	71.57
Unvested outstanding as of end of period (in dollars per share) \| $ / shares	$ 61.04

Accrued Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following:


	December 31,
(In millions)	2025		2024
Contract and contract related liabilities (See Note 10)	$	546	$	592
Accrued payroll and other related liabilities	236		238
Self-insurance claims and reserves (See Note 8)	212		204
Accrued taxes	199		205
Accrued marketing	21		21
Operating lease liability (See Note 7)	20		21
Other accruals	384		344
Total accrued other liabilities	$	1,618	$	1,625

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a cybersecurity team responsible for the development and implementation of a program intended to protect the confidentiality, integrity and availability of our critical systems and information. A component of our program is a cybersecurity Incident Response Plan (“IRP”) which has been built by the team utilizing current and historical industry knowledge and experience. Key elements of our risk management procedures and processes include: •risk assessments to help mitigate material cybersecurity risks to our critical systems, information, services, and our broader enterprise IT environment; •a team composed of IT security, IT infrastructure, and IT compliance personnel principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents; •the use of external cybersecurity service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •formal information security training program for all team members as well as supplemental training on specific matters such as phishing and email security best practices; •a cybersecurity incident response plan and Security Operations Center (SOC) to respond to cybersecurity incidents; •attack and response simulations at the technical level and executive tabletop response exercises at the management level; •a third-party risk management process for service providers; and •cybersecurity insurance to cover certain expenses in the event of a cybersecurity incident. The cybersecurity team reports to the Chief Information Officer (“CIO”) and the Chief Information Security Officer (“CISO”), who has significant experience in leading cybersecurity teams to assume the leadership of management’s responsibilities and governance discussed below. We evaluate our cybersecurity risk management processes and continue to integrate our procedures into our overall enterprise risk management program, which shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Incidents are investigated by the cybersecurity team as they are identified and may be resolved or escalated based upon the specific details and severity of each incident. Incidents are evaluated throughout the investigation and remediation processes and incidents determined to be insignificant may be resolved by the cybersecurity team without further escalation at that time. Incidents determined to be more severe, such as those that may have compromised the confidentiality, integrity and availability of our critical systems and information, are escalated by the cybersecurity team to notify legal counsel, our Cybersecurity & Privacy Executive Steering Committee, our Board of Directors, or various regulators, as required. Our cybersecurity team evaluates the risk profile of new third-party service providers and maintains communication channels with key third-party service providers to evaluate and respond to possible effects of incidents within a service provider’s organization. We rely on, and in certain cases require, our third parties to communicate such incidents timely. As previously disclosed, 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 (the “Data Incident”). After detecting suspicious activity in our information technology network, we activated our IRP, which included containment measures, and commenced an investigation of the incident. We also notified law enforcement and state gaming regulators, engaged legal counsel and other third-party incident response and cybersecurity professionals, as well as forensic professionals. We have received, and continue to pursue, reimbursements from insurance carriers for costs incurred as a result of the Data Incident. 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. 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 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. We have also received inquiries from numerous state regulators related to the Data Incident. We have responded to all such inquiries and have cooperated fully with regulators. See Note 8 for further discussion. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See Item 1A, “Risk Factors” for further discussion.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a cybersecurity team responsible for the development and implementation of a program intended to protect the confidentiality, integrity and availability of our critical systems and information. A component of our program is a cybersecurity Incident Response Plan (“IRP”) which has been built by the team utilizing current and historical industry knowledge and experience. Key elements of our risk management procedures and processes include: •risk assessments to help mitigate material cybersecurity risks to our critical systems, information, services, and our broader enterprise IT environment; •a team composed of IT security, IT infrastructure, and IT compliance personnel principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents; •the use of external cybersecurity service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •formal information security training program for all team members as well as supplemental training on specific matters such as phishing and email security best practices; •a cybersecurity incident response plan and Security Operations Center (SOC) to respond to cybersecurity incidents; •attack and response simulations at the technical level and executive tabletop response exercises at the management level; •a third-party risk management process for service providers; and •cybersecurity insurance to cover certain expenses in the event of a cybersecurity incident.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As previously disclosed, 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 (the “Data Incident”). After detecting suspicious activity in our information technology network, we activated our IRP, which included containment measures, and commenced an investigation of the incident. We also notified law enforcement and state gaming regulators, engaged legal counsel and other third-party incident response and cybersecurity professionals, as well as forensic professionals. We have received, and continue to pursue, reimbursements from insurance carriers for costs incurred as a result of the Data Incident. 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. 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 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. We have also received inquiries from numerous state regulators related to the Data Incident. We have responded to all such inquiries and have cooperated fully with regulators. See Note 8 for further discussion. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See Item 1A, “Risk Factors” for further discussion.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as critical to the enterprise and is responsible for overseeing cybersecurity risk, including management’s design, implementation and enforcement of our cybersecurity risk management program. The Board of Directors receive periodic updates and presentations on cybersecurity topics from our CISO, supported by internal security staff and/or external experts, as part of the Board’s continuing education on topics that impact public companies. The Board has determined that retaining responsibility for risks related to cybersecurity oversight is appropriate, given the complexity of the risks associated with cybersecurity and the attention required to appropriately review and monitor such risks. The full Board lends its collective experience and attention to discussing and overseeing potential risks identified by management and stays up to date on management’s risk-mitigation processes related to cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as critical to the enterprise and is responsible for overseeing cybersecurity risk, including management’s design, implementation and enforcement of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors receive periodic updates and presentations on cybersecurity topics from our CISO, supported by internal security staff and/or external experts, as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	Our Board considers cybersecurity risk as critical to the enterprise and is responsible for overseeing cybersecurity risk, including management’s design, implementation and enforcement of our cybersecurity risk management program. The Board of Directors receive periodic updates and presentations on cybersecurity topics from our CISO, supported by internal security staff and/or external experts, as part of the Board’s continuing education on topics that impact public companies. The Board has determined that retaining responsibility for risks related to cybersecurity oversight is appropriate, given the complexity of the risks associated with cybersecurity and the attention required to appropriately review and monitor such risks. The full Board lends its collective experience and attention to discussing and overseeing potential risks identified by management and stays up to date on management’s risk-mitigation processes related to cybersecurity. Our CISO is responsible for assessing and managing our material risks from cybersecurity threats and has the primary responsibility for leading our overall cybersecurity risk management program, supervising both our internal cybersecurity personnel and external cybersecurity service providers. Our CISO has over 20 years of global large-scale cybersecurity experience in managing and leading IT and cybersecurity teams. Members of the cybersecurity team hold various credentials and certificates with respect to information systems and they participate in continuing education.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board considers cybersecurity risk as critical to the enterprise and is responsible for overseeing cybersecurity risk, including management’s design, implementation and enforcement of our cybersecurity risk management program. The Board of Directors receive periodic updates and presentations on cybersecurity topics from our CISO, supported by internal security staff and/or external experts, as part of the Board’s continuing education on topics that impact public companies. The Board has determined that retaining responsibility for risks related to cybersecurity oversight is appropriate, given the complexity of the risks associated with cybersecurity and the attention required to appropriately review and monitor such risks. The full Board lends its collective experience and attention to discussing and overseeing potential risks identified by management and stays up to date on management’s risk-mitigation processes related to cybersecurity. Our CISO is responsible for assessing and managing our material risks from cybersecurity threats and has the primary responsibility for leading our overall cybersecurity risk management program, supervising both our internal cybersecurity personnel and external cybersecurity service providers. Our CISO has over 20 years of global large-scale cybersecurity experience in managing and leading IT and cybersecurity teams. Members of the cybersecurity team hold various credentials and certificates with respect to information systems and they participate in continuing education. Our CISO also supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 20 years of global large-scale cybersecurity experience in managing and leading IT and cybersecurity teams. Members of the cybersecurity team hold various credentials and certificates with respect to information systems and they participate in continuing education.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Board of Directors receive periodic updates and presentations on cybersecurity topics from our CISO, supported by internal security staff and/or external experts, as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of the Company’s provision for income taxes for the years ended December 31, 2025, 2024 and 2023 are presented below.


Components of Income (Loss) Before Income Taxes	Years Ended December 31,
(In millions)	2025		2024		2023
United States	$	(477)	$	(150)	$	(90)
Outside of the U.S.	29		26		30
	$	(448)	$	(124)	$	(60)


Income Tax Provision (Benefit) from Operations	Years Ended December 31,
(In millions)	2025		2024		2023
United States
Current
Federal	$	27	$	38	$	—
State & Local	12		27		23
Deferred
Federal	(50)		36		(754)
State & Local	(7)		(23)		(166)
Outside of the U.S.
Current	9		10		9
Deferred	(2)		(1)		—
	$	(11)	$	87	$	(888)

The following is an allocation of the total income tax provision (benefit) for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions)	2025		2024		2023
Income tax provision (benefit) applicable to:
Income (loss) from operations	$	(11)	$	87	$	(888)

Additional paid-in capital	—		—		(12)
Other comprehensive income	—		—		1

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, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions)	2025				2024				2023
Federal statutory income tax provision (benefit)	$	(94)	21.0	%	$	(26)	21.0	%	$	(13)	21.0	%
State and local income tax provision (benefit) *	3		(0.7)	%	2		(1.6)	%	(114)		190.0	%
Foreign taxes
United Kingdom
Branch taxes	4		(0.9)	%	4		(3.2)	%	3		(5.0)	%
Other	(1)		0.2	%	—		—	%	—		—	%
Other foreign jurisdictions	—		—	%	2		(1.6)	%	3		(5.0)	%
Federal effect of change in tax law or rates	—		—	%	—		—	%	—		—	%
Federal effect of cross-border tax laws	—		—	%	(1)		0.8	%	(1)		1.7	%
Federal tax credits
Research and development tax credit	(3)		0.7	%	(3)		2.4	%	(7)		11.7	%
FICA tax credit	(7)		1.6	%	(8)		6.5	%	(8)		13.3	%
Foreign tax credit	4		(0.9)	%	(4)		3.2	%	—		—	%
Other tax credits	(1)		0.2	%	(1)		0.8	%	(1)		1.7	%
Change in federal valuation allowance	43		(9.6)	%	56		(45.2)	%	(764)		1274.0	%
Federal effect of nontaxable or nondeductible items
Goodwill impairments	27		(6.0)	%	53		(42.7)	%	3		(5.0)	%
Nondeductible compensation and benefits	7		(1.6)	%	8		(6.5)	%	8		(13.3)	%
Minority interests	(14)		3.1	%	(14)		11.3	%	(9)		15.0	%
Share based compensation awards	12		(2.7)	%	12		(9.7)	%	10		(16.7)	%
Other nontaxable or nondeductible items	4		(0.9)	%	6		(4.8)	%	2		(3.3)	%
Increase/(decrease) in unrecognized tax benefits	6		(1.3)	%	1		(0.8)	%	—		—	%
Other	(1)		0.3	%	—		(0.1)	%	—		(0.1)	%
Reported income tax provision (benefit)	$	(11)	2.5	%	$	87	(70.2)	%	$	(888)	1480.0	%

____________________


	As of December 31,
(In millions)	2025		2024
Deferred tax assets:
Loss carryforwards	$	391	$	391
Excess business interest expense	549		499
Credit carryforwards	—		39
Financing obligation	2,707		2,673
Long-term lease obligation	220		202
Other	238		237
	4,105		4,041
Deferred tax liabilities:
Identified intangibles	(713)		(677)

Fixed assets	(2,099)		(2,214)
Right-of-use assets	(183)		(168)
Other	(80)		(94)
	(3,075)		(3,153)
Valuation allowance	(1,021)		(956)
Net deferred tax assets (liabilities)	$	9	$	(68)

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax assets. The Company is 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
2026-2030	$	—	$	1,245	$	—
2031-2035	15		3,829		—
2036-2045	—		1,603		52
Do not expire	—		2,387		—
	$	15	$	9,064	$	52

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)	2025		2024		2023
Balance as of beginning of year	$	116	$	124	$	128



Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	4		1		1
Reductions for tax positions for prior years	—		(9)		(5)

Expiration of statutes	—		—		—
Balance as of end of year	$	120	$	116	$	124

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 2025, we increased our unrecognized tax benefits by $4 million, primarily due to federal and state research tax credits claimed. 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. There was an accrual for the payment of interest and penalties of $2 million and $1 million as of December 31, 2025 and December 31, 2024, respectively. Included in the balances of unrecognized tax benefits as of December 31, 2025 and December 31, 2024 was $110 million and $106 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 2022.

The following is a break-out of the significant income taxes paid (refunded) for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions)	2025		2024		2023
Federal *	$	60	$	10	$	—
State
Florida	1		7		1
Illinois	3		3		3
New Jersey	4		7		3
Virginia	(3)		5		—
Other states	6		5		7
Foreign
Canada	3		4		5
United Kingdom	6		5		7
Other foreign	1		2		—
	$	81	$	48	$	26

____________________

* Included in the Federal income taxes paid for the year ended December 31, 2025 is $19 million of tax credits that the Company purchased from a third-party.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Tax Credit and Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2025 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	$ 15
Tax Credits	52
States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	9,064
2026-2030 \| Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	0
Tax Credits	0
2026-2030 \| States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	1,245
2031-2035 \| Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	15
Tax Credits	0
2031-2035 \| States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	3,829
2036-2045 \| Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	0
Tax Credits	52
2036-2045 \| States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	1,603
Do not expire \| Federal
Operating Loss Carryforwards [Line Items]
Net Operating Losses	0
Tax Credits	0
Do not expire \| States
Operating Loss Carryforwards [Line Items]
Net Operating Losses	$ 2,387

Revenue Recognition - Schedule of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 11,486	$ 11,245	$ 11,528
Casino
Disaggregation of Revenue [Line Items]
Net revenues	6,617	6,267	6,367
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	1,714	1,716	1,728
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	1,945	2,016	2,090
Other
Disaggregation of Revenue [Line Items]
Net revenues	1,210	1,246	1,343
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	(6)	(5)	0
Corporate and Other \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	(7)	(6)	(3)
Corporate and Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	(1)	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	2	1	3
Las Vegas \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	4,049	4,274	4,470
Las Vegas \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,072	1,115	1,212
Las Vegas \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	1,099	1,141	1,152
Las Vegas \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	1,313	1,417	1,447
Las Vegas \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	565	601	659
Regional \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	5,756	5,539	5,778
Regional \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	4,193	4,073	4,272
Regional \| Operating Segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	616	575	576
Regional \| Operating Segment \| Hotel
Disaggregation of Revenue [Line Items]
Net revenues	632	599	643
Regional \| Operating Segment \| Other
Disaggregation of Revenue [Line Items]
Net revenues	315	292	287
Caesars Digital \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,408	1,163	973
Caesars Digital \| Operating Segment \| Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,359	1,085	886
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	49	78	87
Managed and Branded \| Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	279	274	307
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	$ 279	$ 274	$ 307

Employee Benefit Plans - Multi-employer Pension Plan Participation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Multiemployer Plans [Line Items]
Other Funds	$ 4	$ 4	$ 4
Total Contributions	$ 58	57	55
Western Unite Here and Employers Pension Trust
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Green
Contributions	$ 28	$ 27	26
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	$ 11	10
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	7
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 - Narrative (Details)	12 Months Ended
Revenue Recognition - Narrative (Details)	Dec. 31, 2025 USD ($) type	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of types of liabilities related to contracts with customers \| type	3
Net revenues	$ 11,486,000,000	$ 11,245,000,000	$ 11,528,000,000
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	$ 1,300,000,000	$ 1,400,000,000

- 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.

+ References

+ Details

- 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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+ Details

Segment Information

12 Months Ended

Dec. 31, 2025

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 the table below for a summary of these segments. Also, see Note 5 for a discussion of the impairment of goodwill and intangibles 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, 2025:

Las Vegas

Regional

Managed and Branded

Caesars Palace Las Vegas

Caesars Atlantic City

Harrah’s Pompano Beach

Managed

The Cromwell

Caesars New Orleans

Horseshoe Baltimore

Harrah’s Ak-Chin

Flamingo Las Vegas

Caesars Republic Lake Tahoe

Horseshoe Black Hawk

Harrah’s Cherokee

Harrah’s Las Vegas

Caesars Virginia

Horseshoe Bossier City

Harrah’s Cherokee Valley River

Horseshoe Las Vegas

Circus Circus Reno

Horseshoe Council Bluffs

Harrah’s Resort Southern California

The LINQ Hotel & Casino

Eldorado Gaming Scioto Downs

Horseshoe Hammond

Caesars Windsor (a)

Paris Las Vegas

Eldorado Resort Casino Reno

Horseshoe Indianapolis

Branded

Planet Hollywood Resort & Casino

Grand Victoria Casino

Horseshoe Lake Charles

Caesars Southern Indiana

Harrah’s Atlantic City

Horseshoe St. Louis

Harrah’s Northern California

Caesars Digital

Harrah’s Columbus Nebraska

Horseshoe Tunica

Caesars Digital

Harrah’s Council Bluffs

Isle Casino Bettendorf

Harrah’s Gulf Coast

Isle of Capri Casino Boonville

Harrah’s Hoosier Park Racing & Casino

Isle of Capri Casino Lula

Harrah’s Joliet

Isle Casino Waterloo

Harrah’s Lake Tahoe

Lady Luck Casino - Black Hawk

Harrah’s Laughlin

Silver Legacy Resort Casino

Harrah’s Metropolis

Trop Casino Greenville

Harrah’s North Kansas City

Tropicana Atlantic City

Harrah’s Philadelphia

Tropicana Laughlin Hotel & Casino

____________________

Certain of our properties operate off-track betting locations, including Harrah’s Hoosier Park Racing & Casino, which operates Winner’s Circle Indianapolis and Winner’s Circle New Haven, and Horseshoe Indianapolis, which operates Winner’s Circle Clarksville. On December 12, 2024, we sold the LINQ Promenade, which is an open-air dining, entertainment, and retail promenade next to The LINQ Hotel & Casino (the “LINQ”). We continue to operate the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction, located on the east side of the Las Vegas Strip next to the LINQ. The CAESARS FORUM is a 550,000 square feet conference center with 300,000 square feet of flexible meeting space, two of the largest pillarless ballrooms in the world and direct access to the LINQ.

Corporate and Other includes certain unallocated corporate overhead costs and other adjustments, including eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM assesses segment performance by using Adjusted EBITDA, which is defined and reconciled to net income (loss) below.

The CODM uses Adjusted EBITDA during the annual budgeting process and evaluates budget-to-actual variances on a regular basis to make decisions about the allocation of operating and capital resources. Annual incentive awards and bonus plans 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)	2025		2024		2023
Las Vegas:
Net revenues	$	4,049	$	4,274	$	4,470
Adjusted EBITDA	1,728		1,907		2,016
Regional:
Net revenues	5,756		5,539		5,778
Adjusted EBITDA	1,789		1,810		1,962
Caesars Digital:
Net revenues	1,408		1,163		973
Adjusted EBITDA	236		117		38
Managed and Branded:
Net revenues	279		274		307
Adjusted EBITDA	67		71		76
Corporate and Other:
Net revenues	(6)		(5)		—
Adjusted EBITDA	(196)		(166)		(154)

Disaggregation of Certain Significant Expenses by Segment


	Year Ended December 31, 2025
(In millions)	Las Vegas		Regional		Caesars Digital		Managed and Branded		Corporate and Other		Total
Net revenues	$	4,049	$	5,756	$	1,408	$	279	$	(6)	$	11,486

Gaming taxes	(122)		(1,260)		(367)		—		—

Labor expense	(1,206)		(1,239)		—		—		—

Other segment expenses (b)	(993)		(1,468)		(805)		(212)		(190)

Adjusted EBITDA	$	1,728	$	1,789	$	236	$	67	$	(196)	$	3,624


	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 (a)	(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

____________________

(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.

Reconciliation of Net Income (Loss) Attributable to Caesars to Adjusted EBITDA by Segment

Adjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less certain operating expenses and is comprised of net income (loss) before (i) interest income and interest expense, net of interest capitalized, (ii) income tax (benefit) provision, (iii) depreciation and amortization, and (iv) certain items that we do not consider indicative of our ongoing operating performance at an operating property level.

In evaluating Adjusted EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items.

Adjusted EBITDA is a financial measure commonly used in our industry and should not be construed as an alternative to net income (loss) as an indicator of operating performance or as an alternative to cash flows provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management.


	Years Ended December 31,
(In millions)	2025		2024		2023
Net income (loss) attributable to Caesars	$	(502)	$	(278)	$	786
Net income attributable to noncontrolling interests	65		67		42

(Benefit) provision for income taxes (a)	(11)		87		(888)
Other income (b)	(2)		(27)		(10)
Loss on extinguishment of debt	4		89		200
Interest expense, net	2,304		2,366		2,342
Impairment charges (c)	182		302		95
Depreciation and amortization	1,417		1,324		1,261
Transaction costs and other, net (d)	72		(285)		6
Stock-based compensation expense	95		94		104
Adjusted EBITDA	$	3,624	$	3,739	$	3,938

Adjusted EBITDA by Segment:
Las Vegas	$	1,728	$	1,907	$	2,016
Regional	1,789		1,810		1,962
Caesars Digital	236		117		38
Managed and Branded	67		71		76
Corporate and Other	(196)		(166)		(154)

____________________

(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 the estimate of our disputed claims liability.


Capital Expenditures, Net - By Segment
	Years Ended December 31,
(In millions)	2025		2024		2023
Las Vegas	$	190	$	253	$	257
Regional	508		878		839
Caesars Digital	79		107		100

Corporate and Other	28		58		68
Total	$	805	$	1,296	$	1,264


Total Assets - By Segment
	December 31,
(In millions)	2025		2024
Las Vegas	$	25,808	$	25,040
Regional	14,435		15,664
Caesars Digital	1,254		1,262
Managed and Branded	343		282
Corporate and Other (a)	(10,201)		(9,658)
Total	$	31,639	$	32,590

____________________

(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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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (437)	$ (211)	$ 828
Foreign currency and other	2	(1)	5
Other comprehensive income (loss), net of tax	2	(1)	5
Comprehensive income (loss)	(435)	(212)	833
Amounts attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	(65)	(67)	(42)
Comprehensive income attributable to noncontrolling interests	(65)	(67)	(42)
Comprehensive income (loss) attributable to Caesars	$ (500)	$ (279)	$ 791

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ References

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+ Details

Litigation, Commitments and Contingencies - Schedule (Details) - Sports Sponsorship and Partnership Obligations $ in Millions	Dec. 31, 2025 USD ($)
Loss Contingencies [Line Items]
2026	$ 51
2027	27
2028	27
2029	26
2030	24
Thereafter	163
Total	$ 318

- 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 BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 887	$ 866
Restricted cash	85	95
Accounts receivable, net	476	470
Inventories	43	45
Prepayments and other current assets	312	271
Total current assets	1,803	1,747
Investments in and advances to unconsolidated affiliates	133	131
Property and equipment, net	14,358	14,812
Goodwill	10,441	10,601
Intangible assets other than goodwill	3,985	4,133
Deferred tax asset	67	62
Other long-term assets, net	852	1,104
Total assets	31,639	32,590
CURRENT LIABILITIES:
Accounts payable	297	296
Accrued interest	224	242
Accrued other liabilities	1,618	1,625
Current portion of long-term debt	114	109
Total current liabilities	2,253	2,272
Long-term financing obligations	13,096	12,899
Long-term debt	11,670	12,033
Deferred tax liability	58	130
Other long-term liabilities	876	880
Total liabilities	27,953	28,214
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, 202,629,159 and 211,325,086 issued and outstanding	0	0
Additional paid-in capital	6,709	6,862
Accumulated deficit	(3,303)	(2,801)
Treasury stock, at cost	0	0
Accumulated other comprehensive income	98	96
Caesars stockholders' equity	3,504	4,157
Noncontrolling interests	182	219
Total stockholders’ equity	3,686	4,376
Total liabilities and stockholders’ equity	$ 31,639	$ 32,590

Earnings per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per Share

For a period in which the Company generated a net loss 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, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions, except per share amounts)	2025		2024		2023
Net income (loss) attributable to Caesars	$	(502)	$	(278)	$	786
Shares outstanding:
Weighted average shares outstanding – basic	208		215		215
Effect of dilutive securities:
Stock-based compensation awards	—		—		1
Weighted average shares outstanding – diluted	208		215		216

Net income (loss) per common share attributable to common stockholders – basic:	$	(2.42)	$	(1.29)	$	3.65
Net income (loss) per common share attributable to common stockholders – diluted:	$	(2.42)	$	(1.29)	$	3.64


Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS
	Years Ended December 31,
(In millions)	2025	2024	2023
Stock-based compensation awards	5	4	1
Total anti-dilutive common stock	5	4	1

Segment Information - Schedule of Balance Sheet Information for Reportable Segment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 31,639	$ 32,590
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	(10,201)	(9,658)
Las Vegas \| Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	25,808	25,040
Regional \| Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	14,435	15,664
Caesars Digital \| Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,254	1,262
Managed And Branded \| Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 343	$ 282

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Stock-Based Compensation and Stockholders' Equity - Schedule of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share Repurchase Program [Line Items]
Total cost	$ 231	$ 193
Common Stock
Share Repurchase Program [Line Items]
Stock repurchased (in shares)	9,000,000	5,000,000
Common Stock \| 2018 And 2024 Share Repurchase Programs
Share Repurchase Program [Line Items]
Stock repurchased (in shares)	9,606,145	5,135,468	0
Total cost	$ 229	$ 191	$ 0
Average price paid per share (in dollars per share)	$ 23.86	$ 37.17	$ 0

Segment Information - Narrative (Details) ft² in Thousands	12 Months Ended
Segment Information - Narrative (Details) ft² in Thousands	Dec. 31, 2025 ft² segment ft ballroom
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
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased	550

Leases

12 Months Ended

Dec. 31, 2025

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 various short-term and long-term extension options. If we are reasonably certain an extension option will be exercised, the renewal period is currently included in the lease term. 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. 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, 2025 and 2024, the Company obtained $25 million and $10 million, respectively, of right-of-use (“ROU”) assets in exchange for new lease liabilities. During both the years ended December 31, 2025 and 2024, the Company disposed of $1 million 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.

Operating leases recorded on the balance sheet consist of the following:


		December 31,
(In millions)	Classification on the Balance Sheet	2025		2024
Assets:
Operating lease ROU assets	Other long-term assets, net	$	604	$	604

Liabilities:
Current operating lease liabilities	Accrued other liabilities	20		21

Non-current operating lease liabilities	Other long-term liabilities	722		716


Lease Terms and Discount Rate	December 31,
	2025		2024
Weighted Average Remaining Lease Term (in years)	30.9		31.7


Weighted Average Discount Rate	8.1	%	8.2	%


Components of Lease Expense
	Years Ended December 31,
(In millions)	2025		2024		2023
Operating lease expense	$	87	$	81	$	96
Short-term and variable lease expense	147		158		159
Total operating lease costs	$	234	$	239	$	255

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)	2025		2024		2023
Operating cash flows for operating leases	$	81	$	81	$	116


Maturities of Lease Liabilities
(In millions)	Operating Leases

2026	$	81
2027	82
2028	80
2029	78
2030	74
Thereafter	1,795
Total future minimum lease payments	2,190
Less: present value factor	(1,448)
Total lease liability	$	742

Finance Leases

The Company has finance leases for certain equipment and real estate. As of December 31, 2025, the Company’s finance leases had remaining lease terms of up to approximately 33 years, some of which include options to extend. The Company’s finance lease ROU assets and liabilities were $136 million and $147 million as of December 31, 2025, respectively, and $60 million and $68 million as of December 31, 2024, 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, which commenced 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 require the Company to sell to VICI and lease back (as lessee), the real estate components of the Forum Convention Center, was not exercised by Caesars prior to the end of the Company’s election period. VICI’s election period expires on December 31, 2028. In the event that VICI exercises the option, the Forum Convention Center would be sold at a price and leased back to CEI in accordance to the terms and conditions of the put-call right agreement, as amended.

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, 2025 were as follows:


(In millions)	GLPI Leases		VICI Leases
2026	$	115	$	1,254
2027	117		1,275
2028	119		1,305
2029	120		1,326
2030	122		1,346
Thereafter	4,126		41,634
Total future payments	4,719		48,140
Less: Amounts representing interest	(3,675)		(37,328)
Plus: Residual values	240		893
Financing obligation	$	1,284	$	11,705

Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2025, 2024 and 2023 were as follows:


	GLPI Leases (a)						VICI Leases (a)
	December 31,						December 31,
(In millions)	2025		2024		2023		2025		2024		2023
Cash paid for principal	$	—	$	—	$	1	$	1	$	1	$	1
Cash paid for interest	113		112		111		1,236		1,212		1,175

____________________

(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.

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, 2025.

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, 2025, 2024 and 2023, we recognized $1.9 billion, $2.0 billion and $2.1 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, 2025, 2024 and 2023, lease revenue related to conventions was $56 million, $51 million and $40 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, 2025, the remaining terms of most of our operating leases ranged from 1 to 15 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, 2025, 2024 and 2023, we recognized $128 million, $148 million and $166 million, respectively, of real estate lease revenue, which is included in Other revenue in the Statement of Operations. Real estate lease revenue includes $60 million, $62 million and $68 million of variable rental income for the years ended December 31, 2025, 2024 and 2023, respectively.


Maturities of Lease Receivables
(In millions)	Operating Leases
2026	$	62
2027	58
2028	53
2029	49
2030	45
Thereafter	665
Total	$	932

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.

Operating leases recorded on the balance sheet consist of the following:


		December 31,
(In millions)	Classification on the Balance Sheet	2025		2024
Assets:
Operating lease ROU assets	Other long-term assets, net	$	604	$	604

Liabilities:
Current operating lease liabilities	Accrued other liabilities	20		21

Non-current operating lease liabilities	Other long-term liabilities	722		716


Lease Terms and Discount Rate	December 31,
	2025		2024
Weighted Average Remaining Lease Term (in years)	30.9		31.7


Weighted Average Discount Rate	8.1	%	8.2	%


Components of Lease Expense
	Years Ended December 31,
(In millions)	2025		2024		2023
Operating lease expense	$	87	$	81	$	96
Short-term and variable lease expense	147		158		159
Total operating lease costs	$	234	$	239	$	255

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)	2025		2024		2023
Operating cash flows for operating leases	$	81	$	81	$	116


Maturities of Lease Liabilities
(In millions)	Operating Leases

2026	$	81
2027	82
2028	80
2029	78
2030	74
Thereafter	1,795
Total future minimum lease payments	2,190
Less: present value factor	(1,448)
Total lease liability	$	742

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, 2025 were as follows:


(In millions)	GLPI Leases		VICI Leases
2026	$	115	$	1,254
2027	117		1,275
2028	119		1,305
2029	120		1,326
2030	122		1,346
Thereafter	4,126		41,634
Total future payments	4,719		48,140
Less: Amounts representing interest	(3,675)		(37,328)
Plus: Residual values	240		893
Financing obligation	$	1,284	$	11,705

Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2025, 2024 and 2023 were as follows:


	GLPI Leases (a)						VICI Leases (a)
	December 31,						December 31,
(In millions)	2025		2024		2023		2025		2024		2023
Cash paid for principal	$	—	$	—	$	1	$	1	$	1	$	1
Cash paid for interest	113		112		111		1,236		1,212		1,175

____________________

Lease Covenants

The Company was in compliance with all applicable covenants as of December 31, 2025.

Lessor Arrangements

Lodging Arrangements

Conventions

Real Estate Operating Leases


Maturities of Lease Receivables
(In millions)	Operating Leases
2026	$	62
2027	58
2028	53
2029	49
2030	45
Thereafter	665
Total	$	932

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.

Operating leases recorded on the balance sheet consist of the following:


		December 31,
(In millions)	Classification on the Balance Sheet	2025		2024
Assets:
Operating lease ROU assets	Other long-term assets, net	$	604	$	604

Liabilities:
Current operating lease liabilities	Accrued other liabilities	20		21

Non-current operating lease liabilities	Other long-term liabilities	722		716


Lease Terms and Discount Rate	December 31,
	2025		2024
Weighted Average Remaining Lease Term (in years)	30.9		31.7


Weighted Average Discount Rate	8.1	%	8.2	%


Components of Lease Expense
	Years Ended December 31,
(In millions)	2025		2024		2023
Operating lease expense	$	87	$	81	$	96
Short-term and variable lease expense	147		158		159
Total operating lease costs	$	234	$	239	$	255

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)	2025		2024		2023
Operating cash flows for operating leases	$	81	$	81	$	116


Maturities of Lease Liabilities
(In millions)	Operating Leases

2026	$	81
2027	82
2028	80
2029	78
2030	74
Thereafter	1,795
Total future minimum lease payments	2,190
Less: present value factor	(1,448)
Total lease liability	$	742

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, 2025 were as follows:


(In millions)	GLPI Leases		VICI Leases
2026	$	115	$	1,254
2027	117		1,275
2028	119		1,305
2029	120		1,326
2030	122		1,346
Thereafter	4,126		41,634
Total future payments	4,719		48,140
Less: Amounts representing interest	(3,675)		(37,328)
Plus: Residual values	240		893
Financing obligation	$	1,284	$	11,705

Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2025, 2024 and 2023 were as follows:


	GLPI Leases (a)						VICI Leases (a)
	December 31,						December 31,
(In millions)	2025		2024		2023		2025		2024		2023
Cash paid for principal	$	—	$	—	$	1	$	1	$	1	$	1
Cash paid for interest	113		112		111		1,236		1,212		1,175

____________________

Lease Covenants

The Company was in compliance with all applicable covenants as of December 31, 2025.

Lessor Arrangements

Lodging Arrangements

Conventions

Real Estate Operating Leases


Maturities of Lease Receivables
(In millions)	Operating Leases
2026	$	62
2027	58
2028	53
2029	49
2030	45
Thereafter	665
Total	$	932

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Las Vegas, Nevada
Auditor Firm ID	34

Long-Term Debt - Schedule of Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Annual maturities of long-term debt
2026	$ 114
2027	114
2028	805
2029	1,574
2030	3,962
Thereafter	5,336
Total debt	11,905
Estimated interest payments
2026	710
2027	690
2028	660
2029	640
2030	410
Thereafter	300
Debt estimate interest payment, due	3,410
Total debt service obligation
2026	824
2027	804
2028	1,465
2029	2,214
2030	4,372
Thereafter	5,636
Debt service obligation	$ 15,315

Goodwill and Intangible Assets, net - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) reporting_unit	Dec. 31, 2024 USD ($) reporting_unit	Dec. 31, 2023 USD ($) reporting_unit
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	3
Impairment of intangible assets	$ 22	$ 120
Goodwill impairment	160	182
Amortization of intangible assets	133	$ 135	$ 144
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		6	2
Goodwill impairment	$ 160	$ 182	$ 14
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment charges	Impairment charges	Impairment charges
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	$ 22	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

Leases - Operating and Finance Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Right-of-use asset obtained in exchange for operating lease liability	$ 25	$ 10
Disposal of ROU asset	1	1
Disposal of lease liability	$ 1	1
Remaining lease term, finance leases	33 years
Finance lease, right-of-use asset	$ 136	60
Finance lease liabilities	$ 147	$ 68

Long-Term Debt- CEI Senior Notes due 2029 (Narrative) (Details) - CEI Senior Notes due 2029 - Senior Notes - USD ($) $ in Billions	Dec. 31, 2025	Sep. 24, 2021
Long-term debt
Long-term debt, gross		$ 1.2
Interest rate (as a percent)	4.625%	4.625%

- 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

Basis of Presentation and Significant Accounting Policies - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Interest expense	$ 2,329	$ 2,438	$ 2,394
Capitalized interest	(5)	(61)	(40)
Interest income	(20)	(11)	(12)
Total interest expense, net	$ 2,304	$ 2,366	$ 2,342

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-24

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

+ Details

Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net


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)	2025		2024
Land	$	2,057	$	2,059
Buildings, riverboats, and leasehold and land improvements	15,295		14,866
Furniture, fixtures, and equipment	3,174		2,880
Construction in progress	153		167
Total property and equipment	20,679		19,972
Less: accumulated depreciation	(6,321)		(5,160)
Total property and equipment, net	$	14,358	$	14,812


Depreciation Expense
	Years Ended December 31,
(In millions)	2025		2024		2023
Depreciation expense	$	1,284	$	1,189	$	1,117

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

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2025
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 52 domestic properties in 18 states with approximately 51,400 slot machines, video lottery terminals and e-tables, approximately 2,700 table games and approximately 45,600 hotel rooms as of December 31, 2025. 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 its casino properties, 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 retail and online sports wagering across 34 jurisdictions in North America, 27 of which offer online sports betting, and operates iGaming in five jurisdictions in North America as of December 31, 2025. The Company operates the Caesars Sportsbook app, the Caesars Racebook app, the Caesars Palace Online Casino app and the Horseshoe Online Casino app. 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.

Long-Term Debt - CEI Senior Secured Notes due 2032 (Narrative) (Details) - CEI Senior Secured Notes due 2032 - Senior Notes - USD ($) $ in Billions	Dec. 31, 2025	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

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

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 $34 million, $31 million and $29 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Defined-Benefit Plans

Scioto Downs sponsors a noncontributory defined-benefit plan that covered 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, 2025, the fair value of the plan assets and benefit obligation were both approximately $1 million. We did not make cash contributions to the pension plan during the years ended December 31, 2025, 2024 or 2023.

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, 2025, the fair value of the plan assets was $33 million and the benefit obligations were $22 million. Contributions to the plan were $2 million for each of the years ended December 31, 2025, 2024 and 2023, respectively.

Deferred Compensation Plans

Active

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, 2025 and 2024 was $8 million and $6 million, respectively, which was recorded in Other long-term liabilities in the Balance Sheets.

Frozen

As of December 31, 2025, 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 “frozen 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 $28 million and $30 million as of December 31, 2025 and 2024, respectively.

CEI is a party to a trust agreement and an escrow agreement (collectively the “Agreements”) with respect to the five frozen plans, 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 Agreements were $51 million and $53 million, as of December 31, 2025 and 2024, 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	2025	FIP/RP Status (b)	2025		2024		2023		Surcharge Imposed	Expiration Date of Collective Bargaining Agreement (c)
Western Unite Here and Employers Pension Fund (d)(e)	93-4160766/001	Green	No	$	28	$	27	$	26	No	September 30, 2028
Legacy Plan of the UNITE HERE Retirement Fund (f)	82-0994119/001	Red	Yes	11		11		10		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		7		N/A	August 31, 2029
Painters IUPAT	52-6073909/001	Red	Yes	1		1		1		No	June 30, 2026

Other Funds				4		4		4
Total Contributions				$	58	$	57	$	55

____________________

(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.

(e)Merged pension fund formed in 2024 that holds all the assets of the former Southern Nevada Culinary and Bartenders Pension Plan. Contributions prior to the merger were funded to the former plan.

Organization and Description of Business - Narrative (Details)	Dec. 31, 2025 property state machine game hotel_room
Organization and Basis of Presentation
Total number of properties \| property	52
Number of slot machines and video lottery terminals \| machine	51,400
Number of table games \| game	2,700
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	34
Mobile Sports Betting
Organization and Basis of Presentation
Number of states gaming facilities are located	27
Online Real Money Gaming Businesses
Organization and Basis of Presentation
Number of states gaming facilities are located	5

Divestitures - Narrative (Details) - USD ($) $ in Millions				1 Months Ended
Divestitures - Narrative (Details) - USD ($) $ in Millions	Dec. 12, 2024	Oct. 29, 2024	Aug. 01, 2024	Jul. 31, 2025
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 \| 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
Proceeds from sale of notes receivable				$ 225

Long-Term Debt - Debt Discounts or Premiums and Deferred Finance Charges (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Amortization of debt issuance costs and discounts	$ 27	$ 30	$ 48

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of Income (Loss) Before Income Taxes
United States	$ (477)	$ (150)	$ (90)
Outside of the U.S.	29	26	30
Loss before income taxes	(448)	(124)	(60)
Current
Federal	27	38	0
State & Local	12	27	23
Deferred
Federal	(50)	36	(754)
State & Local	(7)	(23)	(166)
Outside of U.S, Current	9	10	9
Outside of U.S, Deferred	(2)	(1)	0
Income tax (benefit) expense	(11)	87	(888)
Income tax provision (benefit) applicable to:
Income (loss) from operations	(11)	87	(888)
Additional paid-in capital	0	0	(12)
Other comprehensive income	$ 0	$ 0	$ 1

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, 2022		0
Beginning balance at Dec. 31, 2022	$ 3,751	$ 0	$ 0	$ 6,953	$ (3,309)	$ 92	$ (23)	$ 38
Common stock, beginning 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
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			216,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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)							(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1,000,000
Stock-based compensation	$ 95			95
Net income (loss)	(437)				(502)			65
Other comprehensive income (loss), net of tax	2					2
Shares withheld related to net share settlement of stock awards	(17)			(17)
Repurchase of common stock (in shares)			(9,000,000)
Repurchase of common stock	(231)			(231)
Transactions with noncontrolling interests	$ (102)							(102)
Preferred stock, ending balance (in shares) at Dec. 31, 2025	0	0
Ending balance at Dec. 31, 2025	$ 3,686	$ 0	$ 0	$ 6,709	$ (3,303)	$ 98	$ 0	$ 182
Common stock, ending balance (in shares) at Dec. 31, 2025	202,629,159		203,000,000

Income Taxes - Schedule of Income Taxes Paid (Refunded) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 60	$ 10	$ 0
Income taxes paid, net	81	48	26
Income tax credits purchased from a third-party	19
Florida
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	1	7	1
Illinois
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	3	3	3
New Jersey
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	4	7	3
Virginia
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	(3)	5	0
Other states
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	6	5	7
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	3	4	5
United Kingdom
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	6	5	7
Other foreign
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 1	$ 2	$ 0

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Initial 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)	2025		2024
Land	$	2,057	$	2,059
Buildings, riverboats, and leasehold and land improvements	15,295		14,866
Furniture, fixtures, and equipment	3,174		2,880
Construction in progress	153		167
Total property and equipment	20,679		19,972
Less: accumulated depreciation	(6,321)		(5,160)
Total property and equipment, net	$	14,358	$	14,812


Depreciation Expense
	Years Ended December 31,
(In millions)	2025		2024		2023
Depreciation expense	$	1,284	$	1,189	$	1,117

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 81
2027	82
2028	80
2029	78
2030	74
Thereafter	1,795
Total future minimum lease payments	2,190
Less: present value factor	(1,448)
Total lease liability	$ 742

Related Party and Affiliate Transactions - Investment in Pompano Joint Venture (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Roll Forward]
Beginning balance	$ 131
Ending balance	133	$ 131
Pompano Joint Venture \| Corporate Joint Venture
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Roll Forward]
Beginning balance	119	147
Distributions	(23)	(39)
Equity in earnings	19	11
Ending balance	$ 115	$ 119

Leases - Schedule of Other Information Related to Lease Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	30 years 10 months 24 days	31 years 8 months 12 days
Weighted Average Discount Rate	8.10%	8.20%

Stock-Based Compensation and Stockholder's Equity

12 Months Ended

Dec. 31, 2025

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, 2025, the Company had approximately 8 million shares available for grant under the 2015 Plan.

Equity awards granted to employees and executive officers generally vest within 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 $95 million, $94 million and $104 million during the years ended December 31, 2025, 2024 and 2023, 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, 2025, the Company granted RSUs to employees of the Company with an aggregate fair value of $79 million, which generally vest ratably on each anniversary over three years from the grant date. 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, 2025 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2024	2,668,811	$	47.64
Granted (b)	2,355,297	33.65
Vested	(1,236,947)	48.43
Forfeited	(218,683)	40.32
Unvested outstanding as of December 31, 2025	3,568,478	38.58

____________________

(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 72,668 RSUs granted to non-employee members of the Board during the year ended December 31, 2025.

Performance Stock Unit Activity

During the year ended December 31, 2025, the Company granted PSUs to employees of the Company with an aggregate fair value of $5 million as of December 31, 2025. On the vesting date, recipients will generally 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, 2025 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2024	397,156	$	33.42
Granted	233,430	23.39
Performance Adjustment	(29,695)
Vested	(80,261)	34.76
Forfeited	(2,596)	29.11
Unvested outstanding as of December 31, 2025	518,034	23.39

____________________

Market-Based Stock Unit Activity

During the year ended December 31, 2025, the Company granted MSUs to employees of the Company with an aggregate fair value of $16 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, 2025 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value (a)
Unvested outstanding as of December 31, 2024	1,096,104	$	73.15
Granted	350,152	46.03
Performance Adjustment	(283,204)
Vested	(107,036)	101.71
Forfeited	(6,562)	71.57
Unvested outstanding as of December 31, 2025	1,049,454	61.04

____________________

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

Unrecognized Compensation Cost

As of December 31, 2025, the Company had $101 million of unrecognized compensation expense, which is expected to be recognized over a weighted-average period of 1.7 years.

Accumulated Other Comprehensive Income

The changes in AOCI by component, net of tax, for the periods through December 31, 2025 and 2024 are shown below.



(In millions)	Accumulated Other Comprehensive Income (Loss)
Balances as of December 31, 2023	$	97
Foreign currency and other	(1)


Balances as of December 31, 2024	$	96
Foreign currency and other	2


Balances as of December 31, 2025	$	98

Share Repurchase Programs

During the year ended December 31, 2024, the Company reached the limit of authorized repurchases under the $150 million common stock repurchase plan announced on November 8, 2018, by acquiring 3,872,478 shares of common stock at an aggregate value of $141 million.

On October 2, 2024, the Company announced that its Board 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. 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.

The following table illustrates the Company’s shares repurchased for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions, except share and per share data)	2025		2024		2023
Shares repurchased (a)	9,606,145		5,135,468		—
Total cost (b)	$	229	$	191	$	—
Average price paid per share	$	23.86	$	37.17	$	—

____________________

(b)Total cost excludes commissions or applicable excise tax.

Under the 2024 Share Repurchase Program, as of December 31, 2025, the Company has authorization to repurchase up to $221 million more of our outstanding common stock. All shares repurchased under the 2024 Share Repurchase Program are retired upon repurchase.

Leases - Schedule of Leases Recorded on Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
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	$ 604
Liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued other liabilities	Accrued other liabilities
Current operating lease liabilities	$ 20	$ 21
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Non-current operating lease liabilities	$ 722	$ 716

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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


	Years Ended December 31,
(In millions, except per share amounts)	2025		2024		2023
Net income (loss) attributable to Caesars	$	(502)	$	(278)	$	786
Shares outstanding:
Weighted average shares outstanding – basic	208		215		215
Effect of dilutive securities:
Stock-based compensation awards	—		—		1
Weighted average shares outstanding – diluted	208		215		216

Net income (loss) per common share attributable to common stockholders – basic:	$	(2.42)	$	(1.29)	$	3.65
Net income (loss) per common share attributable to common stockholders – diluted:	$	(2.42)	$	(1.29)	$	3.64

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)	2025	2024	2023
Stock-based compensation awards	5	4	1
Total anti-dilutive common stock	5	4	1

Leases - Financing Obligation (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 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

Leases - Schedule of Maturity of Lessor Lease Receivables (Details) $ in Millions	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 62
2027	58
2028	53
2029	49
2030	45
Thereafter	665
Total	$ 932

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt


	December 31, 2025						December 31, 2024
(Dollars in millions)	Final Maturity	Rates	Face Value		Book Value		Book Value
Secured Debt
CEI Revolving Credit Facility	2028	variable	$	160	$	160	$	—
CEI Term Loan A	2028	variable	637		636		673
CVA Revolving Credit Facility	2029	variable	—		—		—
CVA Delayed Draw Term Loan	2029	variable	386		381		288
CEI Term Loan B	2030	variable	2,031		2,002		2,021
CEI Term Loan B-1	2031	variable	2,849		2,820		2,844
CEI Senior Secured Notes due 2030	2030	7.00%	2,000		1,986		1,982
CEI Senior Secured Notes due 2032	2032	6.50%	1,500		1,486		1,484
Unsecured Debt
CEI Senior Notes due 2029	2029	4.625%	1,200		1,192		1,190
CEI Senior Notes due 2032	2032	6.00%	1,100		1,087		1,086
CEI Senior Notes due 2027	N/A	N/A	—		—		542
Special Improvement District Bonds	2037	4.30%	40		40		42
Long-term notes and other payables			2		2		2
Total debt			11,905		11,792		12,154
Current portion of long-term debt			(114)		(114)		(109)
Deferred finance charges associated with the CEI Revolving Credit Facility			—		(8)		(12)
Long-term debt			$	11,791	$	11,670	$	12,033

Unamortized discounts and deferred finance charges					$	121	$	152
Fair value			$	11,912

Schedule of Maturities of Principal Amount of Long-term Debt


Annual Estimated Debt Service Requirements
	Years Ended December 31,
(In millions)	2026		2027		2028		2029		2030		Thereafter		Total
Annual maturities of long-term debt	$	114	$	114	$	805	$	1,574	$	3,962	$	5,336	$	11,905
Estimated interest payments	710		690		660		640		410		300		3,410
Total debt service obligation (a)	$	824	$	804	$	1,465	$	2,214	$	4,372	$	5,636	$	15,315

____________________

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


Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities in 2025
(In millions)	Proceeds		Repayments (a)
CEI Revolving Credit Facility	$	1,475	$	1,315
CEI Term Loan A	—		38
CVA Delayed Draw Term Loan	105		14
CEI Term Loan B	—		25
CEI Term Loan B-1	—		29




CEI Senior Notes due 2027	—		546
Special Improvement District Bonds	—		2
Total	$	1,580	$	1,969

____________________

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

The following is a break-out of the significant income taxes paid (refunded) for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
(In millions)	2025		2024		2023
Federal *	$	60	$	10	$	—
State
Florida	1		7		1
Illinois	3		3		3
New Jersey	4		7		3
Virginia	(3)		5		—
Other states	6		5		7
Foreign
Canada	3		4		5
United Kingdom	6		5		7
Other foreign	1		2		—
	$	81	$	48	$	26

____________________

* Included in the Federal income taxes paid for the year ended December 31, 2025 is $19 million of tax credits that the Company purchased from a third-party.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Increase (decrease) in unrecognized tax benefits	$ 4	$ (8)	$ (4)
Unrecognized tax benefits, interest and penalties accrued	2	1
Unrecognized tax benefits that would impact effective tax rate	$ 110	$ 106

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Oct. 17, 2024	Feb. 06, 2024	Feb. 06, 2023	Sep. 24, 2021	Jul. 06, 2020
Long-term debt
Total debt	$ 11,905
Current portion of long-term debt	(114)	$ (109)
Long-term debt	11,670	12,033
Face Value
Long-term debt
Special Improvement District Bonds	40
Long-term notes and other payables	2
Total debt	11,905
Current portion of long-term debt	(114)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	11,791
Fair value	11,912
Book Value
Long-term debt
Special Improvement District Bonds	40	42
Long-term notes and other payables	2	2
Total debt	11,792	12,154
Current portion of long-term debt	(114)	(109)
Deferred finance charges associated with the CEI Revolving Credit Facility	(8)	(12)
Long-term debt	11,670	12,033
Unamortized discounts and deferred finance charges	121	152
CEI Revolving Credit Facility \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	160
CEI Revolving Credit Facility \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	160	0
CEI Term Loan A \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	637
CEI Term Loan A \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	636	673
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	386
CVA Delayed Draw Term Loan \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	381	288
CEI Term Loan B \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	2,031
CEI Term Loan B \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	2,002	2,021
CEI Term Loan B-1 \| Line of Credit \| Face Value
Long-term debt
Long-term debt, gross	2,849
CEI Term Loan B-1 \| Line of Credit \| Book Value
Long-term debt
Long-term debt, gross	$ 2,820	2,844
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	$ 1,986	1,982
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	$ 1,486	1,484
CEI Senior Notes due 2029 \| Senior Notes
Long-term debt
Long-term debt, gross						$ 1,200
Interest rate (as a percent)	4.625%					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	$ 1,192	1,190
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	1,087	1,086
CEI Senior Notes due 2027 \| Senior Notes
Long-term debt
Long-term debt, gross							$ 1,800
Interest rate (as a percent)							8.125%
CEI Senior Notes due 2027 \| Senior Notes \| Face Value
Long-term debt
Long-term debt, gross	0
CEI Senior Notes due 2027 \| Senior Notes \| Book Value
Long-term debt
Long-term debt, gross	$ 0	$ 542
Special Improvement District Bonds
Long-term debt
Interest rate (as a percent)	4.30%

Long-Term Debt - CEI Senior Secured Notes due 2030 (Narrative) (Details) - CEI Senior Secured Notes due 2030 - Senior Notes - USD ($) $ in Billions	Dec. 31, 2025	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

Goodwill and Intangible Assets, net - Schedule of Accumulated Amortization of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 1,554	$ 1,547
Finite-lived intangible assets, accumulated amortization	(824)	(691)
Finite-lived intangible assets, net carrying amount	730	856	$ 946
Non-amortizing intangible assets other than goodwill	3,255	3,277	3,577
Total amortizing and non-amortizing intangible assets other than goodwill, net	3,985	4,133	$ 4,523
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than goodwill	1,749	1,771
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than goodwill	983	983
Caesars Rewards Programs [Member]
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than goodwill	523	523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	595	593
Finite-lived intangible assets, accumulated amortization	(495)	(432)
Finite-lived intangible assets, net carrying amount	$ 100	161
Customer relationships \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	1 year
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	262
Finite-lived intangible assets, accumulated amortization	(57)	(42)
Finite-lived intangible assets, net carrying amount	$ 205	220
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	(127)	(109)
Finite-lived intangible assets, net carrying amount	$ 186	204
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	(49)	(38)
Finite-lived intangible assets, net carrying amount	201	212
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible assets, gross carrying amount	134	129
Finite-lived intangible assets, accumulated amortization	(96)	(70)
Finite-lived intangible assets, net carrying amount	$ 38	$ 59
Technology \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	3 years
Technology \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	6 years

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Leases Recorded on Balance Sheet

Operating leases recorded on the balance sheet consist of the following:


		December 31,
(In millions)	Classification on the Balance Sheet	2025		2024
Assets:
Operating lease ROU assets	Other long-term assets, net	$	604	$	604

Liabilities:
Current operating lease liabilities	Accrued other liabilities	20		21

Non-current operating lease liabilities	Other long-term liabilities	722		716

Schedule of Other Information Related to Lease Terms and Discount Rates


Lease Terms and Discount Rate	December 31,
	2025		2024
Weighted Average Remaining Lease Term (in years)	30.9		31.7


Weighted Average Discount Rate	8.1	%	8.2	%

Schedule of Components of Lease Expense


Components of Lease Expense
	Years Ended December 31,
(In millions)	2025		2024		2023
Operating lease expense	$	87	$	81	$	96
Short-term and variable lease expense	147		158		159
Total operating lease costs	$	234	$	239	$	255

Schedule of 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)	2025		2024		2023
Operating cash flows for operating leases	$	81	$	81	$	116

Schedule of Maturities of Lease Liabilities


Maturities of Lease Liabilities
(In millions)	Operating Leases

2026	$	81
2027	82
2028	80
2029	78
2030	74
Thereafter	1,795
Total future minimum lease payments	2,190
Less: present value factor	(1,448)
Total lease liability	$	742

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, 2025 were as follows:


(In millions)	GLPI Leases		VICI Leases
2026	$	115	$	1,254
2027	117		1,275
2028	119		1,305
2029	120		1,326
2030	122		1,346
Thereafter	4,126		41,634
Total future payments	4,719		48,140
Less: Amounts representing interest	(3,675)		(37,328)
Plus: Residual values	240		893
Financing obligation	$	1,284	$	11,705

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, 2025, 2024 and 2023 were as follows:


	GLPI Leases (a)						VICI Leases (a)
	December 31,						December 31,
(In millions)	2025		2024		2023		2025		2024		2023
Cash paid for principal	$	—	$	—	$	1	$	1	$	1	$	1
Cash paid for interest	113		112		111		1,236		1,212		1,175

____________________

Schedule of Maturity of Lessor Lease Receivables


Maturities of Lease Receivables
(In millions)	Operating Leases
2026	$	62
2027	58
2028	53
2029	49
2030	45
Thereafter	665
Total	$	932

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Marketable securities	$ 2	$ 2
Advertising costs	$ 237	$ 231	$ 259