Caesars Entertainment, Inc. Reports Fourth Quarter and Full Year 2023 Results
- None.
- None.
Insights
Caesars Entertainment's reported financial results show a mixed picture, with a slight increase in GAAP net revenues year-over-year but a reduction in net loss. The reported GAAP net income for the full year indicates a significant turnaround from the previous year's net loss. Notably, the company's digital segment has shown substantial growth in net revenues and Adjusted EBITDA, highlighting the increasing importance of digital transformation in the gaming and entertainment industry. This segment's performance could be a key driver of future growth and a potential area for further investment.
The company's debt repayment and refinancing activities are also notable, as they have managed to reduce total outstanding indebtedness and extend maturities, which could improve their financial flexibility and reduce interest rate risk. However, the company's total net leverage ratio, as calculated under their bank credit facility, remains a critical figure to monitor. Investors should consider how these factors may influence the company's ability to invest in growth initiatives and weather economic downturns.
Analysis of Caesars Entertainment's performance within the broader context of the gaming and hospitality industry reveals that the company is maintaining a stable position despite a challenging economic environment. The modest growth in net revenues and the significant improvement in net income suggest resilience in their core operations. The company's focus on its digital segment aligns with broader industry trends towards online gaming and digitalization.
Investors should consider the competitive landscape and consumer behavior trends, particularly as the industry continues to recover from the impacts of the pandemic and faces potential headwinds from macroeconomic factors. The stability in Caesars' regional and Las Vegas segments suggests a steady recovery in traditional gaming and hospitality sectors, but it's the digital growth that may set the company apart from competitors who are slower to adapt to the digital shift.
From a legal and regulatory standpoint, Caesars Entertainment's financial disclosures and their efforts to comply with financial covenants are of interest. The refinancing actions and debt repayments not only have financial implications but also legal ones, as they require adherence to complex agreements and regulatory requirements. The company's ability to navigate these legal complexities while managing its capital structure is crucial for maintaining corporate governance standards and investor confidence.
Additionally, the gaming industry is heavily regulated and Caesars' operational results could be influenced by changes in gaming laws, online betting regulations and compliance costs. Investors should be aware of the potential for regulatory shifts that could impact the company's operations, particularly in the digital space, which is subject to evolving legal frameworks.
Fourth Quarter Results:
-
GAAP net revenues of
$2.83 billion $2.82 billion -
GAAP net loss of
$72 million $148 million -
Same-store Adjusted EBITDA of
$930 million $949 million -
Caesars Digital Adjusted EBITDA of
$29 million $(5) million
Full Year Results:
-
GAAP net revenues of
$11.5 billion $10.8 billion -
GAAP net income of
$786 million $899 million -
Same-store Adjusted EBITDA of
$3.9 billion $3.2 billion -
Caesars Digital Adjusted EBITDA of
$38 million $(666) million
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Our fourth quarter operating results demonstrated consolidated net revenue growth, reduced net loss and stable consolidated Adjusted EBITDA year over year. Results were driven by a
Fourth Quarter and Full Year 2023 Financial Results Summary and Segment Information
After considering the effects of our completed divestitures, the following tables present adjustments to net revenues, net income (loss) and Adjusted EBITDA as reported, in order to reflect a same-store basis:
Net Revenues |
|
|
|
|
|
|
|
||||||
|
Three Months Ended December 31, |
||||||||||||
(In millions) |
|
2023 |
|
|
|
2022 |
|
2022 Adj.(a) |
|
Adj. 2022 Total |
|||
|
$ |
1,091 |
|
|
$ |
1,154 |
|
$ |
(54 |
) |
|
$ |
1,100 |
Regional |
|
1,363 |
|
|
|
1,356 |
|
|
— |
|
|
|
1,356 |
Caesars Digital |
|
304 |
|
|
|
237 |
|
|
— |
|
|
|
237 |
Managed and Branded |
|
68 |
|
|
|
72 |
|
|
— |
|
|
|
72 |
Corporate and Other |
|
(1 |
) |
|
|
2 |
|
|
— |
|
|
|
2 |
Caesars |
$ |
2,825 |
|
|
$ |
2,821 |
|
$ |
(54 |
) |
|
$ |
2,767 |
Net Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Years Ended December 31, |
||||||||||||||||||
(In millions) |
|
2023 |
|
2023 Adj.(a) |
|
Adj. 2023 Total |
|
|
2022 |
|
2022 Adj.(a) |
|
Adj. 2022 Total |
||||||
|
$ |
4,470 |
|
$ |
(145 |
) |
|
$ |
4,325 |
|
$ |
4,287 |
|
$ |
(199 |
) |
|
$ |
4,088 |
Regional |
|
5,778 |
|
|
— |
|
|
|
5,778 |
|
|
5,704 |
|
|
(5 |
) |
|
|
5,699 |
Caesars Digital |
|
973 |
|
|
— |
|
|
|
973 |
|
|
548 |
|
|
— |
|
|
|
548 |
Managed and Branded |
|
307 |
|
|
— |
|
|
|
307 |
|
|
282 |
|
|
— |
|
|
|
282 |
Corporate and Other |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
Caesars |
$ |
11,528 |
|
$ |
(145 |
) |
|
$ |
11,383 |
|
$ |
10,821 |
|
$ |
(204 |
) |
|
$ |
10,617 |
Net Income (Loss) |
|
|
|
|
|
||||||||||
|
Three Months Ended December 31, |
||||||||||||||
(In millions) |
|
2023 |
|
|
|
2022 |
|
|
2022 Adj.(a) |
|
Adj. 2022 Total |
||||
|
$ |
250 |
|
|
$ |
295 |
|
|
$ |
(8 |
) |
|
$ |
287 |
|
Regional |
|
2 |
|
|
|
(17 |
) |
|
|
— |
|
|
|
(17 |
) |
Caesars Digital |
|
(8 |
) |
|
|
(35 |
) |
|
|
— |
|
|
|
(35 |
) |
Managed and Branded |
|
18 |
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
Corporate and Other |
|
(334 |
) |
|
|
(411 |
) |
|
|
— |
|
|
|
(411 |
) |
Caesars |
$ |
(72 |
) |
|
$ |
(148 |
) |
|
$ |
(8 |
) |
|
$ |
(156 |
) |
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Years Ended December 31, |
||||||||||||||||||||||
(In millions) |
|
2023 |
|
|
2023 Adj.(a) |
|
Adj. 2023 Total |
|
|
2022 |
|
|
2022 Adj.(a) |
|
Adj. 2022 Total |
||||||||
|
$ |
1,042 |
|
|
$ |
(15 |
) |
|
$ |
1,027 |
|
|
$ |
1,021 |
|
|
$ |
(18 |
) |
|
$ |
1,003 |
|
Regional |
|
377 |
|
|
|
— |
|
|
|
377 |
|
|
|
463 |
|
|
|
2 |
|
|
|
465 |
|
Caesars Digital |
|
(91 |
) |
|
|
— |
|
|
|
(91 |
) |
|
|
(790 |
) |
|
|
— |
|
|
|
(790 |
) |
Managed and Branded |
|
101 |
|
|
|
— |
|
|
|
101 |
|
|
|
(301 |
) |
|
|
385 |
|
|
|
84 |
|
Corporate and Other |
|
(643 |
) |
|
|
— |
|
|
|
(643 |
) |
|
|
(1,292 |
) |
|
|
— |
|
|
|
(1,292 |
) |
Caesars |
$ |
786 |
|
|
$ |
(15 |
) |
|
$ |
771 |
|
|
$ |
(899 |
) |
|
$ |
369 |
|
|
$ |
(530 |
) |
Adjusted EBITDA (b) |
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
||||||||||||||
(In millions) |
|
2023 |
|
|
|
2022 |
|
|
2022 Adj(a) |
|
Adj. 2022 Total |
||||
|
$ |
489 |
|
|
$ |
537 |
|
|
$ |
(8 |
) |
|
$ |
529 |
|
Regional |
|
431 |
|
|
|
443 |
|
|
|
— |
|
|
|
443 |
|
Caesars Digital |
|
29 |
|
|
|
(5 |
) |
|
|
— |
|
|
|
(5 |
) |
Managed and Branded |
|
18 |
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
Corporate and Other |
|
(37 |
) |
|
|
(38 |
) |
|
|
— |
|
|
|
(38 |
) |
Caesars |
$ |
930 |
|
|
$ |
957 |
|
|
$ |
(8 |
) |
|
$ |
949 |
|
Adjusted EBITDA (b) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Years Ended December 31, |
||||||||||||||||||||||
(In millions) |
|
2023 |
|
|
2023 Adj.(a) |
|
Adj. 2023 Total |
|
|
2022 |
|
|
2022 Adj(a) |
|
Adj. 2022 Total |
||||||||
|
$ |
2,016 |
|
|
$ |
(15 |
) |
|
$ |
2,001 |
|
|
$ |
1,964 |
|
|
$ |
(20 |
) |
|
$ |
1,944 |
|
Regional |
|
1,962 |
|
|
|
— |
|
|
|
1,962 |
|
|
|
1,985 |
|
|
|
— |
|
|
|
1,985 |
|
Caesars Digital |
|
38 |
|
|
|
— |
|
|
|
38 |
|
|
|
(666 |
) |
|
|
— |
|
|
|
(666 |
) |
Managed and Branded |
|
76 |
|
|
|
— |
|
|
|
76 |
|
|
|
84 |
|
|
|
— |
|
|
|
84 |
|
Corporate and Other |
|
(154 |
) |
|
|
— |
|
|
|
(154 |
) |
|
|
(124 |
) |
|
|
— |
|
|
|
(124 |
) |
Caesars |
$ |
3,938 |
|
|
$ |
(15 |
) |
|
$ |
3,923 |
|
|
$ |
3,243 |
|
|
$ |
(20 |
) |
|
$ |
3,223 |
|
____________________
- Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for Rio All-Suite Hotel & Casino and Belle of Baton Rouge and discontinued operations of William Hill International prior to divestiture, for the relevant periods. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors for the periods presented. The additional financial information is included to enable the comparison of current results with results of prior periods.
- Adjusted EBITDA is not a GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See “Reconciliation of GAAP Measures to Non-GAAP Measures” below for a definition of Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA to net income (loss), which the Company believes is the most comparable financial measure calculated in accordance with GAAP.
Balance Sheet and Liquidity
As of December 31, 2023, Caesars had
(In millions) |
December 31, 2023 |
|
December 31, 2022 |
||
Cash and cash equivalents |
$ |
1,005 |
|
$ |
1,038 |
|
|
|
|
||
Bank debt and loans |
$ |
3,193 |
|
$ |
5,836 |
Notes |
|
9,199 |
|
|
7,200 |
Other long-term debt |
|
47 |
|
|
49 |
Total outstanding indebtedness |
$ |
12,439 |
|
$ |
13,085 |
|
|
|
|
||
Net debt |
$ |
11,434 |
|
$ |
12,047 |
As of December 31, 2023, our cash on hand and revolving borrowing capacity was as follows:
(In millions) |
|
December 31, 2023 |
||
Cash and cash equivalents |
|
$ |
1,005 |
|
Revolver capacity (a) |
|
|
2,210 |
|
Revolver capacity committed to letters of credit |
|
|
(70 |
) |
Revolver capacity committed as regulatory requirement |
|
|
(46 |
) |
Total |
|
$ |
3,099 |
|
___________________
-
Revolver capacity includes
$2.25 billion $40 million
“On February 6th we successfully closed on our
Reconciliation of GAAP Measures to Non-GAAP Measures
Adjusted EBITDA (described below), a non-GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non-GAAP supplemental information will be helpful in understanding our ongoing operating results. Management has historically used Adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. Adjusted EBITDA represents net income (loss) before interest income or interest expense, net of interest capitalized, (benefit) provision for income taxes, depreciation and amortization, stock-based compensation expense, (gain) loss on extinguishment of debt, impairment charges, other (income) loss, net income (loss) attributable to noncontrolling interests, transaction costs associated with our acquisitions, developments and divestitures, and non-cash changes in equity method investments. Adjusted EBITDA also excludes the expense associated with certain of our leases as these transactions were accounted for as financing obligations and the associated expense is included in interest expense. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP. Adjusted EBITDA is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments, and payments under our leases with affiliates of GLPI and VICI Properties, Inc., which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide EBITDA information may calculate Adjusted EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.
Conference Call Information
The Company will host a conference call to discuss the Company’s results on February 20, 2024 at 2 p.m. Pacific Time. Participants may register for the call approximately 15 minutes before the call start time by visiting the following website at https://register.vevent.com/register/BIb7b1a79c7d044fe8a05dc5944928258e.
Once registered, participants will receive an email with dial-in number and unique PIN number to access the live event. The call will also be accessible on the Investor Relations section of Caesars Entertainment’s website at https://investor.caesars.com.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world’s most diversified casino-entertainment providers. Since its beginning in
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information. When used in this press release, the terms or phrases such as “anticipates,” “believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,” “estimates,” “could,” “should,” “would,” “will likely continue,” and variations of such words or similar expressions are intended to identify forward-looking statements. Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. These risks and uncertainties include, but are not limited to: (a) the impact on our business, financial results and liquidity of economic trends, inflation, public health emergencies, terrorist attacks and other acts of war or hostility, work stoppages and other labor problems, or other economic and market conditions, including reductions in discretionary consumer spending as a result of downturns in the economy and other factors outside our control; (b) the impact of future cybersecurity breaches on our business, financial conditions and results of operations; (c) our ability to successfully operate our digital betting and iGaming platform and expand its user base; (d) risks associated with our leverage and our ability to reduce our leverage; (e) the effects of competition, including new competition in certain of our markets, on our business and results of operations; and (f) additional factors discussed in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Reports on Form 10-K and Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements.
In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.
CAESARS ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
(In millions, except per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
NET REVENUES: |
|
|
|
|
|
|
|
||||||||
Casino |
$ |
1,578 |
|
|
$ |
1,551 |
|
|
$ |
6,367 |
|
|
$ |
5,997 |
|
Food and beverage |
|
423 |
|
|
|
424 |
|
|
|
1,728 |
|
|
|
1,596 |
|
Hotel |
|
509 |
|
|
|
511 |
|
|
|
2,090 |
|
|
|
1,957 |
|
Other |
|
315 |
|
|
|
335 |
|
|
|
1,343 |
|
|
|
1,271 |
|
Net revenues |
|
2,825 |
|
|
|
2,821 |
|
|
|
11,528 |
|
|
|
10,821 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
||||||||
Casino |
|
866 |
|
|
|
799 |
|
|
|
3,342 |
|
|
|
3,526 |
|
Food and beverage |
|
274 |
|
|
|
251 |
|
|
|
1,049 |
|
|
|
935 |
|
Hotel |
|
144 |
|
|
|
138 |
|
|
|
570 |
|
|
|
529 |
|
Other |
|
98 |
|
|
|
113 |
|
|
|
434 |
|
|
|
411 |
|
General and administrative |
|
476 |
|
|
|
523 |
|
|
|
2,012 |
|
|
|
2,068 |
|
Corporate |
|
67 |
|
|
|
78 |
|
|
|
306 |
|
|
|
286 |
|
Impairment charges |
|
95 |
|
|
|
108 |
|
|
|
95 |
|
|
|
108 |
|
Depreciation and amortization |
|
318 |
|
|
|
295 |
|
|
|
1,261 |
|
|
|
1,205 |
|
Transaction and other costs, net |
|
(49 |
) |
|
|
28 |
|
|
|
(13 |
) |
|
|
14 |
|
Total operating expenses |
|
2,289 |
|
|
|
2,333 |
|
|
|
9,056 |
|
|
|
9,082 |
|
Operating income |
|
536 |
|
|
|
488 |
|
|
|
2,472 |
|
|
|
1,739 |
|
OTHER EXPENSE: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(581 |
) |
|
|
(585 |
) |
|
|
(2,342 |
) |
|
|
(2,265 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
(52 |
) |
|
|
(200 |
) |
|
|
(85 |
) |
Other income (loss) |
|
5 |
|
|
|
(7 |
) |
|
|
10 |
|
|
|
46 |
|
Total other expense |
|
(576 |
) |
|
|
(644 |
) |
|
|
(2,532 |
) |
|
|
(2,304 |
) |
Loss from continuing operations before income taxes |
|
(40 |
) |
|
|
(156 |
) |
|
|
(60 |
) |
|
|
(565 |
) |
Benefit (provision) for income taxes |
|
(16 |
) |
|
|
(6 |
) |
|
|
888 |
|
|
|
41 |
|
Income (loss) from continuing operations, net of income taxes |
|
(56 |
) |
|
|
(162 |
) |
|
|
828 |
|
|
|
(524 |
) |
Discontinued operations, net of income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(386 |
) |
Net income (loss) |
|
(56 |
) |
|
|
(162 |
) |
|
|
828 |
|
|
|
(910 |
) |
Net (income) loss attributable to noncontrolling interests |
|
(16 |
) |
|
|
14 |
|
|
|
(42 |
) |
|
|
11 |
|
Net income (loss) attributable to Caesars |
$ |
(72 |
) |
|
$ |
(148 |
) |
|
$ |
786 |
|
|
$ |
(899 |
) |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share - basic and diluted: |
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share from continuing operations |
$ |
(0.34 |
) |
|
$ |
(0.70 |
) |
|
$ |
3.65 |
|
|
$ |
(2.39 |
) |
Basic loss per share from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.80 |
) |
Basic income (loss) per share |
$ |
(0.34 |
) |
|
$ |
(0.70 |
) |
|
$ |
3.65 |
|
|
$ |
(4.19 |
) |
Diluted income (loss) per share from continuing operations |
$ |
(0.34 |
) |
|
$ |
(0.70 |
) |
|
$ |
3.64 |
|
|
$ |
(2.39 |
) |
Diluted loss per share from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.80 |
) |
Diluted income (loss) per share |
$ |
(0.34 |
) |
|
$ |
(0.70 |
) |
|
$ |
3.64 |
|
|
$ |
(4.19 |
) |
Weighted average basic shares outstanding |
|
216 |
|
|
|
215 |
|
|
|
215 |
|
|
|
214 |
|
Weighted average diluted shares outstanding |
|
216 |
|
|
|
215 |
|
|
|
216 |
|
|
|
214 |
|
CAESARS ENTERTAINMENT, INC. RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED EBITDA (UNAUDITED) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
(In millions) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) attributable to Caesars |
$ |
(72 |
) |
|
$ |
(148 |
) |
|
$ |
786 |
|
|
$ |
(899 |
) |
Net income (loss) attributable to noncontrolling interests |
|
16 |
|
|
|
(14 |
) |
|
|
42 |
|
|
|
(11 |
) |
Discontinued operations, net of income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
386 |
|
(Benefit) provision for income taxes |
|
16 |
|
|
|
6 |
|
|
|
(888 |
) |
|
|
(41 |
) |
Other (income) loss (a) |
|
(5 |
) |
|
|
7 |
|
|
|
(10 |
) |
|
|
(46 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
52 |
|
|
|
200 |
|
|
|
85 |
|
Interest expense, net |
|
581 |
|
|
|
585 |
|
|
|
2,342 |
|
|
|
2,265 |
|
Impairment charges |
|
95 |
|
|
|
108 |
|
|
|
95 |
|
|
|
108 |
|
Depreciation and amortization |
|
318 |
|
|
|
295 |
|
|
|
1,261 |
|
|
|
1,205 |
|
Transaction costs and other (b) |
|
(41 |
) |
|
|
42 |
|
|
|
6 |
|
|
|
90 |
|
Stock-based compensation expense |
|
22 |
|
|
|
24 |
|
|
|
104 |
|
|
|
101 |
|
Adjusted EBITDA |
|
930 |
|
|
|
957 |
|
|
|
3,938 |
|
|
|
3,243 |
|
Pre-disposition EBITDA, net (c) |
|
— |
|
|
|
(8 |
) |
|
|
(15 |
) |
|
|
(20 |
) |
Total Adjusted EBITDA |
$ |
930 |
|
|
$ |
949 |
|
|
$ |
3,923 |
|
|
$ |
3,223 |
|
____________________
- Other (income) loss for the three months and year ended December 31, 2022 primarily represents the net change in fair value of investments held by the Company, foreign exchange forward contracts, and changes in the fair value of a disputed claims liability.
- Transaction costs and other primarily includes (i) net proceeds received in exchange for participation rights in a potential insurance recovery, (ii) proceeds received for the termination of the Caesars Dubai management agreement, (iii) insurance proceeds received in excess of the respective carrying value of damaged assets associated with the Lake Charles property, (iv) costs related to non-cash losses on the write down and disposal of assets, professional services for transaction and integration costs, various contract exit or termination costs, and pre-opening costs in connection with new temporary facility openings and (v) non-cash changes in equity method investments.
- Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for Rio All-Suite Hotel & Casino and Belle of Baton Rouge prior to divestiture, for the relevant periods. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors for the periods presented. The additional financial information is included to enable the comparison of current results with results of prior periods.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240220196184/en/
Investor Relations: Brian Agnew, bagnew@caesars.com; Charise Crumbley, ccrumbley@caesars.com, 800-318-0047
Media Relations: Kate Whiteley, kwhiteley@caesars.com
Source: Caesars Entertainment, Inc.
FAQ
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