{"success":true,"data":{"pressRelease":{"id":"181678","rtpr_id":"nBw1LDJVHa-20261027","ticker":"CZR","exchange":"NASDAQ","all_tickers":["CZR"],"title":"Caesars Entertainment, Inc. Reports Third Quarter 2026 Results","author":"Business Wire","published_at":"2026-10-27T20:01:00.351Z","article_body":"Caesars Entertainment, Inc. Reports Third Quarter 2026 Results\n\nCaesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,”\n“CEI” or the “Company”) today reported operating results for the third\nquarter ended September 30, 2026.\n\nThird Quarter 2026 and Recent Highlights:\n\n\n * GAAP net revenues of $2.9 billion versus $2.9 billion for the comparable\nprior-year period.\n\n * GAAP net loss attributable to Caesars of $123 million compared to a net loss\nattributable to Caesars of $55 million for the comparable prior-year period.\n\n * Consolidated Adjusted EBITDA of $865 million versus $884 million for the\ncomparable prior-year period.\n\n * Caesars Digital Adjusted EBITDA of $44 million versus $28 million for the\ncomparable prior-year period.\n\nThird Quarter 2026 Financial Results Summary and Segment Information\n Net Revenues                                                                         \n                      Three Months Ended September 30,                                \n (In millions)              2026                     2025               % Change      \n Las Vegas            $     930                $     952                (2.3   )%     \n Regional                   1,627                    1,536              5.9    %      \n Caesars Digital            326                      311                4.8    %      \n Managed and Branded        58                       73                 (20.5  )%     \n Corporate and Other        (1     )                 (3     )           66.7   %      \n Caesars              $     2,940              $     2,869              2.5    %      \n\n Net Revenues                                                                         \n                      Nine Months Ended September 30,                                 \n (In millions)              2026                     2025               % Change      \n Las Vegas            $     2,950              $     3,009              (2.0   )%     \n Regional                   4,627                    4,359              6.1    %      \n Caesars Digital            1,051                    989                6.3    %      \n Managed and Branded        181                      214                (15.4  )%     \n Corporate and Other        (6     )                 (1     )           *             \n Caesars              $     8,803              $     8,570              2.7    %      \n\n Net Income (Loss) Attributable to Caesars                                           \n                      Three Months Ended September 30,                               \n (In millions)              2026                    2025              % Change       \n Las Vegas            $     79                $     132               (40.2   )%     \n Regional                   66                      56                17.9    %      \n Caesars Digital            4                       (21   )           *              \n Managed and Branded        16                      18                (11.1   )%     \n Corporate and Other        (288  )                 (240  )           (20.0   )%     \n Caesars              $     (123  )           $     (55   )           (123.6  )%     \n\n Net Income (Loss) Attributable to Caesars                                          \n                      Nine Months Ended September 30,                               \n (In millions)              2026                    2025              % Change      \n Las Vegas            $     411               $     521               (21.1  )%     \n Regional                   69                      65                6.2    %      \n Caesars Digital            53                      18                194.4  %      \n Managed and Branded        57                      52                9.6    %      \n Corporate and Other        (873  )                 (908  )           3.9    %      \n Caesars              $     (283  )           $     (252  )           (12.3  )%     \n\n Adjusted EBITDA ((a))                                                              \n                      Three Months Ended September 30,                              \n (In millions)              2026                    2025              % Change      \n Las Vegas            $     343               $     379               (9.5   )%     \n Regional                   524                     506               3.6    %      \n Caesars Digital            44                      28                57.1   %      \n Managed and Branded        17                      18                (5.6   )%     \n Corporate and Other        (63   )                 (47   )           (34.0  )%     \n Caesars              $     865               $     884               (2.1   )%     \n\n Adjusted EBITDA ((a))                                                                \n                      Nine Months Ended September 30,                                 \n (In millions)              2026                     2025               % Change      \n Las Vegas            $     1,179              $     1,281              (8.0   )%     \n Regional                   1,447                    1,385              4.5    %      \n Caesars Digital            181                      151                19.9   %      \n Managed and Branded        46                       51                 (9.8   )%     \n Corporate and Other        (181   )                 (145   )           (24.8  )%     \n Caesars              $     2,672              $     2,723              (1.9   )%     \n\n ____________________                                                                                                                                                             \n *      Not meaningful                                                                                                                                                            \n (a)    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      \n        performance in the gaming industry. See “Non-GAAP Measures” below for a definition of Adjusted EBITDA and “Reconciliation of Net Income (Loss) Attributable to Caesars to \n        Adjusted EBITDA” below for a quantitative reconciliation of Adjusted EBITDA to net income (loss) attributable to Caesars, which the Company believes is the most directly \n        comparable financial measure calculated in accordance with GAAP.                                                                                                          \n\n\nBalance Sheet and Liquidity\n\nAs of September 30, 2026, Caesars had $11.7 billion in aggregate principal\namount of debt outstanding. Total cash and cash equivalents were $864 million,\nexcluding restricted cash of $113 million.\n (In millions)                   September 30, 2026          December 31, 2025     \n Cash and cash equivalents       $           864             $          887        \n                                                                                   \n Bank debt and loans             $           5,820           $          6,063      \n Notes                                       5,800                      5,800      \n Other long-term debt                        39                         42         \n Total outstanding indebtedness  $           11,659          $          11,905     \n                                                                                   \n Net debt( (a))                  $           10,795          $          11,018     \n\n ___________________                                                                                                                                                                                                                                                     \n (a)    Net debt is a non-GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is helpful in understanding our financial position. Net debt is equal to total outstanding indebtedness less cash and cash equivalents.  \n\n\nAs of September 30, 2026, cash on hand and borrowing capacity was as follows:\n (In millions)                                                    September 30, 2026         \n Cash and cash equivalents                                        $        864               \n CEI Revolving Credit Facility capacity                                    2,250             \n CVA Revolving Credit Facility capacity                                    25                \n Revolver capacity committed to letters of credit                          (96      )        \n Revolver capacity committed to specific reserves                          (40      )        \n Available revolver capacity committed as regulatory requirement           (56      )        \n Total                                                            $        2,947             \n\n\nNon-GAAP Measures\n\nAdjusted EBITDA (described below), a non-GAAP financial measure, has been\npresented as a supplemental disclosure because it is a widely used measure of\nperformance and basis for valuation of companies in our industry and we\nbelieve that this non-GAAP supplemental information will be helpful in\nunderstanding our ongoing operating results. Management has historically used\nAdjusted EBITDA when evaluating operating performance because we believe that\nthe inclusion or exclusion of certain recurring and non-recurring items is\nnecessary to provide a full understanding of our core operating results and as\na means to evaluate period-to-period results. Adjusted EBITDA represents, as\napplicable, net income (loss) before interest income and interest expense, net\nof interest capitalized, (benefit) provision for income taxes, depreciation\nand amortization, stock-based compensation expense, (gain) loss on\nextinguishment of debt, impairment charges, other (income) loss, net income\n(loss) attributable to noncontrolling interests, transaction costs associated\nwith our acquisitions, developments and divestitures, and non-cash changes in\nequity method investments. Adjusted EBITDA also excludes the expense\nassociated with certain of our leases as these transactions were accounted for\nas financing obligations and the associated expense is included in interest\nexpense. Adjusted EBITDA is not a measure of performance or liquidity\ncalculated in accordance with accounting principles generally accepted in the\nUnited States (“GAAP”). Adjusted EBITDA is unaudited and should not be\nconsidered an alternative to, or more meaningful than, net income (loss) as an\nindicator of our operating performance. Uses of cash flows that are not\nreflected in Adjusted EBITDA include capital expenditures, interest payments,\nincome taxes, debt principal repayments, distributions to our noncontrolling\ninterest owners and payments under our leases with affiliates of VICI and\nGLPI, which can be significant. As a result, Adjusted EBITDA should not be\nconsidered as a measure of our liquidity. The reconciliation of net income\n(loss) attributable to Caesars to Adjusted EBITDA is attached at the end of\nthis press release.\n\nNet debt (defined above), a non-GAAP measure, has been presented as a\nsupplemental disclosure because we believe it is helpful in understanding our\nfinancial condition. The reconciliation of net debt to total outstanding\nindebtedness is set forth above.\n\nOther companies that provide similar non-GAAP measures may calculate them\ndifferently than we do, and the definitions may not be the same as the\ndefinitions used in any of our debt or lease agreements.\n\nNo Conference Call\n\nDue to the Company’s pending definitive agreement to be acquired by Fertitta\nEntertainment, Inc. announced on May 28, 2026, Caesars will not be hosting a\nquarterly conference call. Upon completion of the transaction, Caesars’\ncommon stock will no longer be listed on NASDAQ, and the Company will become a\nprivate entity. This press release will be posted on the Company’s Investor\nRelations website at https://investor.caesars.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.caesars.com&esheet=54629880&newsitemid=20261027962586&lan=en-US&anchor=https%3A%2F%2Finvestor.caesars.com&index=1&md5=0ba924e0b4e935bf1f60ed2f4ff2fea2)\n.\n\nAbout Caesars Entertainment, Inc.\n\nCaesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment\ncompany in the US and one of the world’s most diversified\ncasino-entertainment providers. Since its beginning in Reno, NV, in 1937,\nCaesars Entertainment, Inc. has grown through development of new resorts,\nexpansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate\nprimarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand\nnames. Caesars Entertainment, Inc. offers diversified gaming, entertainment\nand hospitality amenities, one-of-a-kind destinations, and a full suite of\nmobile and online gaming and sports betting experiences. All tied to its\nindustry-leading Caesars Rewards loyalty program, the company focuses on\nbuilding value with its guests through a unique combination of impeccable\nservice, operational excellence and technology leadership. Caesars is\ncommitted to its employees, suppliers, communities and the environment through\nits PEOPLE PLANET PLAY framework. To review our latest CSR report, please\nvisit www.caesars.com/corporate-social-responsibility/csr-reports\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.caesars.com%2Fcorporate-social-responsibility%2Fcsr-reports&esheet=54629880&newsitemid=20261027962586&lan=en-US&anchor=www.caesars.com%2Fcorporate-social-responsibility%2Fcsr-reports&index=2&md5=4269d117dbc7a47afbc09007801540db)\n. Must be 21+ to gamble. Know When To Stop Before You Start.® Gambling\nProblem? Call 1-800-522-4700. For more information, please visit\nwww.caesars.com/corporate\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.caesars.com%2Fcorporate&esheet=54629880&newsitemid=20261027962586&lan=en-US&anchor=www.caesars.com%2Fcorporate&index=3&md5=9303fa075681d6450f57410e90cc77c7)\n. If you think you or someone you care about may have a gambling problem, call\n1-877-770-STOP (1-877-770-7867).\n\nForward-Looking Statements\n\nThis press release includes “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended. Forward-looking\nstatements include statements regarding our strategies, objectives and plans\nfor future development or acquisitions of properties or operations, as well as\nexpectations, future operating results and other information that is not\nhistorical information. When used in this press release, the terms or phrases\nsuch as “anticipates,” “believes,” “projects,” “plans,”\n“intends,” “expects,” “might,” “may,” “estimates,”\n“could,” “should,” “would,” “will likely continue,” and\nvariations of such words or similar expressions are intended to identify\nforward-looking statements. Although our expectations, beliefs and projections\nare expressed in good faith and with what we believe is a reasonable basis,\nthere can be no assurance that these expectations, beliefs and projections\nwill be realized. There are a number of risks and uncertainties that could\ncause our actual results to differ materially from those expressed in the\nforward-looking statements which are included elsewhere in this press release.\nThese risks and uncertainties include, but are not limited to: (a) risks\nassociated with the proposed merger, (b) the impact on our business, financial\nresults and liquidity of economic trends, inflation, public health\nemergencies, terrorist attacks and other acts of war or hostility, work\nstoppages and other labor problems, or other economic and market conditions,\nincluding reductions in discretionary consumer spending as a result of\ndownturns in the economy and other factors outside our control; (c) the impact\nof future cybersecurity breaches on our business, financial conditions and\nresults of operations; (d) our ability to successfully operate our digital\nbetting and iGaming platform and expand its user base; (e) risks associated\nwith our leverage and our ability to reduce our leverage; (f) the effects of\ncompetition, including new or continued competition in certain of our markets,\non our business and results of operations; and (g) additional factors\ndiscussed in the sections entitled “Risk Factors” and “Management’s\nDiscussion and Analysis of Financial Condition and Results of Operations” in\nthe Company’s most recent Annual Report on Form 10-K and Quarterly Reports\non Form 10-Q as filed with the Securities and Exchange Commission. Other\nunknown or unpredictable factors may also cause actual results to differ\nmaterially from those projected by the forward-looking statements.\n\nIn light of these and other risks, uncertainties and assumptions, the\nforward-looking events discussed in this press release might not occur. These\nforward-looking statements speak only as of the date of this press release,\neven if subsequently made available on our website or otherwise, and we do not\nintend to update publicly any forward- looking statement to reflect events or\ncircumstances that occur after the date on which the statement is made, except\nas may be required by law.\n\nWe periodically provide other information for investors on our Investor\nRelations website, https://investor.caesars.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.caesars.com&esheet=54629880&newsitemid=20261027962586&lan=en-US&anchor=https%3A%2F%2Finvestor.caesars.com&index=4&md5=4ad92386d4f77cdc0657bec3a3c5c06a)\n. We intend to use our website as a means of disclosing material non-public\ninformation and for complying with our disclosure obligations under Regulation\nFD. Accordingly, investors should monitor our website, in addition to\nfollowing the Company's press releases, SEC filings and public conference\ncalls and webcasts.\n\nSource: Caesars Entertainment, Inc.; CZR\n                                                                                                                                                      \n CAESARS ENTERTAINMENT, INC.                                                                                                                          \n \n                                                                                                                                                    \n \nCONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS                                                                                                     \n \n                                                                                                                                                    \n \n(UNAUDITED)                                                                                                                                         \n                                                                                                                                                      \n                                                                  Three Months Ended                         Nine Months Ended                        \n                                                                  \nSeptember 30,                             \nSeptember 30,                           \n (In millions, except per share data)                                  2026                  2025                 2026                   2025         \n NET REVENUES:                                                                                                                                        \n Casino                                                           $    1,754            $    1,642           $    5,179             $    4,904        \n Food and beverage                                                     410                   436                  1,260                  1,299        \n Hotel                                                                 467                   485                  1,449                  1,476        \n Other                                                                 309                   306                  915                    891          \n Net revenues                                                          2,940                 2,869                8,803                  8,570        \n OPERATING EXPENSES:                                                                                                                                  \n Casino                                                                966                   909                  2,823                  2,657        \n Food and beverage                                                     272                   277                  827                    827          \n Hotel                                                                 161                   156                  480                    462          \n Other                                                                 97                    114                  287                    314          \n General and administrative                                            517                   483                  1,542                  1,443        \n Corporate                                                             93                    75                   275                    241          \n Depreciation and amortization                                         366                   352                  1,068                  1,073        \n Transaction and other costs, net                                      11                    (10    )             31                     26           \n Total operating expenses                                              2,483                 2,356                7,333                  7,043        \n Operating income                                                      457                   513                  1,470                  1,527        \n OTHER EXPENSE:                                                                                                                                       \n Interest expense, net                                                 (570   )              (576   )             (1,712  )              (1,729  )    \n Loss on extinguishment of debt                                        —                     (4     )             —                      (4      )    \n Other income (loss)                                                   (4     )              3                    1                      3            \n Total other expense                                                   (574   )              (577   )             (1,711  )              (1,730  )    \n Loss before income taxes                                              (117   )              (64    )             (241    )              (203    )    \n Benefit for income taxes                                              10                    25                   10                     1            \n Net loss                                                              (107   )              (39    )             (231    )              (202    )    \n Net income attributable to noncontrolling interests                   (16    )              (16    )             (52     )              (50     )    \n Net loss attributable to Caesars                                 $    (123   )         $    (55    )        $    (283    )         $    (252    )    \n                                                                                                                                                      \n Net loss attributable to Caesars per share - basic and diluted:                                                                                      \n Basic loss per share                                             $    (0.61  )         $    (0.27  )        $    (1.39   )         $    (1.20   )    \n Diluted loss per share                                           $    (0.61  )         $    (0.27  )        $    (1.39   )         $    (1.20   )    \n Weighted average basic shares outstanding                             204                   207                  204                    209          \n Weighted average diluted shares outstanding                           204                   207                  204                    209          \n                                                                                                                                                      \n\n CAESARS ENTERTAINMENT, INC.                                                                                                          \n \n                                                                                                                                    \n \nRECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED EBITDA                                                      \n \n                                                                                                                                    \n \n(UNAUDITED)                                                                                                                         \n                                                                                                                                      \n                                                      Three Months Ended                       Nine Months Ended                      \n                                                      \nSeptember 30,                           \nSeptember 30,                         \n (In millions)                                             2026                 2025                2026                  2025        \n Net loss attributable to Caesars                     $    (123  )         $    (55   )        $    (283   )         $    (252   )    \n Net income attributable to noncontrolling interests       16                   16                  52                    50          \n Benefit for income taxes                                  (10   )              (25   )             (10    )              (1     )    \n Other (income) loss                                       4                    (3    )             (1     )              (3     )    \n Loss on extinguishment of debt                            —                    4                   —                     4           \n Interest expense, net                                     570                  576                 1,712                 1,729       \n Depreciation and amortization                             366                  352                 1,068                 1,073       \n Transaction costs and other, net ((a))                    19                   (3    )             64                    51          \n Stock-based compensation expense                          23                   22                  70                    72          \n Adjusted EBITDA                                      $    865             $    884            $    2,672            $    2,723       \n\n ____________________                                                                                                                                                                                                                                                                                                                                                                                                                          \n (a)    Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, certain non-recurring litigation reserves, non-recurring asset recoveries, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with our new property openings, and non-cash changes in equity method investments.  \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261027962586/en/\n(https://www.businesswire.com/news/home/20261027962586/en/)\n\nInvestor Relations: Brian Agnew, bagnew@caesars.com\n(mailto:bagnew@caesars.com) ; Charise Crumbley, ccrumbley@caesars.com\n(mailto:ccrumbley@caesars.com) , 800-318-0047\n\n\n\nMedia Relations: Kate Whiteley, kwhiteley@caesars.com\n(mailto:kwhiteley@caesars.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw1LDJVHa-20261027","title":"Caesars Entertainment, Inc. Reports Third Quarter 2026 Results","author":"Business Wire","ticker":"CZR","created":"2026-10-27T20:01:00.351Z","tickers":["CZR"],"exchange":"NASDAQ","article_body":"Caesars Entertainment, Inc. Reports Third Quarter 2026 Results\n\nCaesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,”\n“CEI” or the “Company”) today reported operating results for the third\nquarter ended September 30, 2026.\n\nThird Quarter 2026 and Recent Highlights:\n\n\n * GAAP net revenues of $2.9 billion versus $2.9 billion for the comparable\nprior-year period.\n\n * GAAP net loss attributable to Caesars of $123 million compared to a net loss\nattributable to Caesars of $55 million for the comparable prior-year period.\n\n * Consolidated Adjusted EBITDA of $865 million versus $884 million for the\ncomparable prior-year period.\n\n * Caesars Digital Adjusted EBITDA of $44 million versus $28 million for the\ncomparable prior-year period.\n\nThird Quarter 2026 Financial Results Summary and Segment Information\n Net Revenues                                                                         \n                      Three Months Ended September 30,                                \n (In millions)              2026                     2025               % Change      \n Las Vegas            $     930                $     952                (2.3   )%     \n Regional                   1,627                    1,536              5.9    %      \n Caesars Digital            326                      311                4.8    %      \n Managed and Branded        58                       73                 (20.5  )%     \n Corporate and Other        (1     )                 (3     )           66.7   %      \n Caesars              $     2,940              $     2,869              2.5    %      \n\n Net Revenues                                                                         \n                      Nine Months Ended September 30,                                 \n (In millions)              2026                     2025               % Change      \n Las Vegas            $     2,950              $     3,009              (2.0   )%     \n Regional                   4,627                    4,359              6.1    %      \n Caesars Digital            1,051                    989                6.3    %      \n Managed and Branded        181                      214                (15.4  )%     \n Corporate and Other        (6     )                 (1     )           *             \n Caesars              $     8,803              $     8,570              2.7    %      \n\n Net Income (Loss) Attributable to Caesars                                           \n                      Three Months Ended September 30,                               \n (In millions)              2026                    2025              % Change       \n Las Vegas            $     79                $     132               (40.2   )%     \n Regional                   66                      56                17.9    %      \n Caesars Digital            4                       (21   )           *              \n Managed and Branded        16                      18                (11.1   )%     \n Corporate and Other        (288  )                 (240  )           (20.0   )%     \n Caesars              $     (123  )           $     (55   )           (123.6  )%     \n\n Net Income (Loss) Attributable to Caesars                                          \n                      Nine Months Ended September 30,                               \n (In millions)              2026                    2025              % Change      \n Las Vegas            $     411               $     521               (21.1  )%     \n Regional                   69                      65                6.2    %      \n Caesars Digital            53                      18                194.4  %      \n Managed and Branded        57                      52                9.6    %      \n Corporate and Other        (873  )                 (908  )           3.9    %      \n Caesars              $     (283  )           $     (252  )           (12.3  )%     \n\n Adjusted EBITDA ((a))                                                              \n                      Three Months Ended September 30,                              \n (In millions)              2026                    2025              % Change      \n Las Vegas            $     343               $     379               (9.5   )%     \n Regional                   524                     506               3.6    %      \n Caesars Digital            44                      28                57.1   %      \n Managed and Branded        17                      18                (5.6   )%     \n Corporate and Other        (63   )                 (47   )           (34.0  )%     \n Caesars              $     865               $     884               (2.1   )%     \n\n Adjusted EBITDA ((a))                                                                \n                      Nine Months Ended September 30,                                 \n (In millions)              2026                     2025               % Change      \n Las Vegas            $     1,179              $     1,281              (8.0   )%     \n Regional                   1,447                    1,385              4.5    %      \n Caesars Digital            181                      151                19.9   %      \n Managed and Branded        46                       51                 (9.8   )%     \n Corporate and Other        (181   )                 (145   )           (24.8  )%     \n Caesars              $     2,672              $     2,723              (1.9   )%     \n\n ____________________                                                                                                                                                             \n *      Not meaningful                                                                                                                                                            \n (a)    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      \n        performance in the gaming industry. See “Non-GAAP Measures” below for a definition of Adjusted EBITDA and “Reconciliation of Net Income (Loss) Attributable to Caesars to \n        Adjusted EBITDA” below for a quantitative reconciliation of Adjusted EBITDA to net income (loss) attributable to Caesars, which the Company believes is the most directly \n        comparable financial measure calculated in accordance with GAAP.                                                                                                          \n\n\nBalance Sheet and Liquidity\n\nAs of September 30, 2026, Caesars had $11.7 billion in aggregate principal\namount of debt outstanding. Total cash and cash equivalents were $864 million,\nexcluding restricted cash of $113 million.\n (In millions)                   September 30, 2026          December 31, 2025     \n Cash and cash equivalents       $           864             $          887        \n                                                                                   \n Bank debt and loans             $           5,820           $          6,063      \n Notes                                       5,800                      5,800      \n Other long-term debt                        39                         42         \n Total outstanding indebtedness  $           11,659          $          11,905     \n                                                                                   \n Net debt( (a))                  $           10,795          $          11,018     \n\n ___________________                                                                                                                                                                                                                                                     \n (a)    Net debt is a non-GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is helpful in understanding our financial position. Net debt is equal to total outstanding indebtedness less cash and cash equivalents.  \n\n\nAs of September 30, 2026, cash on hand and borrowing capacity was as follows:\n (In millions)                                                    September 30, 2026         \n Cash and cash equivalents                                        $        864               \n CEI Revolving Credit Facility capacity                                    2,250             \n CVA Revolving Credit Facility capacity                                    25                \n Revolver capacity committed to letters of credit                          (96      )        \n Revolver capacity committed to specific reserves                          (40      )        \n Available revolver capacity committed as regulatory requirement           (56      )        \n Total                                                            $        2,947             \n\n\nNon-GAAP Measures\n\nAdjusted EBITDA (described below), a non-GAAP financial measure, has been\npresented as a supplemental disclosure because it is a widely used measure of\nperformance and basis for valuation of companies in our industry and we\nbelieve that this non-GAAP supplemental information will be helpful in\nunderstanding our ongoing operating results. Management has historically used\nAdjusted EBITDA when evaluating operating performance because we believe that\nthe inclusion or exclusion of certain recurring and non-recurring items is\nnecessary to provide a full understanding of our core operating results and as\na means to evaluate period-to-period results. Adjusted EBITDA represents, as\napplicable, net income (loss) before interest income and interest expense, net\nof interest capitalized, (benefit) provision for income taxes, depreciation\nand amortization, stock-based compensation expense, (gain) loss on\nextinguishment of debt, impairment charges, other (income) loss, net income\n(loss) attributable to noncontrolling interests, transaction costs associated\nwith our acquisitions, developments and divestitures, and non-cash changes in\nequity method investments. Adjusted EBITDA also excludes the expense\nassociated with certain of our leases as these transactions were accounted for\nas financing obligations and the associated expense is included in interest\nexpense. Adjusted EBITDA is not a measure of performance or liquidity\ncalculated in accordance with accounting principles generally accepted in the\nUnited States (“GAAP”). Adjusted EBITDA is unaudited and should not be\nconsidered an alternative to, or more meaningful than, net income (loss) as an\nindicator of our operating performance. Uses of cash flows that are not\nreflected in Adjusted EBITDA include capital expenditures, interest payments,\nincome taxes, debt principal repayments, distributions to our noncontrolling\ninterest owners and payments under our leases with affiliates of VICI and\nGLPI, which can be significant. As a result, Adjusted EBITDA should not be\nconsidered as a measure of our liquidity. The reconciliation of net income\n(loss) attributable to Caesars to Adjusted EBITDA is attached at the end of\nthis press release.\n\nNet debt (defined above), a non-GAAP measure, has been presented as a\nsupplemental disclosure because we believe it is helpful in understanding our\nfinancial condition. The reconciliation of net debt to total outstanding\nindebtedness is set forth above.\n\nOther companies that provide similar non-GAAP measures may calculate them\ndifferently than we do, and the definitions may not be the same as the\ndefinitions used in any of our debt or lease agreements.\n\nNo Conference Call\n\nDue to the Company’s pending definitive agreement to be acquired by Fertitta\nEntertainment, Inc. announced on May 28, 2026, Caesars will not be hosting a\nquarterly conference call. Upon completion of the transaction, Caesars’\ncommon stock will no longer be listed on NASDAQ, and the Company will become a\nprivate entity. This press release will be posted on the Company’s Investor\nRelations website at https://investor.caesars.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.caesars.com&esheet=54629880&newsitemid=20261027962586&lan=en-US&anchor=https%3A%2F%2Finvestor.caesars.com&index=1&md5=0ba924e0b4e935bf1f60ed2f4ff2fea2)\n.\n\nAbout Caesars Entertainment, Inc.\n\nCaesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment\ncompany in the US and one of the world’s most diversified\ncasino-entertainment providers. Since its beginning in Reno, NV, in 1937,\nCaesars Entertainment, Inc. has grown through development of new resorts,\nexpansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate\nprimarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand\nnames. Caesars Entertainment, Inc. offers diversified gaming, entertainment\nand hospitality amenities, one-of-a-kind destinations, and a full suite of\nmobile and online gaming and sports betting experiences. All tied to its\nindustry-leading Caesars Rewards loyalty program, the company focuses on\nbuilding value with its guests through a unique combination of impeccable\nservice, operational excellence and technology leadership. Caesars is\ncommitted to its employees, suppliers, communities and the environment through\nits PEOPLE PLANET PLAY framework. To review our latest CSR report, please\nvisit www.caesars.com/corporate-social-responsibility/csr-reports\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.caesars.com%2Fcorporate-social-responsibility%2Fcsr-reports&esheet=54629880&newsitemid=20261027962586&lan=en-US&anchor=www.caesars.com%2Fcorporate-social-responsibility%2Fcsr-reports&index=2&md5=4269d117dbc7a47afbc09007801540db)\n. Must be 21+ to gamble. Know When To Stop Before You Start.® Gambling\nProblem? Call 1-800-522-4700. For more information, please visit\nwww.caesars.com/corporate\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.caesars.com%2Fcorporate&esheet=54629880&newsitemid=20261027962586&lan=en-US&anchor=www.caesars.com%2Fcorporate&index=3&md5=9303fa075681d6450f57410e90cc77c7)\n. If you think you or someone you care about may have a gambling problem, call\n1-877-770-STOP (1-877-770-7867).\n\nForward-Looking Statements\n\nThis press release includes “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended. Forward-looking\nstatements include statements regarding our strategies, objectives and plans\nfor future development or acquisitions of properties or operations, as well as\nexpectations, future operating results and other information that is not\nhistorical information. When used in this press release, the terms or phrases\nsuch as “anticipates,” “believes,” “projects,” “plans,”\n“intends,” “expects,” “might,” “may,” “estimates,”\n“could,” “should,” “would,” “will likely continue,” and\nvariations of such words or similar expressions are intended to identify\nforward-looking statements. Although our expectations, beliefs and projections\nare expressed in good faith and with what we believe is a reasonable basis,\nthere can be no assurance that these expectations, beliefs and projections\nwill be realized. There are a number of risks and uncertainties that could\ncause our actual results to differ materially from those expressed in the\nforward-looking statements which are included elsewhere in this press release.\nThese risks and uncertainties include, but are not limited to: (a) risks\nassociated with the proposed merger, (b) the impact on our business, financial\nresults and liquidity of economic trends, inflation, public health\nemergencies, terrorist attacks and other acts of war or hostility, work\nstoppages and other labor problems, or other economic and market conditions,\nincluding reductions in discretionary consumer spending as a result of\ndownturns in the economy and other factors outside our control; (c) the impact\nof future cybersecurity breaches on our business, financial conditions and\nresults of operations; (d) our ability to successfully operate our digital\nbetting and iGaming platform and expand its user base; (e) risks associated\nwith our leverage and our ability to reduce our leverage; (f) the effects of\ncompetition, including new or continued competition in certain of our markets,\non our business and results of operations; and (g) additional factors\ndiscussed in the sections entitled “Risk Factors” and “Management’s\nDiscussion and Analysis of Financial Condition and Results of Operations” in\nthe Company’s most recent Annual Report on Form 10-K and Quarterly Reports\non Form 10-Q as filed with the Securities and Exchange Commission. Other\nunknown or unpredictable factors may also cause actual results to differ\nmaterially from those projected by the forward-looking statements.\n\nIn light of these and other risks, uncertainties and assumptions, the\nforward-looking events discussed in this press release might not occur. These\nforward-looking statements speak only as of the date of this press release,\neven if subsequently made available on our website or otherwise, and we do not\nintend to update publicly any forward- looking statement to reflect events or\ncircumstances that occur after the date on which the statement is made, except\nas may be required by law.\n\nWe periodically provide other information for investors on our Investor\nRelations website, https://investor.caesars.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.caesars.com&esheet=54629880&newsitemid=20261027962586&lan=en-US&anchor=https%3A%2F%2Finvestor.caesars.com&index=4&md5=4ad92386d4f77cdc0657bec3a3c5c06a)\n. We intend to use our website as a means of disclosing material non-public\ninformation and for complying with our disclosure obligations under Regulation\nFD. Accordingly, investors should monitor our website, in addition to\nfollowing the Company's press releases, SEC filings and public conference\ncalls and webcasts.\n\nSource: Caesars Entertainment, Inc.; CZR\n                                                                                                                                                      \n CAESARS ENTERTAINMENT, INC.                                                                                                                          \n \n                                                                                                                                                    \n \nCONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS                                                                                                     \n \n                                                                                                                                                    \n \n(UNAUDITED)                                                                                                                                         \n                                                                                                                                                      \n                                                                  Three Months Ended                         Nine Months Ended                        \n                                                                  \nSeptember 30,                             \nSeptember 30,                           \n (In millions, except per share data)                                  2026                  2025                 2026                   2025         \n NET REVENUES:                                                                                                                                        \n Casino                                                           $    1,754            $    1,642           $    5,179             $    4,904        \n Food and beverage                                                     410                   436                  1,260                  1,299        \n Hotel                                                                 467                   485                  1,449                  1,476        \n Other                                                                 309                   306                  915                    891          \n Net revenues                                                          2,940                 2,869                8,803                  8,570        \n OPERATING EXPENSES:                                                                                                                                  \n Casino                                                                966                   909                  2,823                  2,657        \n Food and beverage                                                     272                   277                  827                    827          \n Hotel                                                                 161                   156                  480                    462          \n Other                                                                 97                    114                  287                    314          \n General and administrative                                            517                   483                  1,542                  1,443        \n Corporate                                                             93                    75                   275                    241          \n Depreciation and amortization                                         366                   352                  1,068                  1,073        \n Transaction and other costs, net                                      11                    (10    )             31                     26           \n Total operating expenses                                              2,483                 2,356                7,333                  7,043        \n Operating income                                                      457                   513                  1,470                  1,527        \n OTHER EXPENSE:                                                                                                                                       \n Interest expense, net                                                 (570   )              (576   )             (1,712  )              (1,729  )    \n Loss on extinguishment of debt                                        —                     (4     )             —                      (4      )    \n Other income (loss)                                                   (4     )              3                    1                      3            \n Total other expense                                                   (574   )              (577   )             (1,711  )              (1,730  )    \n Loss before income taxes                                              (117   )              (64    )             (241    )              (203    )    \n Benefit for income taxes                                              10                    25                   10                     1            \n Net loss                                                              (107   )              (39    )             (231    )              (202    )    \n Net income attributable to noncontrolling interests                   (16    )              (16    )             (52     )              (50     )    \n Net loss attributable to Caesars                                 $    (123   )         $    (55    )        $    (283    )         $    (252    )    \n                                                                                                                                                      \n Net loss attributable to Caesars per share - basic and diluted:                                                                                      \n Basic loss per share                                             $    (0.61  )         $    (0.27  )        $    (1.39   )         $    (1.20   )    \n Diluted loss per share                                           $    (0.61  )         $    (0.27  )        $    (1.39   )         $    (1.20   )    \n Weighted average basic shares outstanding                             204                   207                  204                    209          \n Weighted average diluted shares outstanding                           204                   207                  204                    209          \n                                                                                                                                                      \n\n CAESARS ENTERTAINMENT, INC.                                                                                                          \n \n                                                                                                                                    \n \nRECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED EBITDA                                                      \n \n                                                                                                                                    \n \n(UNAUDITED)                                                                                                                         \n                                                                                                                                      \n                                                      Three Months Ended                       Nine Months Ended                      \n                                                      \nSeptember 30,                           \nSeptember 30,                         \n (In millions)                                             2026                 2025                2026                  2025        \n Net loss attributable to Caesars                     $    (123  )         $    (55   )        $    (283   )         $    (252   )    \n Net income attributable to noncontrolling interests       16                   16                  52                    50          \n Benefit for income taxes                                  (10   )              (25   )             (10    )              (1     )    \n Other (income) loss                                       4                    (3    )             (1     )              (3     )    \n Loss on extinguishment of debt                            —                    4                   —                     4           \n Interest expense, net                                     570                  576                 1,712                 1,729       \n Depreciation and amortization                             366                  352                 1,068                 1,073       \n Transaction costs and other, net ((a))                    19                   (3    )             64                    51          \n Stock-based compensation expense                          23                   22                  70                    72          \n Adjusted EBITDA                                      $    865             $    884            $    2,672            $    2,723       \n\n ____________________                                                                                                                                                                                                                                                                                                                                                                                                                          \n (a)    Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, certain non-recurring litigation reserves, non-recurring asset recoveries, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with our new property openings, and non-cash changes in equity method investments.  \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261027962586/en/\n(https://www.businesswire.com/news/home/20261027962586/en/)\n\nInvestor Relations: Brian Agnew, bagnew@caesars.com\n(mailto:bagnew@caesars.com) ; Charise Crumbley, ccrumbley@caesars.com\n(mailto:ccrumbley@caesars.com) , 800-318-0047\n\n\n\nMedia Relations: Kate Whiteley, kwhiteley@caesars.com\n(mailto:kwhiteley@caesars.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-27T20:01:01.055878624Z","server_sent_at_ms":1793131261055},"received_at":"2026-10-27T20:01:01.335Z","source_url":"https://www.businesswire.com/news/home/20261027962586/en/"},"analysis":{"id":"169480","press_release_id":"181678","analysis_json":{"industry":{"label":"Hotels, Restaurants & Leisure","sector":"Consumer Discretionary"},"redFlags":["net loss more than doubled YoY to $123 million despite modest revenue growth","Las Vegas segment EBITDA down 9.5% on lower revenues","$11.7 billion debt load with $570M quarterly net interest expense","no conference call held due to pending acquisition -- reduced management transparency ahead of deal close"],"eventType":"earnings","narrative":"Caesars reported Q3 2026 net revenues of $2.94 billion, up 2.5% year-over-year, but the net loss attributable to Caesars widened to $123 million from $55 million a year earlier, with EPS of -$0.61 vs -$0.27.\n\nAdjusted EBITDA slipped 2.1% to $865 million as Las Vegas revenue fell 2.3% and Las Vegas EBITDA dropped 9.5%, while Regional revenue grew 5.9% and Caesars Digital EBITDA jumped 57% to $44 million.\n\nThe balance sheet still carries $11.7 billion of debt ($10.8 billion net), and liquidity totals roughly $2.9 billion including revolver capacity.\n\nOwing to its pending acquisition by Fertitta Entertainment announced May 28, 2026, Caesars did not host a conference call; the stock will be delisted from NASDAQ when the deal closes.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Widening losses and soft Vegas results in the final quarter(s) before Fertitta takes Caesars private -- Digital is the only bright spot."},"keyFigures":{"revenue":2940000000,"revenueYoy":"2.5%","customDimensions":{"cash":864000000,"net_debt":10795000000,"total_debt":11659000000,"adjusted_ebitda":865000000,"nine_month_revenue":8803000000,"digital_adjusted_ebitda":44000000,"prior_year_adjusted_ebitda":884000000}},"namedEntities":{"people":[],"products":["Caesars Rewards","Harrah's","Horseshoe","Eldorado"],"companies":[{"name":"Caesars Entertainment, Inc.","ticker":"CZR"},{"name":"Fertitta Entertainment, Inc.","relationship":"acquirer"},{"name":"VICI","relationship":"landlord/lessor"},{"name":"GLPI","relationship":"landlord/lessor"}],"dollarAmounts":[{"amount":"$2.9 billion","context":"Q3 2026 GAAP net revenues"},{"amount":"$123 million","context":"Q3 2026 net loss attributable to Caesars"},{"amount":"$865 million","context":"Q3 2026 consolidated Adjusted EBITDA"},{"amount":"$44 million","context":"Q3 2026 Caesars Digital Adjusted EBITDA"},{"amount":"$11.7 billion","context":"aggregate principal debt outstanding"},{"amount":"$10,795 million","context":"net debt as of September 30, 2026"},{"amount":"$864 million","context":"cash and cash equivalents"}]},"materialImpact":{"score":4,"reasoning":"S&P 500-class quarterly earnings with deteriorating GAAP net loss ($123M vs $55M) and lower Adjusted EBITDA, offset by strong Digital growth and the notable disclosure that no conference call will be held due to the pending Fertitta Entertainment acquisition."},"tickerRelevance":{"others":[{"ticker":"VICI","relevance":"mentioned"},{"ticker":"GLPI","relevance":"mentioned"}],"primary":"CZR"},"globalImportance":45,"audienceRelevance":55,"eventTypeSecondary":[],"importanceComponents":{"mnaContext":"pending Fertitta Entertainment acquisition, no call held","tickerTier":"large-cap household brand","eventGravity":"routine quarterly earnings during pending 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outstanding"},{"amount":"$10,795 million","context":"net debt as of September 30, 2026"},{"amount":"$864 million","context":"cash and cash equivalents"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-27T20:01:09.071Z","global_importance":45,"audience_relevance":55,"importance_components":{"mnaContext":"pending Fertitta Entertainment acquisition, no call held","tickerTier":"large-cap household brand","eventGravity":"routine quarterly earnings during pending M&A","retailFavoriteBoost":true}},"durationMs":null,"modelName":"glm-5.3-flashx"}}