Fourth Quarter Results:

• GAAP net revenues of $2.80 billion versus $2.83 billion for the comparable prior-year period.
• GAAP net income of $11 million compared to a net loss of $72 million for the comparable prior-year period.
• Same-store Adjusted EBITDA of $882 million versus $924 million for the comparable prior-year period.
• Caesars Digital Adjusted EBITDA of $20 million versus $29 million for the comparable prior-year period.

Full Year Results:

• GAAP net revenues of $11.2 billion versus $11.5 billion for the comparable prior-year period.
• GAAP net loss of $278 million compared to a net income of $786 million for the comparable prior-year period, with the decrease primarily driven by the release of $940 million of valuation allowance against deferred tax assets associated with our REIT leases in the prior year.
• Same-store Adjusted EBITDA of $3.7 billion versus $3.9 billion for the comparable prior-year period.
• Caesars Digital Adjusted EBITDA of $117 million versus $38 million for the comparable prior-year period.

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Fourth quarter operating results reflect stable conditions in Las Vegas with continued high occupancy and strong ADRs; and competitive pressures regionally offset partially by the openings in New Orleans and Danville late in the quarter. Caesars Digital was negatively impacted by sports betting customer friendly outcomes in both October and December offset by over 60% growth in iGaming net revenues. As we look ahead to 2025, the brick and mortar operating environment remains stable and we are expecting another year of strong net revenue and Adjusted EBITDA growth in our Digital segment. When combined with lower capex and cash interest expense, 2025 is expected deliver significant free cash flow which we expect will be used to further reduce leverage.”

Fourth Quarter and Full Year 2024 Financial Results Summary and Segment Information

The following tables present actual 2024 and 2023 results as well as adjustments to net revenues, net income (loss) and Adjusted EBITDA for the effects of our completed divestitures in order to reflect amounts on a same-store basis:

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Balance Sheet and Liquidity

As of December 31, 2024, Caesars had $12.3 billion in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $866 million, excluding restricted cash of $150 million.

As of December 31, 2024, our cash on hand and revolving borrowing capacity was as follows:

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“During the fourth quarter, we used the WSOP and Promenade sale proceeds to permanently reduce debt by $500 million in addition to repurchasing $50 million of our common stock. Our 2024 refinancings have positioned the company to benefit from significant reductions in cash interest expense in 2025 and have extended our closest maturity to 2027. We continue to forecast 2025 full year capital expenditures of $600 million excluding any remaining spend on Caesars Virginia,” said Bret Yunker, Chief Financial Officer.