Caesars Entertainment, Inc.CZR
Caesars Entertainment, Inc. Segments Disclosure
Segment Information
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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 | |||||||||||||||||||
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(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.
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 | |||||||||||||||||||||||
(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.
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) | ||||||||||||||
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(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.
| 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 | |||||||
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(a)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Mar 13, 2017 | |
| 2015 | Mar 15, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.