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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Operating Data for Reportable Segments | The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of December 31, 2024:
Las Vegas |  | Regional |  | Managed and Branded
Caesars Palace Las Vegas |  | Caesars Atlantic City |  | Harveys Lake Tahoe |  | Managed
The Cromwell |  | Caesars New Orleans |  | Horseshoe Baltimore |  | Harrah’s Ak-Chin
Flamingo Las Vegas |  | Caesars Virginia (a) |  | Horseshoe Black Hawk |  | Harrah’s Cherokee
Harrah’s Las Vegas |  | Circus Circus Reno |  | Horseshoe Bossier City |  | Harrah’s Cherokee Valley River
Horseshoe Las Vegas |  | Eldorado Gaming Scioto Downs |  | Horseshoe Council Bluffs |  | Harrah’s Resort Southern California
The LINQ Hotel & Casino |  | Eldorado Resort Casino Reno |  | Horseshoe Hammond |  | Caesars Windsor
Paris Las Vegas |  | Grand Victoria Casino |  | Horseshoe Indianapolis |  | Branded
Planet Hollywood Resort & Casino |  | Harrah’s Atlantic City |  | Horseshoe Lake Charles |  | Caesars Republic Scottsdale
|  | Harrah’s Columbus Nebraska (b) |  | Horseshoe St. Louis |  | Caesars Southern Indiana
Caesars Digital |  | Harrah’s Council Bluffs |  | Horseshoe Tunica |  | Harrah’s Northern California
Caesars Digital |  | Harrah’s Gulf Coast |  | Isle Casino Bettendorf |  |
|  | Harrah’s Hoosier Park Racing & Casino |  | Isle of Capri Casino Boonville |  |
|  | Harrah’s Joliet |  | Isle of Capri Casino Lula |  |
|  | Harrah’s Lake Tahoe |  | Isle Casino Waterloo |  |
|  | Harrah’s Laughlin |  | Lady Luck Casino - Black Hawk |  |
|  | Harrah’s Metropolis |  | Silver Legacy Resort Casino |  |
|  | Harrah’s North Kansas City |  | Trop Casino Greenville |  |
|  | Harrah’s Philadelphia |  | Tropicana Atlantic City |  |
|  | Harrah’s Pompano Beach |  | Tropicana Laughlin Hotel & Casino |  |
___________________ (a)Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia was complete and opened on December 17, 2024. (b)Temporary gaming facility was open from June 12, 2023 through March 20, 2024, closing in anticipation of the permanent facility which opened on May 17, 2024, following weeks of construction disruption due to weather. 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) | 2024 |  | 2023 |  | 2022
Las Vegas: |  |  |  |  |
Net revenues | $ | 4,274 |  |  | $ | 4,470 |  |  | $ | 4,287 |
Adjusted EBITDA | 1,907 |  |  | 2,016 |  |  | 1,964 |
Regional: |  |  |  |  |
Net revenues | 5,539 |  |  | 5,778 |  |  | 5,704 |
Adjusted EBITDA | 1,810 |  |  | 1,962 |  |  | 1,985 |
Caesars Digital: |  |  |  |  |
Net revenues | 1,163 |  |  | 973 |  |  | 548 |
Adjusted EBITDA | 117 |  |  | 38 |  |  | (666) |
Managed and Branded: |  |  |  |  |
Net revenues | 274 |  |  | 307 |  |  | 282 |
Adjusted EBITDA | 71 |  |  | 76 |  |  | 84 |
Corporate and Other: |  |  |  |  |
Net revenues | (5) |  |  | — |  |  | — |
Adjusted EBITDA | (166) |  |  | (154) |  |  | (124) |
Disaggregation of Certain Significant Expenses by Segment
| 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 | (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 |
| Year Ended December 31, 2022
(In millions) | Las Vegas |  | Regional |  | Caesars Digital |  | Managed and Branded |  | Corporate and Other |  | Total
Net revenues | $ | 4,287 |  |  | $ | 5,704 |  |  | $ | 548 |  |  | $ | 282 |  |  | $ | — |  |  | $ | 10,821 |
Gaming taxes | (137) |  |  | (1,268) |  |  | (239) |  |  | — |  |  | — |  |  |
Labor expense (a) | (1,091) |  |  | (1,088) |  |  | — |  |  | — |  |  | — |  |  |
Other segment expenses (b) | (1,095) |  |  | (1,363) |  |  | (975) |  |  | (198) |  |  | (124) |  |  |
Adjusted EBITDA | $ | 1,964 |  |  | $ | 1,985 |  |  | $ | (666) |  |  | $ | 84 |  |  | $ | (124) |  |  | $ | 3,243 |
____________________ (a)Labor expense for the Las Vegas segment includes $49 million and $65 million for the years ended December 31, 2023 and 2022, respectively, 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 licenses expenses. •Managed and Branded - Reimbursable expenses which are primarily payroll costs associated with our managed properties. •Corporate and Other - Unallocated corporate payroll and overhead costs.
| Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Net income (loss) attributable to Caesars | $ | (278) |  |  | $ | 786 |  |  | $ | (899) |
Net income (loss) attributable to noncontrolling interests | 67 |  |  | 42 |  |  | (11) |
Net loss from discontinued operations | — |  |  | — |  |  | 386 |
(Benefit) provision for income taxes (a) | 87 |  |  | (888) |  |  | (41) |
Other income (b) | (27) |  |  | (10) |  |  | (46) |
Loss on extinguishment of debt | 89 |  |  | 200 |  |  | 85 |
Interest expense, net | 2,366 |  |  | 2,342 |  |  | 2,265 |
Depreciation and amortization | 1,324 |  |  | 1,261 |  |  | 1,205 |
Impairment charges (c) | 302 |  |  | 95 |  |  | 108 |
Transaction costs and other, net (d) | (285) |  |  | 6 |  |  | 90 |
Stock-based compensation expense | 94 |  |  | 104 |  |  | 101 |
Adjusted EBITDA | $ | 3,739 |  |  | $ | 3,938 |  |  | $ | 3,243 |
Adjusted EBITDA by Segment: |  |  |  |  |
Las Vegas | $ | 1,907 |  |  | $ | 2,016 |  |  | $ | 1,964 |
Regional | 1,810 |  |  | 1,962 |  |  | 1,985 |
Caesars Digital | 117 |  |  | 38 |  |  | (666) |
Managed and Branded | 71 |  |  | 76 |  |  | 84 |
Corporate and Other | (166) |  |  | (154) |  |  | (124) |
____________________ (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 estimate of our disputed claims liability. (c)Impairment charges for the year ended December 31, 2024 include impairments within our Regional segment as a result of a decrease in projected future cash flows at certain properties primarily due to localized competition and an impairment to a trademark due to the performance of our smallest brand in the Las Vegas segment. (d)Transaction costs and other, net primarily includes non-cash losses on the write down and disposal of assets, gains from the sales of the WSOP trademark and the LINQ Promenade, insurance proceeds from property damage, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with new property openings and expansion projects at existing properties, and non-cash changes in equity method investments.
Schedule of Capital Expenditures, Net for Reportable Segments |
Capital Expenditures, Net - By Segment |  |  |  |  |
| Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Las Vegas | $ | 253 |  |  | $ | 257 |  |  | $ | 165 |
Regional | 878 |  |  | 839 |  |  | 597 |
Caesars Digital | 107 |  |  | 100 |  |  | 106 |
Corporate and Other | 58 |  |  | 68 |  |  | 84 |
Total | $ | 1,296 |  |  | $ | 1,264 |  |  | $ | 952 |
Schedule of Balance Sheet Information for Reportable Segments |
Total Assets - By Segment |  |  |
| December 31,
(In millions) | 2024 |  | 2023
Las Vegas | $ | 25,040 |  |  | $ | 24,230 |
Regional | 15,664 |  |  | 15,291 |
Caesars Digital | 1,262 |  |  | 1,095 |
Managed and Branded | 282 |  |  | 224 |
Corporate and Other (a) | (9,658) |  |  | (7,474) |
Total | $ | 32,590 |  |  | $ | 33,366 |
____________________ (a)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

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