Caesars Entertainment (CZR) 10-Q 30 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36629
Entity Registrant Name	CAESARS ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3657681
Entity Address, Address Line One	100 West Liberty Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	775
Local Phone Number	328-0100
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	CZR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		216,415,536
Entity Central Index Key	0001590895
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 726	$ 1,005
Restricted cash	126	122
Accounts receivable, net	551	608
Inventories	44	46
Prepayments and other current assets	290	264
Total current assets	1,737	2,045
Investments in and advances to unconsolidated affiliates	157	157
Property and equipment, net	14,803	14,756
Goodwill	10,990	10,990
Intangible assets other than goodwill	4,487	4,523
Deferred tax asset	48	47
Other long-term assets, net	837	848
Total assets	33,059	33,366
CURRENT LIABILITIES:
Accounts payable	439	408
Accrued interest	273	369
Accrued other liabilities	1,729	1,848
Current portion of long-term debt	94	65
Total current liabilities	2,535	2,690
Long-term financing obligations	12,793	12,759
Long-term debt	12,171	12,224
Deferred tax liability	112	102
Other long-term liabilities	860	871
Total liabilities	28,471	28,646
Commitments and contingencies (Note 5)
STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity	4,404	4,552
Noncontrolling interests	184	168
Total stockholders’ equity	4,588	4,720
Total liabilities and stockholders’ equity	$ 33,059	$ 33,366

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
NET REVENUES:
Net revenues	$ 2,742	$ 2,830
OPERATING EXPENSES:
General and administrative	500	509
Corporate	78	79
Depreciation and amortization	327	300
Transaction and other costs, net	6	16
Total operating expenses	2,257	2,227
Operating income	485	603
OTHER EXPENSE:
Interest expense, net	(590)	(594)
Loss on extinguishment of debt	(48)	(197)
Other income	26	3
Total other expense	(612)	(788)
Loss from continuing operations before income taxes	(127)	(185)
Benefit (provision) for income taxes	(15)	49
Loss from continuing operations, net of income taxes	(142)	(136)
Net loss	(142)	(136)
Net income attributable to noncontrolling interests	(16)	0
Net loss attributable to Caesars	$ (158)	$ (136)
Net loss per share - basic and diluted:
Basic loss per share (in dollars per share)	$ (0.73)	$ (0.63)
Diluted loss per share (in dollars per share)	$ (0.73)	$ (0.63)
Weighted average basic shares outstanding (in shares)	216	215
Weighted average diluted shares outstanding (in shares)	216	215
Casino
NET REVENUES:
Net revenues	$ 1,535	$ 1,585
OPERATING EXPENSES:
Cost of goods and services	852	828
Food and beverage
NET REVENUES:
Net revenues	422	427
OPERATING EXPENSES:
Cost of goods and services	263	251
Hotel
NET REVENUES:
Net revenues	493	503
OPERATING EXPENSES:
Cost of goods and services	137	137
Other
NET REVENUES:
Net revenues	292	315
OPERATING EXPENSES:
Cost of goods and services	$ 94	$ 107

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (142)	$ (136)
Foreign currency translation adjustments	0	2
Other	(1)	4
Other comprehensive income (loss), net of tax	(1)	6
Comprehensive loss	(143)	(130)
Comprehensive income attributable to noncontrolling interests	(16)	0
Comprehensive loss attributable to Caesars	$ (159)	$ (130)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock	Common Stock	Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022	$ 3,751	$ 0	$ 0	$ 6,953	$ (3,309)	$ 92	$ (23)	$ 38
Beginning balance (in shares) at Dec. 31, 2022			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	27			27
Net loss	(136)				(136)
Other comprehensive (loss) income, net of tax	6					6
Shares withheld related to net share settlement of stock awards	(13)			(13)
Ending balance (in shares) at Mar. 31, 2023		0
Ending balance at Mar. 31, 2023	3,635	$ 0	$ 0	6,967	(3,445)	98	(23)	38
Ending balance (in shares) at Mar. 31, 2023			215
Beginning balance (in shares) at Dec. 31, 2023		0
Beginning balance at Dec. 31, 2023	4,720	$ 0	$ 0	7,001	(2,523)	97	(23)	168
Beginning balance (in shares) at Dec. 31, 2023			216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25			25
Net loss	(142)				(158)			16
Other comprehensive (loss) income, net of tax	(1)					(1)
Shares withheld related to net share settlement of stock awards	(14)			(14)
Ending balance (in shares) at Mar. 31, 2024		0
Ending balance at Mar. 31, 2024	$ 4,588	$ 0	$ 0	$ 7,012	$ (2,681)	$ 96	$ (23)	$ 184
Ending balance (in shares) at Mar. 31, 2024			216

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (142)	$ (136)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	327	300
Amortization of deferred financing costs and discounts	45	55
Provision for doubtful accounts	10	4
Loss on extinguishment of debt	48	197
Non-cash lease amortization	7	15
(Gain) loss on investments	(1)	5
Stock compensation expense	25	27
Loss on sale of business and disposal of property and equipment	1	2
Deferred income taxes	15	(50)
Other non-cash adjustments to net loss	(25)	0
Change in operating assets and liabilities:
Accounts receivable	47	40
Prepaid expenses and other assets	(27)	(21)
Income taxes receivable and payable, net	(3)	(1)
Accounts payable, accrued expenses and other liabilities	(247)	(263)
Net cash provided by operating activities	80	174
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(264)	(272)
Proceeds from sale of business, property and equipment, net of cash sold	0	1
Other	0	40
Net cash used in investing activities	(264)	(231)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	4,825	4,700
Repayments of long-term debt and revolving credit facilities	(4,828)	(4,630)
Financing obligation payments	0	(1)
Debt issuance and extinguishment costs	(77)	(79)
Taxes paid related to net share settlement of equity awards	(14)	(13)
Net cash used in financing activities	(94)	(23)
Decrease in cash, cash equivalents and restricted cash	(278)	(80)
Cash, cash equivalents and restricted cash, beginning of period	1,143	1,303
Cash, cash equivalents and restricted cash, end of period	865	1,223
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents	726	965
Restricted cash	126	155
Restricted and escrow cash included in other assets, net	13	103
Total cash, cash equivalents and restricted cash	865	1,223
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt	327	295
Cash interest paid for rent related to financing obligations	330	320
Income taxes paid, net	3	2
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	$ 245	$ 148

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Organization The Company is a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, the Company grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020 and William Hill PLC in 2021. The Company’s ticker symbol on the NASDAQ Stock Market is “CZR.” Description of Business The Company owns, leases, brands or manages an aggregate of 53 domestic properties in 18 states with approximately 50,500 slot machines, video lottery terminals and e-tables, approximately 2,700 table games and approximately 45,000 hotel rooms as of March 31, 2024. In addition, the Company has other properties in North America that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. The Company’s primary source of revenue is generated by its casino properties’ gaming operations, which includes retail and online sports betting and online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties. The Company’s operations for retail and online sports betting, iGaming, horse racing and online poker are included under the Caesars Digital segment. The Company operates the Caesars Sportsbook app, the Caesars Racebook app and the recently launched Caesars Palace Online Casino app. The Company operates retail and online sports wagering in 31 jurisdictions in North America, 26 of which offer online sports betting, and operates iGaming in five jurisdictions in North America as of March 31, 2024. The Company expects to continue to grow its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and iGaming.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Financial Statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The presentation of financial information herein for the periods after our completed divestiture of Rio All-Suite Hotel & Casino in the third quarter of 2023 is not fully comparable to the periods prior to such divestiture. Consolidation of Subsidiaries and Variable Interest Entities Our Financial Statements include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for as investments in equity securities. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE. If we determine an investment qualifies, or no longer qualifies, as a VIE, there may be a material effect to our Financial Statements. Fair Value Measurements The Company measures certain of its financial assets and liabilities at fair value, on a recurring basis, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Levels of the hierarchy prioritize the inputs used to measure fair value and include: • Level 1: Observable inputs such as quoted prices in active markets. • Level 2: Inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3: Unobservable inputs that reflect the Company’s own assumptions, as there is little, if any, related market activity. Cash and Cash Equivalents Cash equivalents include investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1). Cash and cash equivalents also include cash maintained for gaming operations. Restricted Cash Restricted cash includes cash equivalents held in certificates of deposit accounts or money market type funds, that are not subject to remeasurement on a recurring basis, which are restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business. Marketable Securities Marketable securities consist primarily of trading securities held by the Company’s deferred compensation plans. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1) and represent the amounts the Company would expect to receive if the Company sold these marketable securities. As of both March 31, 2024 and December 31, 2023, the Company held $2 million in Level 1 securities. Derivative Instruments The Company may enter into derivative instruments to hedge the risk of fluctuations in interest rates, foreign exchange rates or pricing for other commodities. These agreements are designated as cash flow hedges. As of March 31, 2024 and December 31, 2023, the Company did not hold any cash flow hedges or any derivative financial instruments for trading purposes. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Advertising Advertising costs are expensed in the period the advertising first occurs. Advertising costs for the three months ended March 31, 2024 and 2023 were $64 million and $68 million, respectively, and are included within operating expenses. Advertising costs related to the Caesars Digital segment are primarily recorded in Casino expense. Interest Expense, Net Three Months Ended March 31, (In millions) 2024 2023 Interest expense $ 607 $ 604 Capitalized interest (15) (6) Interest income (2) (4) Total interest expense, net $ 590 $ 594 Recently Issued Accounting Pronouncements Pronouncements to Be Implemented in Future Periods In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “ Income Taxes: Improvements to Income Tax Disclosures, ” which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. These updates apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Updates will be applied on a prospective basis with the option to apply the standard retrospectively. We do not expect the amendments in this update to have a material impact on our Financial Statements. In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting: Improvements to Reportable Segment Disclosures, ” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. This guidance is effective for years beginning after December 15, 2023, and interim periods within years beginning after December 15, 2024. Early adoption is permitted. Amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the amendments in this update to have a material impact on our Financial Statements. In October 2023, the FASB issued ASU 2023-06, “ Disclosure Improvements: Codification Amendments In Response to the SEC’s Disclosure Update and Simplification Initiative,” to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. This guidance is effective for the Company no later than June 30, 2027. We do not expect the amendments in this update to have a material impact on our Financial Statements.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment (In millions) March 31, 2024 December 31, 2023 Land $ 2,088 $ 2,088 Buildings, riverboats, and leasehold and land improvements 13,622 13,543 Furniture, fixtures, and equipment 2,484 2,409 Construction in progress 932 762 Total property and equipment 19,126 18,802 Less: accumulated depreciation (4,323) (4,046) Total property and equipment, net $ 14,803 $ 14,756 A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes our hotel rooms, convention space and retail space through various short-term and long-term operating leases. Depreciation Expense Three Months Ended March 31, (In millions) 2024 2023 Depreciation expense $ 291 $ 264 Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other Balances as of December 31, 2023 $ 946 $ 10,990 $ 3,577 Amortization expense (36) — — Balances as of March 31, 2024 $ 910 $ 10,990 $ 3,577 Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill March 31, 2024 December 31, 2023 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 587 $ (382) $ 205 $ 587 $ (360) $ 227 Gaming rights and other 10 - 34 years 242 (31) 211 242 (28) 214 Trademarks 15 years 313 (96) 217 313 (91) 222 Reacquired rights 24 years 250 (30) 220 250 (28) 222 Technology 6 years 110 (53) 57 110 (49) 61 $ 1,502 $ (592) 910 $ 1,502 $ (556) 946 Non-amortizing intangible assets other than Goodwill Trademarks 1,998 1,998 Gaming rights 1,056 1,056 Caesars Rewards 523 523 3,577 3,577 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,487 $ 4,523 Amortization expense with respect to intangible assets totaled $36 million for both the three months ended March 31, 2024 and 2023, which is included in Depreciation and amortization in the Statements of Operations. Estimated Five-Year Amortization Remaining 2024 Years Ended December 31, (In millions) 2025 2026 2027 2028 2029 Estimated annual amortization expense $ 93 $ 122 $ 122 $ 80 $ 43 $ 9

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	Litigation, Commitments and Contingencies Litigation General We are party to various legal proceedings, which have arisen in the normal course of our business. Such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact our consolidated financial condition or results of operations. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. While we maintain insurance coverage that we believe is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. The current liability for the estimated losses associated with these proceedings is not material to our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations. Contractual Commitments Capital Commitments Harrah’s New Orleans In April 2020, the Company and the State of Louisiana, by and through the Louisiana Gaming Control Board, entered into an Amended and Restated Casino Operating Contract. Additionally, the Company, New Orleans Building Corporation and the City entered into a Second Amended and Restated Lease Agreement. Based on these amendments related to Harrah’s New Orleans, the Company was required to make a capital investment of $325 million on or around Harrah’s New Orleans by July 15, 2024. The capital investment involves the rebranding of the property to Caesars New Orleans which includes a renovation and full interior and exterior redesign, updated casino floor, new culinary experiences and a new 340-room hotel tower. The project has a current capital plan of approximately $430 million, and as of March 31, 2024, total capital expenditures have been $329 million since the project began. Sports Sponsorship/Partnership Obligations The Company has agreements with certain professional sports leagues and teams, sporting event facilities and media companies for tickets, suites, advertising, marketing, promotional and sponsorship opportunities including communication with partner customer databases. Some of the agreements provide Caesars with exclusivity to access the aforementioned rights within the casino and/or sports betting category. As of March 31, 2024 and December 31, 2023 , obligations related to these agreements were $566 million and $605 million, respectively, with contracts extending through 2040. These obligations include leasing of event suites that are generally considered short-term leases for which the Company does not record a right of use asset or lease liability. The Company recognizes expenses in the period services are received in accordance with the various agreements. In addition, assets or liabilities may be recorded related to the timing of payments as required by the respective agreement. Self-Insurance The Company is self-insured for workers compensation and other risk insurance, as well as health insurance and general liability. The Company’s total estimated self-insurance liability as of March 31, 2024 and December 31, 2023, was $218 million and $200 million, respectively, which is included in Accrued other liabilities in our Balance Sheets. The assumptions utilized by our actuaries are subject to significant uncertainty and if outcomes differ from these assumptions or events develop or progress in a negative manner, the Company could experience a material adverse effect and additional liabilities may be recorded in the future.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt March 31, 2024 December 31, 2023 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt CEI Revolving Credit Facility 2028 variable $ — $ — $ — CEI Term Loan A 2028 variable 703 701 710 CEI Term Loan B 2030 variable 2,475 2,427 2,432 CEI Term Loan B-1 2031 variable 2,900 2,861 — CEI Senior Secured Notes due 2030 2030 7.00% 2,000 1,979 1,978 CEI Senior Secured Notes due 2032 2032 6.50% 1,500 1,482 — CEI Senior Secured Notes due 2025 N/A N/A — — 3,374 CRC Senior Secured Notes N/A N/A — — 983 Unsecured Debt CEI Senior Notes due 2027 2027 8.125% 1,611 1,595 1,593 CEI Senior Notes due 2029 2029 4.625% 1,200 1,188 1,188 Special Improvement District Bonds 2037 4.30% 45 45 45 Long-term notes and other payables 2 2 2 Total debt 12,436 12,280 12,305 Current portion of long-term debt (94) (94) (65) Deferred finance charges associated with the CEI Revolving Credit Facility — (15) (16) Long-term debt $ 12,342 $ 12,171 $ 12,224 Unamortized discounts and deferred finance charges $ 171 $ 150 Fair value $ 12,446 Annual Estimated Debt Service Requirements as of March 31, 2024 Remaining Years Ended December 31, (In millions) 2024 2025 2026 2027 2028 Thereafter Total Annual maturities of long-term debt $ 72 $ 94 $ 94 $ 1,705 $ 616 $ 9,855 $ 12,436 Estimated interest payments 610 870 830 810 650 1,220 4,990 Total debt service obligation (a) $ 682 $ 964 $ 924 $ 2,515 $ 1,266 $ 11,075 $ 17,426 ____________________ (a) Debt principal payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking SOFR curve, where applicable. Actual payments may differ from these estimates. Current Portion of Long-Term Debt The current portion of long-term debt as of March 31, 2024 includes the principal payments on the term loans, other unsecured borrowings, and special improvement district bonds that are contractually due within 12 months. The Company may, from time to time, seek to repurchase or prepay its outstanding indebtedness. Any such purchases or repayments may be funded by existing cash balances or the incurrence of debt. The amount and timing of any repurchase will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations. Debt Discounts or Premiums and Deferred Finance Charges Debt discounts or premiums and deferred finance charges incurred in connection with the issuance of debt are amortized to interest expense based on the related debt agreements primarily using the effective interest method. Unamortized discounts are written off and included in our gain or loss calculations to the extent we extinguish debt prior to the original maturity or scheduled payment dates. Fair Value The fair value of debt has been calculated primarily based on the borrowing rates available as of March 31, 2024 and based on market quotes of our publicly traded debt. We classify the fair value of debt within Level 1 and Level 2 in the fair value hierarchy. Terms of Outstanding Debt CEI Term Loans and CEI Revolving Credit Facility CEI is party to a credit agreement, dated as of July 20, 2020, with JPMorgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, as collateral agent, and certain banks and other financial institutions and lenders party thereto (the “CEI Credit Agreement”), which, as amended, provides for the CEI Revolving Credit Facility in an aggregate principal amount of $2.25 billion (the “CEI Revolving Credit Facility”) and will mature on January 31, 2028. The CEI Revolving Credit Facility includes a letter of credit sub-facility of $388 million and contains reserves of $40 million which are available only for certain permitted uses. On October 5, 2022, Caesars entered into an amendment to the CEI Credit Agreement pursuant to which the Company incurred a senior secured term loan in an aggregate principal amount of $750 million (the “CEI Term Loan A”) as a new term loan under the credit agreement and made certain other amendments to the CEI Credit Agreement. The CEI Term Loan A will mature on January 31, 2028, subject to a springing maturity in the event certain other long-term debt of Caesars is not extended or repaid. The CEI Term Loan A requires scheduled quarterly payments in amounts equal to 1.25% of the original aggregate principal amount of the CEI Term Loan A, with the balance payable at maturity. The Company may make voluntary prepayments of the CEI Term Loan A at any time prior to maturity at par. Borrowings under the CEI Revolving Credit Facility and the CEI Term Loan A bear interest, paid monthly or quarterly, at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on Secured Overnight Financing Rate (“Term SOFR”) for the applicable interest period plus an adjustment of 0.10% per annum (“Adjusted Term SOFR”), subject to a floor of 0% or (b) a base rate (the “Base Rate”) determined by reference to the highest of (i) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month Adjusted Term SOFR plus 1.00% per annum, in each case, plus an applicable margin. Such applicable margin is 2.25% per annum in the case of any Adjusted Term SOFR loan and 1.25% per annum in the case of any Base Rate loan, subject to three 0.25% step-downs based on the Company’s net total leverage ratio. In addition, on a quarterly basis, the Company is required to pay each lender under the CEI Revolving Credit Facility a commitment fee in respect of any unused commitments under the CEI Revolving Credit Facility in the amount of 0.35% per annum of the principal amount of the unused commitments of such lender, subject to three 0.05% step-downs based on the Company’s net total leverage ratio. On February 6, 2023, Caesars entered into an Incremental Assumption Agreement No. 2 pursuant to which the Company incurred a new senior secured term loan facility in an aggregate principal amount of $2.5 billion (the “CEI Term Loan B”) as a new term loan under the CEI Credit Agreement. The CEI Term Loan B requires scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount of the CEI Term Loan B, with the balance payable at maturity. Borrowings under the CEI Term Loan B bear interest, paid monthly, at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the Adjusted Term SOFR, subject to a floor of 0.50% or (b) a base rate (the “TLB Base Rate”) determined by reference to the highest of (i) the Prime Rate in the United States, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month Adjusted Term SOFR plus 1.00% per annum, in each case, plus an applicable margin. Such applicable margin is 3.25% per annum in the case of any Adjusted Term SOFR loan and 2.25% per annum in the case of any TLB Base Rate loan, subject to one 0.25% step-down based on the Company’s net total leverage ratio. The CEI Term Loan B was issued at a price of 99.0% of the principal amount and will mature on February 6, 2030. On February 6, 2024, the Company entered into an Incremental Assumption Agreement No. 3 pursuant to which the Company incurred a new senior secured incremental term loan in an aggregate principal amount of $2.9 billion (the “CEI Term Loan B-1”) under the CEI Credit Agreement. The CEI Term Loan B-1 requires quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount of the CEI Term Loan B-1, with the balance payable at maturity. Borrowings under the CEI Term Loan B-1 bear interest at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the Term SOFR, subject to a floor of 0.50% or (b) a base rate (the “TLB-1 Base Rate”) determined by reference to the highest of (i) the “Prime Rate” in the United States, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month Term SOFR plus 1.00% per annum, in each case, plus an applicable margin. Such applicable margin is 2.75% per annum in the case of any Term SOFR loan and 1.75% per annum in the case of any TLB-1 Base Rate loan. The CEI Term Loan B-1 was issued at a price of 99.75% of the principal amount and will mature on February 6, 2031. The net proceeds from the CEI Term Loan B-1 and the net proceeds from the issuance of the CEI Senior Secured Notes due 2032 (as described below), together with borrowings under the CEI Revolving Credit Facility, were used to tender, redeem, repurchase, defease, and/or satisfy and discharge any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees of both the 5.75% Senior Secured Notes due 2025 (the “CRC Senior Secured Notes”) and the 6.25% Senior Secured Notes due 2025 (the “CEI Senior Secured Notes due 2025”). As a result of these transactions, the Company recognized $48 million of loss on early extinguishment of debt. During the three months ended March 31, 2024, the Company utilized and fully repaid the CEI Revolving Credit Facility. Such activity is presented in the financing section in the Statements of Cash Flows. As of March 31, 2024, the Company had $2.1 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $70 million in outstanding letters of credit, $46 million committed for regulatory purposes, and the reserves described above. CEI Senior Secured Notes due 2030 On February 6, 2023, the Company issued $2.0 billion in aggregate principal amount of 7.00% senior secured notes (the “CEI Senior Secured Notes due 2030”) pursuant to an indenture by and among the Company, the subsidiary guarantors party thereto from time to time, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2030 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2030 will mature on February 15, 2030, with interest payable semi-annually on February 15 and August 15 of each year. CEI Senior Secured Notes due 2032 On February 6, 2024, the Company issued $1.5 billion in aggregate principal amount of 6.50% senior secured notes due 2032 (the “CEI Senior Secured Notes due 2032”) pursuant to an indenture by and among the Company, the subsidiary guarantors party thereto, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2032 rank equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2032 will mature on February 15, 2032, with interest payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. CEI Senior Secured Notes due 2025 On July 6, 2020, Colt Merger Sub, Inc. (the “Escrow Issuer”) issued $3.4 billion in aggregate principal amount of the CEI Senior Secured Notes due 2025 pursuant to an indenture dated July 6, 2020, by and among the Escrow Issuer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent. The CEI Senior Secured Notes due 2025 ranked equally with all existing and future first-priority lien obligations of the Company and the subsidiary guarantors. The CEI Senior Secured Notes due 2025 were scheduled to mature on July 1, 2025, with interest payable semi-annually on January 1 and July 1 of each year. On April 5, 2023, the Company purchased $1 million in principal amount of the CEI Senior Secured Notes due 2025. On February 6, 2024, the Company fully tendered, redeemed, repurchased, defeased, and/or satisfied and discharged any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees. CRC Senior Secured Notes due 2025 On July 6, 2020, the Escrow Issuer issued $1.0 billion in aggregate principal amount of the CRC Senior Secured Notes due 2025 pursuant to an indenture, dated July 6, 2020, by and among the Escrow Issuer, U.S. Bank National Association, as trustee and Credit Suisse AG, Cayman Islands Branch, as collateral agent. The CRC Senior Secured Notes ranked equally with all existing and future first priority lien obligations of CRC, CRC Finco, Inc. and the subsidiary guarantors. The CRC Senior Secured Notes were scheduled to mature on July 1, 2025, with interest payable semi-annually on January 1 and July 1 of each year. On February 6, 2024, the Company fully tendered, redeemed, repurchased, defeased, and/or satisfied and discharged any and all of the principal amounts, including accrued and unpaid interest, related expenses and fees. CEI Senior Notes due 2027 On July 6, 2020, the Escrow Issuer issued $1.8 billion in aggregate principal amount of 8.125% Senior Notes due 2027 pursuant to an indenture, dated July 6, 2020 (the “CEI Senior Notes due 2027”), by and between the Escrow Issuer and U.S. Bank National Association, as trustee. The CEI Senior Notes due 2027 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2027 will mature on July 1, 2027, with interest payable semi-annually on January 1 and July 1 of each year. CEI Senior Notes due 2029 On September 24, 2021, the Company issued $1.2 billion in aggregate principal amount of 4.625% Senior Notes due 2029 (the “CEI Senior Notes due 2029”) pursuant to an indenture dated as of September 24, 2021, between the Company and U.S. Bank National Association, as trustee. The CEI Senior Notes due 2029 rank equally with all existing and future senior unsecured indebtedness of the Company and the subsidiary guarantors. The CEI Senior Notes due 2029 will mature on October 15, 2029, with interest payable semi-annually on April 15 and October 15 of each year. Debt Covenant Compliance The CEI Revolving Credit Facility, the CEI Term Loan A, the CEI Term Loan B, the CEI Term Loan B-1, and the indentures governing the CEI Senior Secured Notes due 2030, the CEI Senior Secured Notes due 2032, the CEI Senior Notes due 2027, and the CEI Senior Notes due 2029 contain covenants which are standard and customary for these types of agreements. These include negative covenants, which, subject to certain exceptions and baskets, limit the Company’s and its subsidiaries’ ability to (among other items) incur additional indebtedness, make investments, make restricted payments, including dividends, grant liens, sell assets and make acquisitions. The CEI Revolving Credit Facility and the CEI Term Loan A include a maximum net total leverage ratio financial covenant of 7.25:1 until December 31, 2024 and 6.50:1 from and after December 31, 2024. In addition, the CEI Revolving Credit Facility and the CEI Term Loan A include a minimum fixed charge coverage ratio financial covenant of 1.75:1 until December 31, 2024 and 2.0:1 from and after December 31, 2024. From and after the repayment of the CEI Term Loan A, the financial covenants applicable to the CEI Revolving Credit Facility will be tested solely to the extent that certain testing conditions are satisfied. Failure to comply with such covenants could result in an acceleration of the maturity of indebtedness outstanding under the relevant debt document. As of March 31, 2024, the Company was in compliance with all of the applicable financial covenants described above. Guarantees The CEI Revolving Credit Facility, the CEI Term Loan A, the CEI Term Loan B, the CEI Term Loan B-1, the CEI Senior Secured Notes due 2030 and the CEI Senior Secured Notes due 2032 are guaranteed on a senior secured basis by each existing and future material wholly-owned domestic subsidiary of the Company and are secured by substantially all of the existing and future property and assets of the Company and its subsidiary guarantors (subject to certain exceptions). The CEI Senior Notes due 2027 and the CEI Senior Notes due 2029 are guaranteed on a senior unsecured basis by such subsidiaries.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s Statements of Operations present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 12 for additional information on the Company’s reportable segments. Three Months Ended March 31, 2024 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 239 $ 1,031 $ 266 $ — $ (1) $ 1,535 Food and beverage 287 135 — — — 422 Hotel 362 131 — — — 493 Other 140 68 16 68 — 292 Net revenues $ 1,028 $ 1,365 $ 282 $ 68 $ (1) $ 2,742 Three Months Ended March 31, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 309 $ 1,058 $ 219 $ — $ (1) $ 1,585 Food and beverage 290 137 — — — 427 Hotel 373 130 — — — 503 Other 159 64 19 69 4 315 Net revenues $ 1,131 $ 1,389 $ 238 $ 69 $ 3 $ 2,830 Accounts Receivable, Net (In millions) March 31, 2024 December 31, 2023 Casino $ 222 $ 274 Food and beverage and hotel 133 118 Other 196 216 Accounts receivable, net $ 551 $ 608 Contract and Contract-Related Liabilities The Company records contract or contract-related liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by customers, (2) Caesars Rewards player loyalty program obligations, which represent the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on certain types of customer spend, including online and retail gaming, hotel, dining, retail shopping, and player loyalty program incentives earned, and (3) customer deposits and other deferred revenue, which primarily represents funds deposited by customers related to gaming play and advance payments received for goods and services yet to be provided (such as advance ticket sales, deposits on rooms and convention space, unpaid wagers, iGaming deposits, or future sports bets). These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within Accrued other liabilities on the Company’s Balance Sheets. Liabilities expected to be recognized as revenue beyond one year of being purchased, earned, or deposited are recorded within Other long-term liabilities on the Company’s Balance Sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other Deferred Revenue (In millions) 2024 2023 2024 2023 2024 2023 Balance at January 1 $ 42 $ 45 $ 86 $ 87 $ 693 $ 693 Balance at March 31 39 38 85 89 631 637 Increase / (decrease) $ (3) $ (7) $ (1) $ 2 $ (62) $ (56) Lease Revenue Lodging Arrangements Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three months ended March 31, 2024 and 2023, we recognized approximately $493 million and $503 million, respectively, which is included in Hotel revenues in the Statements of Operations. Conventions Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Food and beverage revenue in the Statements of Operations and during the three months ended March 31, 2024 and 2023, lease revenue related to conventions was approximately $13 million and $14 million, respectively. Real Estate Operating Leases Real estate lease revenue is included in Other revenue in the Statements of Operations. During the three months ended March 31, 2024 and 2023, we recognized approximately $35 million and $37 million, respectively. Real estate lease revenue includes $13 million and $14 million of variable rental income for the three months ended March 31, 2024 and 2023, respectively.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (In millions, except per share data) 2024 2023 Net loss attributable to Caesars $ (158) $ (136) Shares outstanding: Weighted average shares outstanding – basic 216 215 Weighted average shares outstanding – diluted 216 215 Net loss per common share attributable to common stockholders – basic: $ (0.73) $ (0.63) Net loss per common share attributable to common stockholders – diluted: $ (0.73) $ (0.63) For a period in which the Company generated a net loss from continuing operations, the Weighted average shares outstanding - basic was used in calculating Diluted loss per share because using diluted shares would have been anti-dilutive to loss per share. Weighted-Average Number of Anti-Dilutive Shares Excluded from the Calculation of Earnings per Share Three Months Ended March 31, (In millions) 2024 2023 Stock-based compensation awards 4 4 Total anti-dilutive common stock 4 4

Stock-Based Compensation and St

Stock-Based Compensation and Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Stockholders’ Equity	Stock-Based Compensation and Stockholders’ Equity Stock-Based Awards The Company maintains long-term incentive plans which allow for granting stock-based compensation awards to directors, employees, officers, and consultants or advisers who render services to the Company or its subsidiaries, based on Company Common Stock, including stock options, restricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based performance stock units (“MSUs”), stock appreciation rights, and other stock-based awards or dividend equivalents. Forfeitures are recognized in the period in which they occur. Total stock-based compensation expense in the accompanying Statements of Operations totaled $25 million and $27 million during the three months ended March 31, 2024 and 2023, respectively. These amounts are included in Corporate expense in the Company’s Statements of Operations. 2015 Equity Incentive Plan (“2015 Plan”) During the three months ended March 31, 2024, as part of the annual incentive program, the Company granted 1.7 million RSUs to eligible participants with an aggregate fair value of $78 million and a ratable vesting period of one During the three months ended March 31, 2024, the Company also granted 107 thousand PSUs that are scheduled to cliff vest over a period of one In addition, during the three months ended March 31, 2024, the Company granted 429 thousand MSUs that are scheduled to cliff vest over a period of one During the three months ended March 31, 2024, there were no grants of stock options. In addition, during the three months ended March 31, 2024, 799 thousand, 99 thousand and 19 thousand of RSUs, PSUs and MSUs, respectively, vested under the 2015 Plan. Outstanding at End of Period March 31, 2024 December 31, 2023 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Restricted stock units 2,813,633 50.48 1,922,419 60.11 Performance stock units 358,615 43.74 328,230 46.88 Market-based stock units 1,134,413 73.64 872,019 85.11 ____________________ (a) Represents the weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the grant date fair value of the MSUs determined using the Monte-Carlo simulation model. Accumulated Other Comprehensive Income (Loss) The changes in Accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2024 and 2023 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2022 $ 94 $ (1) $ (1) $ 92 Other comprehensive income before reclassifications — 2 4 6 Total other comprehensive income, net of tax — 2 4 6 Balances as of March 31, 2023 $ 94 $ 1 $ 3 $ 98 Balances as of December 31, 2023 $ 94 $ — $ 3 $ 97 Other comprehensive loss before reclassifications — — (1) (1) Total other comprehensive loss, net of tax — — (1) (1) Balances as of March 31, 2024 $ 94 $ — $ 2 $ 96 Share Repurchase Program In November 2018, the Company’s Board of Directors authorized a $150 million common stock repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the Share Repurchase Program. As of March 31, 2024, the Company has acquired 223,823 shares of common stock under the Share Repurchase Program at an aggregate value of $9 million and an average of $40.80 per share. No shares were repurchased during the three months ended March 31, 2024 and 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company utilized a discrete effective tax rate method, as allowed by ASC 740-270 “Income Taxes, Interim Reporting,” to calculate taxes for the three months ended March 31, 2024 and 2023. The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate (“AETR”), and therefore, the AETR method would not provide a reliable estimate. Income Tax Allocation Three Months Ended March 31, (In millions) 2024 2023 Loss from continuing operations before income taxes $ (127) $ (185) Benefit (provision) for income taxes (15) 49 Effective tax rate (11.8) % 26.5 % The Company classifies accruals for uncertain tax positions within Other long-term liabilities on the Balance Sheets, separate from any related income tax payable or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax assets. During the second quarter of 2023, the Company evaluated its forecasted adjusted taxable income and objectively verifiable evidence and placed substantial weight on its 2022 and 2023 quarterly earnings, adjusted for non-recurring items, including the interest expense disallowed under current tax law. Accordingly, the Company determined it was more likely than not that a portion of the federal and state deferred tax assets will be realized and, as a result, during the second quarter of 2023, the Company reversed the valuation allowance related to these deferred tax assets and recorded an income tax benefit of $940 million. The Company is still carrying a valuation allowance on certain federal and state deferred tax assets that are not more likely than not to be realized in the future. The Company has assessed the changes to the valuation allowance, including realization of the disallowed interest expense deferred tax asset, using the integrated approach. The income tax provision for the three months ended March 31, 2024 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to an increase in federal and state valuation allowances against the deferred tax assets for excess business interest expense. The income tax benefit for the three months ended March 31, 2023 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to state deferred tax benefits generated from net operating losses becoming available due to elections to treat certain subsidiary corporations as disregarded entities for income tax purposes. The Company, including its subsidiaries, files tax returns with federal, state, and foreign jurisdictions. The Company does not have tax sharing agreements with the other members within its consolidated group. The Company is subject to exam by various state and foreign tax authorities. With few exceptions, the Company is no longer subject to US federal or state and local tax assessments by tax authorities for years before 2020, and it is possible that the amount of the liability for unrecognized tax benefits could change during the next 12 months.

Related Party and Affiliate Tra

Related Party and Affiliate Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party and Affiliate Transactions	Related Party and Affiliate Transactions C. S. & Y. Associates The Company owns the entire parcel on which Eldorado Resort Casino Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates (“CSY”) (the “CSY Lease”). CSY is a general partnership in which a trust has an approximate 27% interest. The Company’s Executive Chairman of the Board, Gary L. Carano, and his siblings are direct or indirect beneficiaries of the trust. The CSY Lease expires on June 30, 2057. Annual rent pursuant to the CSY Lease is currently $0.6 million, paid monthly. Annual rent is subject to periodic rent escalations of 1 to 2 percent through the term of the lease. Commensurate with its interest, the trust receives directly from the Company approximately 27% of the rent paid by the Company. As of March 31, 2024 and December 31, 2023, there were no amounts due to or from CSY. C VA Holdco, LLC In May 2023, the Company entered into a joint venture, CVA Holdco, LLC, with EBCI and an additional minority partner, to construct, own and operate a gaming facility in Danville, Virginia (“Caesars Virginia”). Caesars Virginia opened in a temporary facility on May 15, 2023 which will be replaced by a permanent facility that is currently under construction and is estimated to open in December 2024. As the managing member, the Company will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. While the Company holds a 49.5% variable interest in the joint venture, it is the primary beneficiary; as such, the joint venture’s operations are included in the Financial Statements, with a minority interest recorded reflecting the operations attributed to the other partners. The Company participates ratably, based on ownership percentage, with the partners in the profits and losses of the joint venture. As of March 31, 2024, the Company has received $116 million in contributions for the project. Subsequent to March 31, 2024, Caesars Virginia, LLC, a subsidiary of CVA Holdco, LLC, entered into a five-year term loan and revolving credit facility agreement totaling $425 million on April 26, 2024. Pompano Joint Venture In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino and racetrack at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval. While the Company holds a 50% variable interest in the joint venture, it is not the primary beneficiary; as such, the investment in the joint venture is accounted for using the equity method and is recorded in Investment in and advances to unconsolidated affiliates on the Balance Sheet. The Company participates evenly with Cordish in the profits and losses of the joint venture, which are included in Transaction and other costs, net on the Statements of Operations. As of March 31, 2024, the Company has contributed a total of $7 million in cash contributions since inception of the joint venture, which includes capital calls totaling $3 million in October 2023 that the Company elected to participate in. Additionally, the Company has contributed approximately 209 acres of land with a total fair value of approximately $69 million. The Company has no further obligation to contribute additional real estate or cash. During the year ended December 31, 2023, the Company recorded $64 million of income related to the investment, primarily due to the joint venture’s gain on the sale of a land parcel. As of both March 31, 2024 and December 31, 2023, the Company’s investment in the joint venture was $147 million and is recorded in Investments in and advances to unconsolidated affiliates on the Balance Sheets.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information 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 table below for a summary of these segments. Also, see Note 3 and Note 4 for a discussion of any impairment of intangible assets or long-lived assets related to certain segments, when applicable. The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of March 31, 2024: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Harveys Lake Tahoe Managed The Cromwell Caesars Virginia (a) Horseshoe Baltimore Harrah’s Ak-Chin Flamingo Las Vegas Circus Circus Reno Horseshoe Black Hawk Harrah’s Cherokee Harrah’s Las Vegas Eldorado Gaming Scioto Downs Horseshoe Bossier City Harrah’s Cherokee Valley River Horseshoe Las Vegas Eldorado Resort Casino Reno Horseshoe Council Bluffs Harrah’s Resort Southern California The LINQ Hotel & Casino Grand Victoria Casino Horseshoe Hammond Caesars Windsor Paris Las Vegas Harrah’s Atlantic City Horseshoe Indianapolis Branded Planet Hollywood Resort & Casino Harrah’s Columbus Nebraska (b) Horseshoe Lake Charles Caesars Republic Scottsdale Harrah’s Council Bluffs Horseshoe St. Louis Caesars Southern Indiana Caesars Digital Harrah’s Gulf Coast Horseshoe Tunica Harrah’s Northern California Caesars Digital Harrah’s Hoosier Park Racing & Casino Isle Casino Bettendorf Harrah’s Joliet Isle of Capri Casino Boonville Harrah’s Lake Tahoe Isle of Capri Casino Lula Harrah’s Laughlin Isle Casino Waterloo Harrah’s Metropolis Lady Luck Casino - Black Hawk Harrah’s New Orleans 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 is expected to be completed in December 2024. (b) Temporary gaming facility opened on June 12, 2023 and closed on March 20, 2024 in anticipation of the permanent facility opening in May 2024. 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. The LINQ Promenade is an open-air dining, entertainment, and retail promenade located on the east side of the Las Vegas Strip next to The LINQ Hotel & Casino (the “LINQ”) that features the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction. We also own the CAESARS FORUM convention center, which 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 following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other: Three Months Ended March 31, (In millions) 2024 2023 Las Vegas: Net revenues $ 1,028 $ 1,131 Adjusted EBITDA 440 533 Regional: Net revenues 1,365 1,389 Adjusted EBITDA 433 448 Caesars Digital: Net revenues 282 238 Adjusted EBITDA 5 (4) Managed and Branded: Net revenues 68 69 Adjusted EBITDA 18 19 Corporate and Other: Net revenues (1) 3 Adjusted EBITDA (43) (38) 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 flow 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. Three Months Ended March 31, (In millions) 2024 2023 Net loss attributable to Caesars $ (158) $ (136) Net income attributable to noncontrolling interests 16 — (Benefit) provision for income taxes 15 (49) Other income (a) (26) (3) Loss on extinguishment of debt 48 197 Interest expense, net 590 594 Depreciation and amortization 327 300 Transaction costs and other, net (b) 16 28 Stock-based compensation expense 25 27 Adjusted EBITDA $ 853 $ 958 Adjusted EBITDA by Segment: Las Vegas $ 440 $ 533 Regional 433 448 Caesars Digital 5 (4) Managed and Branded 18 19 Corporate and Other (43) (38) ____________________ (a) Other income for the three months ended March 31, 2024 primarily represents a change in estimate of our disputed claims liability. (b) Transaction costs and other, net primarily includes 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, pre-opening costs in connection with our temporary facility openings, and non-cash changes in equity method investments. Total Assets - By Segment (In millions) March 31, 2024 December 31, 2023 Las Vegas $ 24,425 $ 24,230 Regional 15,423 15,291 Caesars Digital 999 1,095 Managed and Branded 240 224 Corporate and Other (a) (8,028) (7,474) Total $ 33,059 $ 33,366 ____________________ (a) Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss attributable to Caesars	$ (158)	$ (136)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Edmund L. Quatmann, Jr. [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Edmund L. Quatmann, Jr., Chief Legal Officer, entered into a pre-arranged stock trading plan on March 8, 2024. Mr. Quatmann’s plan provides for the potential sale by Mr. Quatmann of up to 66,241 shares of common stock between June 29, 2024 and June 30, 2025.
Name	Edmund L. Quatmann, Jr.
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 8, 2024
Arrangement Duration	366 days
Aggregate Available	66,241

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation of Subsidiaries and Variable Interest Entities	Basis of Presentation The accompanying unaudited Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Financial Statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The presentation of financial information herein for the periods after our completed divestiture of Rio All-Suite Hotel & Casino in the third quarter of 2023 is not fully comparable to the periods prior to such divestiture. Consolidation of Subsidiaries and Variable Interest Entities Our Financial Statements include the accounts of Caesars Entertainment, Inc. and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where we have determined that we have significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for as investments in equity securities. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE. If we determine an investment qualifies, or no longer qualifies, as a VIE, there may be a material effect to our Financial Statements.
Fair Value Measurements	Fair Value Measurements The Company measures certain of its financial assets and liabilities at fair value, on a recurring basis, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Levels of the hierarchy prioritize the inputs used to measure fair value and include: • Level 1: Observable inputs such as quoted prices in active markets. • Level 2: Inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3: Unobservable inputs that reflect the Company’s own assumptions, as there is little, if any, related market activity.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include investments in money market funds that can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1). Cash and cash equivalents also include cash maintained for gaming operations.
Restricted Cash	Restricted Cash Restricted cash includes cash equivalents held in certificates of deposit accounts or money market type funds, that are not subject to remeasurement on a recurring basis, which are restricted under certain operating agreements or restricted for future capital expenditures in the normal course of business.
Marketable Securities	Marketable Securities
Derivative Instruments	Derivative Instruments
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Advertising	Advertising
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pronouncements to Be Implemented in Future Periods In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “ Income Taxes: Improvements to Income Tax Disclosures, ” which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. These updates apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Updates will be applied on a prospective basis with the option to apply the standard retrospectively. We do not expect the amendments in this update to have a material impact on our Financial Statements. In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting: Improvements to Reportable Segment Disclosures, ” which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. This guidance is effective for years beginning after December 15, 2023, and interim periods within years beginning after December 15, 2024. Early adoption is permitted. Amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the amendments in this update to have a material impact on our Financial Statements. In October 2023, the FASB issued ASU 2023-06, “ Disclosure Improvements: Codification Amendments In Response to the SEC’s Disclosure Update and Simplification Initiative,” to clarify or improve disclosure and presentation requirements on a variety of topics and align the requirements in the FASB accounting standard codification with the Securities and Exchange Commission regulations. This guidance is effective for the Company no later than June 30, 2027. We do not expect the amendments in this update to have a material impact on our Financial Statements.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Interest Expense, Net	Interest Expense, Net Three Months Ended March 31, (In millions) 2024 2023 Interest expense $ 607 $ 604 Capitalized interest (15) (6) Interest income (2) (4) Total interest expense, net $ 590 $ 594

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	(In millions) March 31, 2024 December 31, 2023 Land $ 2,088 $ 2,088 Buildings, riverboats, and leasehold and land improvements 13,622 13,543 Furniture, fixtures, and equipment 2,484 2,409 Construction in progress 932 762 Total property and equipment 19,126 18,802 Less: accumulated depreciation (4,323) (4,046) Total property and equipment, net $ 14,803 $ 14,756 Depreciation Expense Three Months Ended March 31, (In millions) 2024 2023 Depreciation expense $ 291 $ 264

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Value of Goodwill and Other Intangible Assets	Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other Balances as of December 31, 2023 $ 946 $ 10,990 $ 3,577 Amortization expense (36) — — Balances as of March 31, 2024 $ 910 $ 10,990 $ 3,577
Schedule of Finite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill March 31, 2024 December 31, 2023 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 587 $ (382) $ 205 $ 587 $ (360) $ 227 Gaming rights and other 10 - 34 years 242 (31) 211 242 (28) 214 Trademarks 15 years 313 (96) 217 313 (91) 222 Reacquired rights 24 years 250 (30) 220 250 (28) 222 Technology 6 years 110 (53) 57 110 (49) 61 $ 1,502 $ (592) 910 $ 1,502 $ (556) 946 Non-amortizing intangible assets other than Goodwill Trademarks 1,998 1,998 Gaming rights 1,056 1,056 Caesars Rewards 523 523 3,577 3,577 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,487 $ 4,523
Schedule of Indefinite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill March 31, 2024 December 31, 2023 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 3 - 7 years $ 587 $ (382) $ 205 $ 587 $ (360) $ 227 Gaming rights and other 10 - 34 years 242 (31) 211 242 (28) 214 Trademarks 15 years 313 (96) 217 313 (91) 222 Reacquired rights 24 years 250 (30) 220 250 (28) 222 Technology 6 years 110 (53) 57 110 (49) 61 $ 1,502 $ (592) 910 $ 1,502 $ (556) 946 Non-amortizing intangible assets other than Goodwill Trademarks 1,998 1,998 Gaming rights 1,056 1,056 Caesars Rewards 523 523 3,577 3,577 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,487 $ 4,523
Schedule of Estimated Annual Amortization Expense	Estimated Five-Year Amortization Remaining 2024 Years Ended December 31, (In millions) 2025 2026 2027 2028 2029 Estimated annual amortization expense $ 93 $ 122 $ 122 $ 80 $ 43 $ 9

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	March 31, 2024 December 31, 2023 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt CEI Revolving Credit Facility 2028 variable $ — $ — $ — CEI Term Loan A 2028 variable 703 701 710 CEI Term Loan B 2030 variable 2,475 2,427 2,432 CEI Term Loan B-1 2031 variable 2,900 2,861 — CEI Senior Secured Notes due 2030 2030 7.00% 2,000 1,979 1,978 CEI Senior Secured Notes due 2032 2032 6.50% 1,500 1,482 — CEI Senior Secured Notes due 2025 N/A N/A — — 3,374 CRC Senior Secured Notes N/A N/A — — 983 Unsecured Debt CEI Senior Notes due 2027 2027 8.125% 1,611 1,595 1,593 CEI Senior Notes due 2029 2029 4.625% 1,200 1,188 1,188 Special Improvement District Bonds 2037 4.30% 45 45 45 Long-term notes and other payables 2 2 2 Total debt 12,436 12,280 12,305 Current portion of long-term debt (94) (94) (65) Deferred finance charges associated with the CEI Revolving Credit Facility — (15) (16) Long-term debt $ 12,342 $ 12,171 $ 12,224 Unamortized discounts and deferred finance charges $ 171 $ 150 Fair value $ 12,446
Schedule of Maturities of Long-Term Debt	Annual Estimated Debt Service Requirements as of March 31, 2024 Remaining Years Ended December 31, (In millions) 2024 2025 2026 2027 2028 Thereafter Total Annual maturities of long-term debt $ 72 $ 94 $ 94 $ 1,705 $ 616 $ 9,855 $ 12,436 Estimated interest payments 610 870 830 810 650 1,220 4,990 Total debt service obligation (a) $ 682 $ 964 $ 924 $ 2,515 $ 1,266 $ 11,075 $ 17,426 ____________________ (a) Debt principal payments are estimated amounts based on contractual maturity and scheduled repayment dates. Interest payments are estimated based on the forward-looking SOFR curve, where applicable. Actual payments may differ from these estimates.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Net Revenues Disaggregated by Type of Revenue and Reportable Segment	The Company’s Statements of Operations present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 12 for additional information on the Company’s reportable segments. Three Months Ended March 31, 2024 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 239 $ 1,031 $ 266 $ — $ (1) $ 1,535 Food and beverage 287 135 — — — 422 Hotel 362 131 — — — 493 Other 140 68 16 68 — 292 Net revenues $ 1,028 $ 1,365 $ 282 $ 68 $ (1) $ 2,742 Three Months Ended March 31, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 309 $ 1,058 $ 219 $ — $ (1) $ 1,585 Food and beverage 290 137 — — — 427 Hotel 373 130 — — — 503 Other 159 64 19 69 4 315 Net revenues $ 1,131 $ 1,389 $ 238 $ 69 $ 3 $ 2,830
Schedule of Accounts Receivable, Net	Accounts Receivable, Net (In millions) March 31, 2024 December 31, 2023 Casino $ 222 $ 274 Food and beverage and hotel 133 118 Other 196 216 Accounts receivable, net $ 551 $ 608
Schedule of Activity Related to Contract and Contract-Related Liabilities	The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Caesars Rewards Customer Deposits and Other Deferred Revenue (In millions) 2024 2023 2024 2023 2024 2023 Balance at January 1 $ 42 $ 45 $ 86 $ 87 $ 693 $ 693 Balance at March 31 39 38 85 89 631 637 Increase / (decrease) $ (3) $ (7) $ (1) $ 2 $ (62) $ (56)

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations	The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (In millions, except per share data) 2024 2023 Net loss attributable to Caesars $ (158) $ (136) Shares outstanding: Weighted average shares outstanding – basic 216 215 Weighted average shares outstanding – diluted 216 215 Net loss per common share attributable to common stockholders – basic: $ (0.73) $ (0.63) Net loss per common share attributable to common stockholders – diluted: $ (0.73) $ (0.63)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Weighted-Average Number of Anti-Dilutive Shares Excluded from the Calculation of Earnings per Share Three Months Ended March 31, (In millions) 2024 2023 Stock-based compensation awards 4 4 Total anti-dilutive common stock 4 4

Stock-Based Compensation and _2

Stock-Based Compensation and Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Arrangement, Activity	March 31, 2024 December 31, 2023 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Restricted stock units 2,813,633 50.48 1,922,419 60.11 Performance stock units 358,615 43.74 328,230 46.88 Market-based stock units 1,134,413 73.64 872,019 85.11 ____________________ (a) Represents the weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the grant date fair value of the MSUs determined using the Monte-Carlo simulation model.
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component	The changes in Accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2024 and 2023 are shown below. (In millions) Unrealized Net Gains on Derivative Instruments Foreign Currency Translation Adjustments Other Total Balances as of December 31, 2022 $ 94 $ (1) $ (1) $ 92 Other comprehensive income before reclassifications — 2 4 6 Total other comprehensive income, net of tax — 2 4 6 Balances as of March 31, 2023 $ 94 $ 1 $ 3 $ 98 Balances as of December 31, 2023 $ 94 $ — $ 3 $ 97 Other comprehensive loss before reclassifications — — (1) (1) Total other comprehensive loss, net of tax — — (1) (1) Balances as of March 31, 2024 $ 94 $ — $ 2 $ 96

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income Tax Allocation Three Months Ended March 31, (In millions) 2024 2023 Loss from continuing operations before income taxes $ (127) $ (185) Benefit (provision) for income taxes (15) 49 Effective tax rate (11.8) % 26.5 %

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 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 March 31, 2024: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Harveys Lake Tahoe Managed The Cromwell Caesars Virginia (a) Horseshoe Baltimore Harrah’s Ak-Chin Flamingo Las Vegas Circus Circus Reno Horseshoe Black Hawk Harrah’s Cherokee Harrah’s Las Vegas Eldorado Gaming Scioto Downs Horseshoe Bossier City Harrah’s Cherokee Valley River Horseshoe Las Vegas Eldorado Resort Casino Reno Horseshoe Council Bluffs Harrah’s Resort Southern California The LINQ Hotel & Casino Grand Victoria Casino Horseshoe Hammond Caesars Windsor Paris Las Vegas Harrah’s Atlantic City Horseshoe Indianapolis Branded Planet Hollywood Resort & Casino Harrah’s Columbus Nebraska (b) Horseshoe Lake Charles Caesars Republic Scottsdale Harrah’s Council Bluffs Horseshoe St. Louis Caesars Southern Indiana Caesars Digital Harrah’s Gulf Coast Horseshoe Tunica Harrah’s Northern California Caesars Digital Harrah’s Hoosier Park Racing & Casino Isle Casino Bettendorf Harrah’s Joliet Isle of Capri Casino Boonville Harrah’s Lake Tahoe Isle of Capri Casino Lula Harrah’s Laughlin Isle Casino Waterloo Harrah’s Metropolis Lady Luck Casino - Black Hawk Harrah’s New Orleans 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 is expected to be completed in December 2024. (b) Temporary gaming facility opened on June 12, 2023 and closed on March 20, 2024 in anticipation of the permanent facility opening in May 2024. 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: Three Months Ended March 31, (In millions) 2024 2023 Las Vegas: Net revenues $ 1,028 $ 1,131 Adjusted EBITDA 440 533 Regional: Net revenues 1,365 1,389 Adjusted EBITDA 433 448 Caesars Digital: Net revenues 282 238 Adjusted EBITDA 5 (4) Managed and Branded: Net revenues 68 69 Adjusted EBITDA 18 19 Corporate and Other: Net revenues (1) 3 Adjusted EBITDA (43) (38) Three Months Ended March 31, (In millions) 2024 2023 Net loss attributable to Caesars $ (158) $ (136) Net income attributable to noncontrolling interests 16 — (Benefit) provision for income taxes 15 (49) Other income (a) (26) (3) Loss on extinguishment of debt 48 197 Interest expense, net 590 594 Depreciation and amortization 327 300 Transaction costs and other, net (b) 16 28 Stock-based compensation expense 25 27 Adjusted EBITDA $ 853 $ 958 Adjusted EBITDA by Segment: Las Vegas $ 440 $ 533 Regional 433 448 Caesars Digital 5 (4) Managed and Branded 18 19 Corporate and Other (43) (38) ____________________ (a) Other income for the three months ended March 31, 2024 primarily represents a change in estimate of our disputed claims liability. (b)
Schedule of Balance Sheet Information for Reportable Segments	Total Assets - By Segment (In millions) March 31, 2024 December 31, 2023 Las Vegas $ 24,425 $ 24,230 Regional 15,423 15,291 Caesars Digital 999 1,095 Managed and Branded 240 224 Corporate and Other (a) (8,028) (7,474) Total $ 33,059 $ 33,366 ____________________ (a) Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.

Organization and Description _2

Organization and Description of Business - Narrative (Details)	Mar. 31, 2024 hotel_room property state machine game
Variable Interest Entity [Line Items]
Total number of properties | property	53
Number of slot machines and video lottery terminals | machine	50,500
Number of table games | game	2,700
Number of room in hotel | hotel_room	45,000
Domestic Gaming and Hospitality Properties
Variable Interest Entity [Line Items]
Number of states in which the company operates	18
Sports Wagering
Variable Interest Entity [Line Items]
Number of states in which the company operates	31
Mobile Sports Betting
Variable Interest Entity [Line Items]
Number of states in which the company operates	26
Online Real Money Gaming Businesses
Variable Interest Entity [Line Items]
Number of states in which the company operates	5

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advertising expense	$ 64	$ 68
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 2		$ 2

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Interest expense	$ 607	$ 604
Capitalized interest	(15)	(6)
Interest income	(2)	(4)
Total interest expense, net	$ 590	$ 594

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 19,126		$ 18,802
Less: accumulated depreciation	(4,323)		(4,046)
Total property and equipment, net	14,803		14,756
Depreciation expense	291	$ 264
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	2,088		2,088
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,622		13,543
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	2,484		2,409
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 932		$ 762

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Schedule of Changes in Carrying Value of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance	$ 946
Amortization expense	(36)	$ (36)
Finite-lived intangible assets, net, ending balance	910
Goodwill
Goodwill, gross, beginning balance	10,990
Goodwill, gross, ending balance	10,990
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance	3,577
Indefinite-lived intangible assets (excluding goodwill), ending balance	$ 3,577

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 1,502	$ 1,502
Accumulated Amortization	(592)	(556)
Net Carrying Amount	910	946
Non-amortizing intangible assets other than Goodwill	3,577	3,577
Total amortizing and non-amortizing intangible assets other than Goodwill, net	4,487	4,523
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	1,998	1,998
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	1,056	1,056
Caesars Rewards
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	523	523
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	587	587
Accumulated Amortization	(382)	(360)
Net Carrying Amount	$ 205	227
Customer relationships | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	3 years
Customer relationships | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	7 years
Gaming rights and other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 242	242
Accumulated Amortization	(31)	(28)
Net Carrying Amount	$ 211	214
Gaming rights and other | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	10 years
Gaming rights and other | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	34 years
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	15 years
Gross Carrying Amount	$ 313	313
Accumulated Amortization	(96)	(91)
Net Carrying Amount	$ 217	222
Reacquired rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	24 years
Gross Carrying Amount	$ 250	250
Accumulated Amortization	(30)	(28)
Net Carrying Amount	$ 220	222
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	6 years
Gross Carrying Amount	$ 110	110
Accumulated Amortization	(53)	(49)
Net Carrying Amount	$ 57	$ 61

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 36	$ 36

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Estimated Annual Amortization Expense (Details) $ in Millions	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2024	$ 93
2025	122
2026	122
2027	80
2028	43
2029	$ 9

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 30, 2020 USD ($) hotel_room
Loss Contingencies [Line Items]
Self insurance reserve	$ 218	$ 200
Casino Operating Contract and Ground Lease for Harrah’s New Orleans
Loss Contingencies [Line Items]
Net investment in lease	430		$ 325
Number of hotel rooms in new tower | hotel_room			340
Capital expenditures	329
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	$ 566	$ 605

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Feb. 06, 2024	Dec. 31, 2023	Feb. 06, 2023	Sep. 24, 2021	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
Total debt	$ 12,436
Current portion of long-term debt	(94)		$ (65)
Long-term debt	12,171		12,224
Face Value
Long-term debt
Special Improvement District Bonds	45
Long-term notes and other payables	2
Total debt	12,436
Current portion of long-term debt	(94)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	12,342
Fair value	12,446
Book Value
Long-term debt
Special Improvement District Bonds	45		45
Long-term notes and other payables	2		2
Total debt	12,280		12,305
Current portion of long-term debt	(94)		(65)
Deferred finance charges associated with the CEI Revolving Credit Facility	(15)		(16)
Long-term debt	12,171		12,224
Unamortized discounts and deferred finance charges	171		150
CEI Revolving Credit Facility | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	0
CEI Revolving Credit Facility | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	0		0
CEI Term Loan A | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	703
CEI Term Loan A | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	701		710
CEI Term Loan B | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	2,475
CEI Term Loan B | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	2,427		2,432
CEI Term Loan B-1 | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	2,900
CEI Term Loan B-1 | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	$ 2,861		0
CEI Senior Secured Notes due 2030 | Senior Notes
Long-term debt
Long-term debt, gross				$ 2,000
Interest rate	7%			7%
CEI Senior Secured Notes due 2030 | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 2,000
CEI Senior Secured Notes due 2030 | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 1,979		1,978
CEI Senior Secured Notes due 2032 | Senior Notes
Long-term debt
Long-term debt, gross		$ 1,500
Interest rate	6.50%	6.50%
CEI Senior Secured Notes due 2032 | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 1,500
CEI Senior Secured Notes due 2032 | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	1,482		0
CEI Senior Secured Notes due 2025 | Senior Notes
Long-term debt
Long-term debt, gross						$ 3,400
Interest rate		6.25%
CEI Senior Secured Notes due 2025 | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	0
CEI Senior Secured Notes due 2025 | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	0		3,374
CRC Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross						1,000
Interest rate		5.75%
CRC Senior Secured Notes | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	0
CRC Senior Secured Notes | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 0		983
CEI Senior Notes due 2027 | Senior Notes
Long-term debt
Long-term debt, gross						$ 1,800
Interest rate	8.125%					8.125%
CEI Senior Notes due 2027 | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 1,611
CEI Senior Notes due 2027 | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 1,595		1,593
CEI Senior Notes due 2029 | Senior Notes
Long-term debt
Long-term debt, gross					$ 1,200
Interest rate	4.625%				4.625%
CEI Senior Notes due 2029 | Senior Notes | Face Value
Long-term debt
Long-term debt, gross	$ 1,200
CEI Senior Notes due 2029 | Senior Notes | Book Value
Long-term debt
Long-term debt, gross	$ 1,188		$ 1,188

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Millions	Mar. 31, 2024 USD ($)
Annual maturities of long-term debt
Remaining 2024	$ 72
2025	94
2026	94
2027	1,705
2028	616
Thereafter	9,855
Total debt	12,436
Estimated interest payments
Remaining 2024	610
2025	870
2026	830
2027	810
2028	650
Thereafter	1,220
Debt estimate interest payment, due	4,990
Total debt service obligation
Remaining 2024	682
2025	964
2026	924
2027	2,515
2028	1,266
Thereafter	11,075
Debt service obligation	$ 17,426

Long-Term Debt - CEI Term Loans

Long-Term Debt - CEI Term Loans and CEI Revolving Credit Facility (Narrative) (Details)				3 Months Ended
	Feb. 06, 2024 USD ($)	Feb. 06, 2023 USD ($) stepdown	Oct. 05, 2022 USD ($) stepdown	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jul. 20, 2020 USD ($)
Long-term debt
Interest rate				4.30%
Loss on extinguishment of debt				$ (48,000,000)	$ (197,000,000)
CRC Senior Secured Notes and CEI Senior Secured Notes Due 2025
Long-term debt
Loss on extinguishment of debt	$ 48,000,000
Senior Notes | CEI Term Loan B
Long-term debt
Debt instrument, face amount		$ 2,500,000,000
Number of stepdowns | stepdown		1
Leverage ratio stepdown		0.25%
Percentage of original principal amount amortization		0.25%
Percentage of principal amount issued		99%
Senior Notes | CEI Term Loan B | SOFR | Component One | Minimum
Long-term debt
Spread on variable rate		0.50%
Senior Notes | CEI Term Loan B | SOFR | Component Two
Long-term debt
Spread on variable rate		1%
Senior Notes | CEI Term Loan B | Fed Funds Effective Rate Overnight Index Swap Rate | Component Two
Long-term debt
Spread on variable rate		0.50%
Senior Notes | CEI Term Loan B | Base rate
Long-term debt
Spread on variable rate		2.25%
Senior Notes | CEI Term Loan B | Applicable Margin
Long-term debt
Spread on variable rate		3.25%
Senior Notes | CEI Term Loan B-1
Long-term debt
Debt instrument, face amount	$ 2,900,000,000
Percentage of original principal amount amortization	0.25%
Percentage of principal amount issued	99.75%
Senior Notes | CEI Term Loan B-1 | SOFR | Component One | Minimum
Long-term debt
Spread on variable rate	0.50%
Senior Notes | CEI Term Loan B-1 | SOFR | Component Two
Long-term debt
Spread on variable rate	1%
Senior Notes | CEI Term Loan B-1 | Fed Funds Effective Rate Overnight Index Swap Rate | Component Two
Long-term debt
Spread on variable rate	0.50%
Senior Notes | CEI Term Loan B-1 | Base rate
Long-term debt
Spread on variable rate	1.75%
Senior Notes | CEI Term Loan B-1 | Applicable Margin
Long-term debt
Spread on variable rate	2.75%
Senior Notes | CRC Senior Secured Notes
Long-term debt
Interest rate	5.75%
Senior Notes | CEI Senior Secured Notes due 2025
Long-term debt
Interest rate	6.25%
CEI Revolving Credit Facility
Long-term debt
Available borrowing capacity				2,100,000,000
CEI Revolving Credit Facility | Line of Credit
Long-term debt
Credit facility						$ 2,250,000,000
Amount outstanding				70,000,000
CEI Revolving Credit Facility, Permitted Use Reserves
Long-term debt
Accordion feature						40,000,000
CEI Revolving Credit Facility, Regulatory Purpose
Long-term debt
Amount outstanding				$ 46,000,000
Line of Credit
Long-term debt
Line of credit facility, commitment fee percentage			0.35%
Line of Credit | SOFR
Long-term debt
Spread on variable rate			2.25%
Line of Credit | SOFR | Component One
Long-term debt
Spread on variable rate			0.10%
Line of Credit | SOFR | Component One | Minimum
Long-term debt
Spread on variable rate			0%
Line of Credit | SOFR | Component Two
Long-term debt
Spread on variable rate			1%
Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | Component Two
Long-term debt
Spread on variable rate			0.50%
Line of Credit | Base rate
Long-term debt
Spread on variable rate			1.25%
Line of Credit | Letter of Credit
Long-term debt
Credit facility						$ 388,000,000
Line of Credit | Secured Debt
Long-term debt
Debt instrument, face amount			$ 750,000,000
Interest rate			1.25%
Number of stepdowns | stepdown			3
Leverage ratio stepdown			0.25%
Line of Credit | Revolving Credit Facility
Long-term debt
Number of stepdowns | stepdown			3
Leverage ratio stepdown			0.05%

Long-Term Debt - CEI Senior Sec

Long-Term Debt - CEI Senior Secured Notes due 2030 (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2024	Feb. 06, 2023
Long-term debt
Interest rate	4.30%
CEI Senior Secured Notes due 2030 | Senior Notes
Long-term debt
Long-term debt, gross		$ 2
Interest rate	7%	7%

Long-Term Debt - CEI Senior S_2

Long-Term Debt - CEI Senior Secured Notes due 2032 (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2024	Feb. 06, 2024
Long-term debt
Interest rate	4.30%
CEI Senior Secured Notes due 2032 | Senior Notes
Long-term debt
Long-term debt, gross		$ 1.5
Interest rate	6.50%	6.50%

Long-Term Debt - CEI Senior S_3

Long-Term Debt - CEI Senior Secured Notes due 2025 (Narrative) (Details) - CEI Senior Secured Notes due 2025 - Senior Notes - USD ($) $ in Millions	Apr. 05, 2023	Jul. 06, 2020
Long-term debt
Long-term debt, gross		$ 3,400
Repayments of debt	$ 1

Long-Term Debt - CRC Senior Sec

Long-Term Debt - CRC Senior Secured Notes due 2025 (Narrative) (Details) $ in Billions	Jul. 06, 2020 USD ($)
CRC Senior Secured Notes | Senior Notes
Long-term debt
Long-term debt, gross	$ 1

Long-Term Debt - CEI Senior Not

Long-Term Debt - CEI Senior Notes due 2027 (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2024	Jul. 06, 2020
Long-term debt
Interest rate	4.30%
CEI Senior Notes due 2027 | Senior Notes
Long-term debt
Long-term debt, gross		$ 1.8
Interest rate	8.125%	8.125%

Long-Term Debt - CEI Senior N_2

Long-Term Debt - CEI Senior Notes due 2029 (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2024	Sep. 24, 2021
Long-term debt
Interest rate	4.30%
CEI Senior Notes due 2029 | Senior Notes
Long-term debt
Long-term debt, gross		$ 1.2
Interest rate	4.625%	4.625%

Long-Term Debt - Debt Covenant

Long-Term Debt - Debt Covenant Compliance (Narrative) (Details) - CEI Revolving Credit Facility and CEI Term Loan A	Mar. 31, 2024
Period One
Long-term debt
Leverage ratio, maximum	7.25
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.75
Period Two
Long-term debt
Leverage ratio, maximum	6.50
Debt instrument, covenant, fixed charge coverage ratio, minimum	2

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Revenues Disaggregated by Type of Revenue and Reportable Segment and Accounts Receivable, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,742	$ 2,830
Accounts receivable, net	551		$ 608
Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,535	1,585
Accounts receivable, net	222		274
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	422	427
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	493	503
Other
Disaggregation of Revenue [Line Items]
Net revenues	292	315
Accounts receivable, net	196		216
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	133		$ 118
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	(1)	3
Corporate and Other | Casino
Disaggregation of Revenue [Line Items]
Net revenues	(1)	(1)
Corporate and Other | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Corporate and Other | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Corporate and Other | Other
Disaggregation of Revenue [Line Items]
Net revenues	0	4
Las Vegas | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,028	1,131
Las Vegas | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	239	309
Las Vegas | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	287	290
Las Vegas | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	362	373
Las Vegas | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	140	159
Regional | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,365	1,389
Regional | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,031	1,058
Regional | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	135	137
Regional | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	131	130
Regional | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	68	64
Caesars Digital | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	282	238
Caesars Digital | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	266	219
Caesars Digital | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Caesars Digital | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Caesars Digital | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	16	19
Managed and Branded | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	68	69
Managed and Branded | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Managed and Branded | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Managed and Branded | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Managed and Branded | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 68	$ 69

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Activity Related to Contract and Contract-Related Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Outstanding Chip Liability
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	$ 42	$ 45
Contract and contract-related liabilities, ending balance	39	38
Increase / (decrease)	(3)	(7)
Caesars Rewards
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	86	87
Contract and contract-related liabilities, ending balance	85	89
Increase / (decrease)	(1)	2
Customer Deposits and Other Deferred Revenue
Disaggregation of Revenue [Line Items]
Contract and contract-related liabilities, beginning balance	693	693
Contract and contract-related liabilities, ending balance	631	637
Increase / (decrease)	$ (62)	$ (56)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,742	$ 2,830
Variable lease income	13	14
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	493	503
Food and beverage
Lessor, Lease, Description [Line Items]
Net revenues	422	427
Food and beverage | Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	13	14
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 35	$ 37

Earnings per Share - Schedule o

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income (Loss) Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to Caesars	$ (158)	$ (136)
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	216	215
Weighted average diluted shares outstanding (in shares)	216	215
Net loss per common share attributable to common stockholders – basic (in dollars per share)	$ (0.73)	$ (0.63)
Net loss per common share attributable to common stockholders – diluted (in dollars per share)	$ (0.73)	$ (0.63)

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Weighted-Average Number of Anti-Dilutive Shares Excluded from the Calculation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	4	4
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	4	4

Stock-Based Compensation and _3

Stock-Based Compensation and Stockholders' Equity - Stock-Based Awards (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 25	$ 27

Stock-Based Compensation and _4

Stock-Based Compensation and Stockholders' Equity - 2015 Equity Incentive Plan (“2015 Plan”) (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,700,000
Equity instruments other than options, fair value | $	$ 78
Share conversion (in shares)	1
Vested (in shares)	799,000
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	107,000
Aggregate intrinsic value, nonvested | $	$ 4.7
Vested (in shares)	99,000
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of target payout range	0%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200%
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	429,000
Aggregate intrinsic value, nonvested | $	$ 25
Vested (in shares)	19,000
Market-based stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of target payout range	0%
Market-based stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Percentage of target payout range	200%

Stock-Based Compensation and _5

Stock-Based Compensation and Stockholders' Equity - Schedule of Share-Based Payment Arrangement, Activity (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	2,813,633	1,922,419
Weighted average exercise price (in dollars per share)	$ 50.48	$ 60.11
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	358,615	328,230
Weighted average exercise price (in dollars per share)	$ 43.74	$ 46.88
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,134,413	872,019
Weighted average exercise price (in dollars per share)	$ 73.64	$ 85.11

Stock-Based Compensation and _6

Stock-Based Compensation and Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,720	$ 3,751
Other comprehensive income before reclassifications	(1)	6
Total other comprehensive income, net of tax	(1)	6
Ending balance	4,588	3,635
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	97	92
Ending balance	96	98
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	94	94
Other comprehensive income before reclassifications	0	0
Total other comprehensive income, net of tax	0	0
Ending balance	94	94
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(1)
Other comprehensive income before reclassifications	0	2
Total other comprehensive income, net of tax	0	2
Ending balance	0	1
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3	(1)
Other comprehensive income before reclassifications	(1)	4
Total other comprehensive income, net of tax	(1)	4
Ending balance	$ 2	$ 3

Stock-Based Compensation and _7

Stock-Based Compensation and Stockholders' Equity - Share Repurchase Program (Narrative) (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Nov. 30, 2018
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 150
Treasury stock (in shares)	223,823
Common stock acquired value	$ 9
Common stock acquired average price per share (in dollars per share)	$ 40.80
Common stock shares acquired (in shares)	0	0

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes	$ (127)	$ (185)
Benefit (provision) for income taxes	$ (15)	$ 49
Effective tax rate	(11.80%)	26.50%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Income tax benefit related to change in deferred tax asset valuation allowance	$ 940

Related Party and Affiliate T_2

Related Party and Affiliate Transactions - Narrative (Details) ft² in Thousands		1 Months Ended	3 Months Ended	12 Months Ended	72 Months Ended
	Apr. 26, 2024 USD ($)	Oct. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) ft² a	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) ft²
Related affiliates
Accounts receivable, net			$ 551,000,000	$ 608,000,000	$ 551,000,000
Accounts payable			439,000,000	408,000,000	439,000,000
Investments in and advances to unconsolidated affiliates			$ 157,000,000	157,000,000	$ 157,000,000
Caesars Virginia, LLC | Line of Credit | Term Loan and Revolving Credit Facility | Subsequent Event
Related affiliates
Debt instrument, term	5 years
Credit facility	$ 425,000,000
Pompano Joint Venture
Related affiliates
Ownership interest			50%		50%
Payments to acquire equity method investments					$ 7,000,000
Land contributed to joint venture		$ 3,000,000	$ 69,000,000
Acres of land contributed to variable interest | a			209
Gain on sale of joint venture				64,000,000
Investments in and advances to unconsolidated affiliates			$ 147,000,000	147,000,000	$ 147,000,000
Related Party | Donald L. Carano Trust | C. S. & Y. Associates
Related affiliates
Percentage of outstanding shares owned			27%		27%
Corporate Joint Venture | VIEs | CVA Holdco, LLC
Related affiliates
Variable interest entity, ownership percentage			49.50%
Related party transactions			$ 116,000,000
C. S. & Y. Associates | Related Party
Related affiliates
Area of real property leased | ft²			30		30
Annual rent payable			$ 600,000		$ 600,000
Accounts receivable, net			0	0	0
Accounts payable			$ 0	$ 0	$ 0
C. S. & Y. Associates | Related Party | Minimum
Related affiliates
Periodic rent escalations, percent			1%
C. S. & Y. Associates | Related Party | Maximum
Related affiliates
Periodic rent escalations, percent			2%
Donald L. Carano Trust | Related Party
Related affiliates
Annual rent payable percentage			27%		27%

Segment Information - Narrative

Segment Information - Narrative (Details) ft² in Thousands	3 Months Ended
	Mar. 31, 2024 ft² ft option ballroom	Mar. 31, 2024 ft² ft segment ballroom
Segment Reporting Information [Line Items]
Number of reportable segments	4	4
Observation wheel height | ft	550	550
Area of room	300	300
Number of ballrooms | ballroom	2	2
Conference Center
Segment Reporting Information [Line Items]
Area of real property leased	550	550

Segment Information - Schedule

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 2,742	$ 2,830
Adjusted EBITDA	853	958
Operating Segment | Las Vegas:
Segment Reporting Information [Line Items]
Net revenues	1,028	1,131
Adjusted EBITDA	440	533
Operating Segment | Regional:
Segment Reporting Information [Line Items]
Net revenues	1,365	1,389
Adjusted EBITDA	433	448
Operating Segment | Caesars Digital:
Segment Reporting Information [Line Items]
Net revenues	282	238
Adjusted EBITDA	5	(4)
Operating Segment | Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	68	69
Adjusted EBITDA	18	19
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	(1)	3
Adjusted EBITDA	$ (43)	$ (38)

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net loss attributable to Caesars	$ (158)	$ (136)
Net income attributable to noncontrolling interests	16	0
(Benefit) provision for income taxes	15	(49)
Other (income) loss	(26)	(3)
Loss on extinguishment of debt	48	197
Interest expense, net	590	594
Depreciation and amortization	327	300
Transaction costs and other, net	16	28
Stock-based compensation expense	25	27
Adjusted EBITDA	853	958
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(43)	(38)
Las Vegas: | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	440	533
Regional: | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	433	448
Caesars Digital: | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	5	(4)
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 18	$ 19

Segment Information - Schedul_3

Segment Information - Schedule of Balance Sheet Information for Reportable Segment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 33,059	$ 33,366
Corporate and Other
Segment Reporting Information [Line Items]
Assets	(8,028)	(7,474)
Las Vegas: | Operating Segment
Segment Reporting Information [Line Items]
Assets	24,425	24,230
Regional: | Operating Segment
Segment Reporting Information [Line Items]
Assets	15,423	15,291
Caesars Digital: | Operating Segment
Segment Reporting Information [Line Items]
Assets	999	1,095
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Assets	$ 240	$ 224