Caesars Entertainment (CZR) 10-Q 29 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		212,480,370
Entity Central Index Key	0001590895
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 802	$ 1,005
Restricted cash	101	122
Accounts receivable, net	469	608
Inventories	43	46
Prepayments and other current assets	485	264
Total current assets	1,900	2,045
Investments in and advances to unconsolidated affiliates	131	157
Property and equipment, net	14,895	14,756
Goodwill	10,949	10,990
Intangible assets other than goodwill	4,211	4,523
Deferred tax asset	56	47
Other long-term assets, net	827	848
Total assets	32,969	33,366
CURRENT LIABILITIES:
Accounts payable	268	408
Accrued interest	195	369
Accrued other liabilities	1,702	1,848
Current portion of long-term debt	102	65
Total current liabilities	2,267	2,690
Long-term financing obligations	12,864	12,759
Long-term debt	12,434	12,224
Deferred tax liability	141	102
Other long-term liabilities	879	871
Total liabilities	28,585	28,646
Commitments and contingencies (Note 5)
STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity	4,178	4,552
Noncontrolling interests	206	168
Total stockholders’ equity	4,384	4,720
Total liabilities and stockholders’ equity	$ 32,969	$ 33,366

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
NET REVENUES:
Net revenues	$ 2,874	$ 2,994	$ 8,446	$ 8,703
OPERATING EXPENSES:
General and administrative	478	528	1,443	1,536
Corporate	76	74	234	239
Impairment charges	0	0	118	0
Depreciation and amortization	326	320	979	943
Transaction and other costs, net	(5)	(13)	14	36
Total operating expenses	2,230	2,270	6,811	6,767
Operating income	644	724	1,635	1,936
OTHER EXPENSE:
Interest expense, net	(596)	(581)	(1,780)	(1,761)
Loss on extinguishment of debt	0	(3)	(51)	(200)
Other income (loss)	4	(1)	29	5
Total other expense	(592)	(585)	(1,802)	(1,956)
Income (loss) before income taxes	52	139	(167)	(20)
Benefit (provision) for income taxes	(43)	(47)	(68)	904
Net income (loss)	9	92	(235)	884
Net income attributable to noncontrolling interests	(18)	(18)	(54)	(26)
Net income (loss) attributable to Caesars	$ (9)	$ 74	$ (289)	$ 858
Net income (loss) per share - basic and diluted:
Basic income (loss) per share (in dollars per share)	$ (0.04)	$ 0.34	$ (1.34)	$ 3.99
Diluted income (loss) per share (in dollars per share)	$ (0.04)	$ 0.34	$ (1.34)	$ 3.97
Weighted average basic shares outstanding (in shares)	215	215	216	215
Weighted average diluted shares outstanding (in shares)	215	216	216	216
Casino
NET REVENUES:
Net revenues	$ 1,599	$ 1,620	$ 4,691	$ 4,789
OPERATING EXPENSES:
Cost of goods and services	828	831	2,497	2,476
Food and beverage
NET REVENUES:
Net revenues	438	443	1,295	1,305
OPERATING EXPENSES:
Cost of goods and services	271	266	800	775
Hotel
NET REVENUES:
Net revenues	515	553	1,522	1,581
OPERATING EXPENSES:
Cost of goods and services	152	146	428	426
Other
NET REVENUES:
Net revenues	322	378	938	1,028
OPERATING EXPENSES:
Cost of goods and services	$ 104	$ 118	$ 298	$ 336

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9	$ 92	$ (235)	$ 884
Foreign currency translation adjustments	0	0	0	1
Other	1	(1)	0	4
Other comprehensive income (loss), net of tax	1	(1)	0	5
Comprehensive income (loss)	10	91	(235)	889
Comprehensive income attributable to noncontrolling interests	(18)	(18)	(54)	(26)
Comprehensive income (loss) attributable to Caesars	$ (8)	$ 73	$ (289)	$ 863

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
Preferred stock, 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
Common stock, beginning balance (in shares) at Dec. 31, 2022			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	27			27
Net income (loss)	(136)				(136)
Other comprehensive (loss) income, net of tax	6					6
Shares withheld related to net share settlement of stock awards	(13)			(13)
Preferred stock, 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
Common stock, ending balance (in shares) at Mar. 31, 2023			215
Preferred stock, 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
Common stock, beginning balance (in shares) at Dec. 31, 2022			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	884
Other comprehensive (loss) income, net of tax	5
Preferred stock, ending balance (in shares) at Sep. 30, 2023		0
Ending balance at Sep. 30, 2023	4,742	$ 0	$ 0	6,981	(2,451)	97	(23)	138
Common stock, ending balance (in shares) at Sep. 30, 2023			216
Preferred stock, beginning balance (in shares) at Mar. 31, 2023		0
Beginning balance at Mar. 31, 2023	3,635	$ 0	$ 0	6,967	(3,445)	98	(23)	38
Common stock, beginning balance (in shares) at Mar. 31, 2023			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	29			29
Net income (loss)	928				920			8
Shares withheld related to net share settlement of stock awards	(1)			(1)
Transactions with noncontrolling interests	76							76
Preferred stock, ending balance (in shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023	4,667	$ 0	$ 0	6,995	(2,525)	98	(23)	122
Common stock, ending balance (in shares) at Jun. 30, 2023			215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			1
Stock-based compensation	26			26
Net income (loss)	92				74			18
Other comprehensive (loss) income, net of tax	(1)					(1)
Shares withheld related to net share settlement of stock awards	(11)			(11)
Transactions with noncontrolling interests	(31)			(29)				(2)
Preferred stock, ending balance (in shares) at Sep. 30, 2023		0
Ending balance at Sep. 30, 2023	4,742	$ 0	$ 0	6,981	(2,451)	97	(23)	138
Common stock, ending balance (in shares) at Sep. 30, 2023			216
Preferred stock, 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
Common stock, beginning balance (in shares) at Dec. 31, 2023			216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25			25
Net income (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)
Preferred stock, 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
Common stock, ending balance (in shares) at Mar. 31, 2024			216
Preferred stock, 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
Common stock, beginning balance (in shares) at Dec. 31, 2023			216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(235)
Other comprehensive (loss) income, net of tax	0
Preferred stock, ending balance (in shares) at Sep. 30, 2024		0
Ending balance at Sep. 30, 2024	4,384	$ 0	$ 0	6,893	(2,812)	97	0	206
Common stock, ending balance (in shares) at Sep. 30, 2024			212
Preferred stock, beginning balance (in shares) at Mar. 31, 2024		0
Beginning balance at Mar. 31, 2024	4,588	$ 0	$ 0	7,012	(2,681)	96	(23)	184
Common stock, beginning balance (in shares) at Mar. 31, 2024			216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	24			24
Net income (loss)	(102)				(122)			20
Shares withheld related to net share settlement of stock awards	(1)			(1)
Cancellation of shares issued	0			(14)			14
Transactions with noncontrolling interests	(14)							(14)
Preferred stock, ending balance (in shares) at Jun. 30, 2024		0
Ending balance at Jun. 30, 2024	4,495	$ 0	$ 0	7,021	(2,803)	96	(9)	190
Common stock, ending balance (in shares) at Jun. 30, 2024			216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	24			24
Net income (loss)	9				(9)			18
Other comprehensive (loss) income, net of tax	1					1
Shares withheld related to net share settlement of stock awards	(1)			(1)
Repurchase of common stock (in shares)			(4)
Repurchase of common stock	(142)			(151)			9
Transactions with noncontrolling interests	(2)							(2)
Preferred stock, ending balance (in shares) at Sep. 30, 2024		0
Ending balance at Sep. 30, 2024	$ 4,384	$ 0	$ 0	$ 6,893	$ (2,812)	$ 97	$ 0	$ 206
Common stock, ending balance (in shares) at Sep. 30, 2024			212

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (235)	$ 884
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	979	943
Amortization of deferred financing costs and discounts	134	155
Provision for doubtful accounts	28	29
Loss on extinguishment of debt	51	200
Non-cash lease amortization	15	45
Gain on investments	(8)	(2)
Stock compensation expense	73	82
Loss on sale and disposal of property and equipment	9	12
Impairment charges	118	0
Deferred income taxes	68	(904)
Other non-cash adjustments to net income (loss)	(35)	22
Change in operating assets and liabilities:
Accounts receivable	109	(17)
Prepaid expenses and other assets	(35)	11
Income taxes receivable and payable, net	(37)	(24)
Accounts payable, accrued expenses and other liabilities	(468)	(135)
Net cash provided by operating activities	766	1,301
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,017)	(895)
Acquisition of gaming rights and developed technology	(15)	(30)
Proceeds from sale of property and equipment	0	1
Proceeds from the sale of investments	14	3
Distribution from unconsolidated affiliate	39	0
Other	0	40
Net cash used in investing activities	(979)	(881)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	6,090	5,300
Repayments of long-term debt and revolving credit facilities	(5,831)	(5,930)
Repurchase of common stock	(141)	0
Financing obligation payments	(6)	(7)
Debt issuance and extinguishment costs	(84)	(79)
Payments to acquire ownership interest in subsidiary	0	(66)
Contributions from noncontrolling interest owners	0	100
Distributions to noncontrolling interest owners	(16)	(1)
Taxes paid related to net share settlement of equity awards	(16)	(25)
Net cash used in financing activities	(4)	(708)
Decrease in cash, cash equivalents and restricted cash	(217)	(288)
Cash, cash equivalents and restricted cash, beginning of period	1,143	1,303
Cash, cash equivalents and restricted cash, end of period	926	1,015
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents	802	841
Restricted cash	101	130
Restricted and escrow cash included in other long-term assets, net	23	44
Total cash, cash equivalents and restricted cash	926	1,015
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt	879	749
Cash interest paid for rent related to financing obligations	990	959
Income taxes paid, net	37	23
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	180	193
Acquisition of intangible assets	$ 32	$ 0

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 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 50,900 slot machines, video lottery terminals and e-tables, approximately 2,700 table games and approximately 44,900 hotel rooms as of September 30, 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 gaming operations, retail and online sports betting and online gaming. Additionally, the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 at the end of 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 or 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 September 30, 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 September 30, 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. Assets Held for Sale The Company periodically divests assets that it does not consider core to its business to raise capital or, in some cases, to comply with conditions, terms, obligations or restrictions imposed by antitrust, gaming and other regulatory entities. The carrying value of assets that meet the criteria for assets held for sale are compared to the expected selling price and any expected losses are recorded immediately. Gains or losses associated with the disposal of assets held for sale are recorded within other operating costs, unless the assets represent a discontinued operation. On August 1, 2024, the Company entered into a definitive agreement to sell the World Series of Poker (“WSOP”) assets to NSUS Group Inc (“NSUS”). Under the terms of the agreement, NSUS will pay $250 million in cash at closing and enter into a term loan with the Company for an additional $250 million for a total purchase price of $500 million. The term loan will bear interest at a market rate plus an applicable margin, which resets quarterly. Interest and principal are due quarterly through its maturity date, the fifth anniversary of the closing date. WSOP met the requirements for presentation as assets held for sale as of September 30, 2024. Trademarks totaling $180 million are held for sale and classified within Prepayments and other current assets on the Balance Sheets as of September 30, 2024. On October 29, 2024 we closed the sale to NSUS. Concurrent with signing the sale agreement, the Company entered into licensing agreements with NSUS that allows the Company to continue its current operations within the United States, including the WSOP’s live tournament series in Las Vegas for the next 20 years. Advertising Advertising costs are expensed in the period the advertising first occurs. Advertising costs for the three months ended September 30, 2024 and 2023 were $52 million and $65 million, respectively, and for the nine months ended September 30, 2024 and 2023 totaled $164 million and $185 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 September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Interest expense $ 616 $ 597 $ 1,837 $ 1,798 Capitalized interest (18) (13) (51) (27) Interest income (2) (3) (6) (10) Total interest expense, net $ 596 $ 581 $ 1,780 $ 1,761 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 and expect any impact would be limited to additional disclosures in the notes to 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	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment (In millions) September 30, 2024 December 31, 2023 Land $ 2,087 $ 2,088 Buildings, riverboats, and leasehold and land improvements 13,928 13,543 Furniture, fixtures, and equipment 2,731 2,409 Construction in progress 1,031 762 Total property and equipment 19,777 18,802 Less: accumulated depreciation (4,882) (4,046) Total property and equipment, net $ 14,895 $ 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 September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Depreciation expense $ 293 $ 284 $ 877 $ 835 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	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The Company performs its annual impairment tests as of October 1 of each fiscal year, or more frequently whenever indicators of impairment exist. When indicators are noted, the Company then compares estimated future discounted cash flows to the carrying value of the asset. If the discounted cash flows exceed the carrying value, no impairment is recorded. Impairment charges are presented on the statements of operations. Based on the negative performance indicators at certain regional properties identified during the second quarter of 2024, the Company performed an interim impairment test as of June 30, 2024 and recognized impairment charges in our Regional segment. These impairments were due to a decrease in projected future cash flows at certain regional properties primarily due to localized competition within certain markets. The Company identified three reporting units with estimated fair values associated with trademarks, gaming rights and goodwill below their respective carrying values and recorded impairments. During the nine months ended September 30, 2024, the Company recognized impairment charges in our Regional segment related to trademarks, gaming rights and goodwill totaling $118 million. During the nine months ended September 30, 2023, the Company did not recognize an impairment. 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 Impairment — (41) (77) Amortization expense (102) — — Classified as assets held for sale — — (180) Acquisition of developed technology 21 — — Acquisition of gaming rights and customer relationships 26 — — Balances as of September 30, 2024 $ 891 $ 10,949 $ 3,320 Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill September 30, 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 $ 593 $ (416) $ 177 $ 587 $ (360) $ 227 Gaming rights and other 10 - 34 years 262 (38) 224 242 (28) 214 Trademarks 15 years 313 (105) 208 313 (91) 222 Reacquired rights 24 years 250 (36) 214 250 (28) 222 Technology 3 - 6 years 131 (63) 68 110 (49) 61 $ 1,549 $ (658) 891 $ 1,502 $ (556) 946 Non-amortizing intangible assets other than Goodwill Trademarks 1,814 1,998 Gaming rights 983 1,056 Caesars Rewards 523 523 3,320 3,577 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,211 $ 4,523 Amortization expense with respect to intangible assets for the three months ended September 30, 2024 and 2023 totaled $33 million and $36 million, respectively, and for the nine months ended September 30, 2024 and 2023 totaled $102 million and $108 million, respectively, 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 $ 33 $ 133 $ 133 $ 86 $ 45 $ 11

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. COVID-19 Insurance Claims Update As previously disclosed, on March 19, 2021, the Company filed a lawsuit against its insurance carriers in state court in Clark County, Nevada, seeking to recover for losses incurred as a result of the COVID-19 public health emergency. Based on rulings from the highest courts in relevant jurisdictions wherein those courts rejected such claims and ruled in favor of the insurance carriers, the Company has decided to discontinue pursuing its business interruption claims. Potential recoveries on any remaining claims are not expected to be material. Contractual Commitments Capital Commitments Caesars 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 Caesars New Orleans, formerly Harrah’s New Orleans, the Company was required to make a capital investment of at least $325 million on or around Caesars New Orleans. 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. As of September 30, 2024, the Company has met the capital investment requirements, and the project is expected to be completed in the fourth quarter of 2024. 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 September 30, 2024 and December 31, 2023 , obligations related to these agreements were $455 million and $605 million, respectively, with contracts extending through 2040. These obligations include various third-party agreements which have been entered into by the Company for certain of our Las Vegas and Regional properties, or our Caesars Digital segment. The agreements 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 September 30, 2024 and December 31, 2023, was $208 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	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt September 30, 2024 December 31, 2023 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt CEI Revolving Credit Facility 2028 variable $ 200 $ 200 $ — CEI Term Loan A 2028 variable 684 683 710 CVA Revolving Credit Facility 2029 variable — — — CVA Delayed Draw Term Loan 2029 variable 210 203 — CEI Term Loan B 2030 variable 2,363 2,320 2,432 CEI Term Loan B-1 2031 variable 2,886 2,849 — CEI Senior Secured Notes due 2030 2030 7.00% 2,000 1,981 1,978 CEI Senior Secured Notes due 2032 2032 6.50% 1,500 1,483 — 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 1,597 1,593 CEI Senior Notes due 2029 2029 4.625% 1,200 1,189 1,188 Special Improvement District Bonds 2037 4.30% 42 42 45 Long-term notes and other payables 2 2 2 Total debt 12,698 12,549 12,305 Current portion of long-term debt (102) (102) (65) Deferred finance charges associated with the CEI Revolving Credit Facility — (13) (16) Long-term debt $ 12,596 $ 12,434 $ 12,224 Unamortized discounts and deferred finance charges $ 162 $ 150 Fair value $ 12,821 Annual Estimated Debt Service Requirements as of September 30, 2024 Remaining Years Ended December 31, (In millions) 2024 2025 2026 2027 (a) 2028 Thereafter Total Annual maturities of long-term debt $ 25 $ 105 $ 105 $ 1,716 $ 832 $ 9,915 $ 12,698 Estimated interest payments 150 820 790 780 610 1,110 4,260 Total debt service obligation (b) $ 175 $ 925 $ 895 $ 2,496 $ 1,442 $ 11,025 $ 16,958 ____________________ (a) Maturities of approximately $1.1 billion in 2027 were repaid with the net proceeds of the $1.1 billion CEI Senior Notes due 2032. See “Subsequent issuance of new CEI Senior Notes due 2032” below. (b) 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 September 30, 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 September 30, 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, subject to a springing maturity in the event certain other long-term debt of Caesars is not extended or repaid. 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. Borrowings under the CEI Revolving Credit Facility and the CEI Term Loan A bear interest, paid at least 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, as amended in May 2024, bear interest, paid at least quarterly, at a rate equal to, at the Company’s option, either (a) Term SOFR, subject to a floor of 0.50% or (b) the Base Rate, 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 Base Rate loan. 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 June 28, 2024, the Company made a voluntary repayment of $100 million in aggregate principal amount of the CEI Term Loan B with cash on hand. 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 , paid at least quarterly, at a rate equal to, at the Company’s option, either (a) Term SOFR, subject to a floor of 0.50% or (b) the Base Rate, 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 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. As of September 30, 2024, the Company had $1.9 billion of available borrowing capacity under the CEI Revolving Credit Facility, after consideration of $84 million in outstanding letters of credit, $46 million committed for regulatory purposes, the outstanding amount, and the reserves described above. Caesars Virginia Senior Revolving and Delayed Draw Term Loan Credit Facility due 2029 On April 26, 2024, Caesars Virginia, LLC entered into a credit agreement with Wells Fargo Bank, N.A., as administrative agent and collateral agent, and certain banks and other financial institutions and lenders party thereto, which provides for a senior secured first lien multi-draw term loan facility in an aggregate principal amount of $400 million (the “CVA Delayed Draw Term Loan”) and a senior secured first lien revolving credit facility in an aggregate principal amount of $25 million (the “CVA Revolving Credit Facility”), both maturing on April 26, 2029. The CVA Delayed Draw Term Loan requires quarterly principal payments commencing on the last day of the first full fiscal quarter following the opening date of the permanent facility of Caesars Virginia. The CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan are subject to a variable rate of interest based on Term SOFR plus an applicable margin. The CVA Revolving Credit Facility includes a $10 million letter of credit sub-facility. As of September 30, 2024, there was $210 million utilized under the CVA Delayed Draw Term Loan and $25 million of available borrowing capacity under the CVA Revolving Credit Facility. 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 Caesars Resort Collection (“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. On October 17, 2024, the Company repaid approximately $1.1 billion of the CEI Senior Notes due 2027 from the net proceeds from the issuance of the new CEI Senior Notes due 2032. See “Subsequent issuance of new CEI Senior Notes due 2032” below. 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. Subsequent issuance of new CEI Senior Notes due 2032 On October 17, 2024, the Company issued $1.1 billion in aggregate principal amount of 6.00% Senior Notes due 2032 (the “CEI Senior Notes due 2032”). The net proceeds from the issuance of the CEI Senior Notes due 2032 were used to redeem approximately $1.1 billion of the principal amount, including accrued and unpaid interest, related expenses and fees of the CEI Senior Notes due 2027. As a result of the early repayment, the Company estimates to incur approximately $31 million of loss on extinguishment of debt in the fourth quarter of 2024. 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 September 30, 2024, the Company was in compliance with all of the applicable financial covenants described above. The CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan contain covenants which are standard and customary for this type of agreement, including a maximum net total leverage ratio financial covenant of 4:1 and a minimum fixed charge coverage ratio financial covenant of 1.05:1. Caesars Virginia LLC’s compliance requirements commence after the first full quarter following the opening of the permanent facility of Caesars Virginia. 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. The CVA Revolving Credit Facility and the CVA Delayed Draw Term Loan are secured by substantially all material assets of Caesars Virginia, LLC and any newly formed wholly-owned subsidiary of Caesars Virginia, LLC. CEI does not provide a guarantee of these facilities.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 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 September 30, 2024 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 294 $ 1,024 $ 282 $ — $ (1) $ 1,599 Food and beverage 283 155 — — — 438 Hotel 330 185 — — — 515 Other 155 82 21 68 (4) 322 Net revenues $ 1,062 $ 1,446 $ 303 $ 68 $ (5) $ 2,874 Three Months Ended September 30, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 323 $ 1,111 $ 186 $ — $ — $ 1,620 Food and beverage 285 158 — — — 443 Hotel 341 212 — — — 553 Other 171 84 29 98 (4) 378 Net revenues $ 1,120 $ 1,565 $ 215 $ 98 $ (4) $ 2,994 Nine Months Ended September 30, 2024 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 829 $ 3,072 $ 794 $ — $ (4) $ 4,691 Food and beverage 866 429 — — — 1,295 Hotel 1,049 473 — — — 1,522 Other 447 222 67 206 (4) 938 Net revenues $ 3,191 $ 4,196 $ 861 $ 206 $ (8) $ 8,446 Nine Months Ended September 30, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 945 $ 3,247 $ 599 $ — $ (2) $ 4,789 Food and beverage 868 437 — — — 1,305 Hotel 1,067 514 — — — 1,581 Other 499 217 70 239 3 1,028 Net revenues $ 3,379 $ 4,415 $ 669 $ 239 $ 1 $ 8,703 Accounts Receivable, Net (In millions) September 30, 2024 December 31, 2023 Casino $ 191 $ 274 Food and beverage and hotel 121 118 Other 157 216 Accounts receivable, net $ 469 $ 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 September 30 35 38 85 93 573 661 Increase / (decrease) $ (7) $ (7) $ (1) $ 6 $ (120) $ (32) Customer deposits and other deferred revenues decreased in 2024 primarily due to a reduction in both advanced ticket sales and gaming deposits. 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 September 30, 2024 and 2023, we recognized lease revenue of approximately $515 million and $553 million, respectively, and during the nine months ended September 30, 2024 and 2023, we recognized approximately $1.5 billion and $1.6 billion, 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 September 30, 2024 and 2023, lease revenue related to conventions was approximately $14 million and $5 million, respectively, and during the nine months ended September 30, 2024 and 2023, lease revenue related to conventions was approximately $39 million and $31 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 September 30, 2024 and 2023, we recognized approximately $38 million and $42 million, respectively, and during the nine months ended September 30, 2024 and 2023, we recognized approximately $110 million and $122 million, respectively, of real estate lease revenue. Real estate lease revenue includes $17 million and $14 million of variable rental income for the three months ended September 30, 2024 and 2023, respectively, and $45 million and $44 million for the nine months ended September 30, 2024 and 2023, respectively.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2024 2023 2024 2023 Net income (loss) attributable to Caesars $ (9) $ 74 $ (289) $ 858 Shares outstanding: Weighted average shares outstanding – basic 215 215 216 215 Effect of dilutive securities: Stock-based compensation awards — 1 — 1 Weighted average shares outstanding – diluted 215 216 216 216 Net income (loss) per common share attributable to common stockholders – basic: $ (0.04) $ 0.34 $ (1.34) $ 3.99 Net income (loss) per common share attributable to common stockholders – diluted: $ (0.04) $ 0.34 $ (1.34) $ 3.97 For a period in which the Company generated a net loss attributable to Caesars, 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 September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Stock-based compensation awards 4 1 4 1 Total anti-dilutive common stock 4 1 4 1

Stock-Based Compensation and St

Stock-Based Compensation and Stockholders' Equity	9 Months Ended
	Sep. 30, 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. The Board of Directors (“Board”) adopted, and the Company’s stockholders approved, the 2015 Equity Incentive Plan, as amended and restated in 2019 (the “2015 Plan”), which allows for shares to be granted as part of the Company’s long-term incentive plan. On April 24, 2024, the Board approved an amendment to the 2015 Plan and the Company’s stockholders subsequently approved the adoption of the amended and restated 2015 Plan on June 11, 2024. The amendment to the 2015 Plan allows for, among other things, an increase in the number of shares available for future grants to 8 million shares, plus the number of shares available for issuance under the 2015 Plan on the date the Company’s stockholders approved the amendment. Total stock-based compensation expense in the accompanying Statements of Operations totaled $24 million and $26 million during the three months ended September 30, 2024 and 2023, respectively, and $73 million and $82 million during the nine months ended September 30, 2024 and 2023, respectively. These amounts are included in Corporate expense in the Company’s Statements of Operations. 2015 Equity Incentive Plan During the nine months ended September 30, 2024, as part of the annual incentive program, the Company granted 2.0 million RSUs to eligible participants with an aggregate fair value of $87 million and a ratable vesting period of one During the nine months ended September 30, 2024, the Company also granted 160 thousand PSUs that are primarily scheduled to cliff vest after three years from date of grant. On the vesting date, recipients will receive between 0% and 200% of the target number of PSUs granted, in the form of Company Common Stock, based on the achievement of specified performance and service conditions and terms of the underlying award granted. The fair value of the PSUs is based on the market price of our common stock when a mutual understanding of the key terms and conditions of the awards between the Company and recipient is achieved. The awards are remeasured each period until such an understanding is reached. The aggregate value of PSUs granted during the year was $7 million as of September 30, 2024. In addition, during the nine months ended September 30, 2024, the Company granted 430 thousand MSUs that are primarily scheduled to cliff vest after three years from date of grant. On the vesting date, recipients will receive between 0% and 200% of the target number of MSUs granted, in the form of Company Common Stock, based on the achievement of specified market and service conditions. The grant date fair value of the MSUs was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model are the risk-free interest rate, expected volatility, expected dividends and correlation coefficient. The effect of market conditions is considered in determining the grant date fair value, which is not subsequently revised based on actual performance. The aggregate value of MSUs granted during the nine months ended September 30, 2024 was $25 million. During the nine months ended September 30, 2024, 916 thousand, 99 thousand and 19 thousand of RSUs, PSUs and MSUs, respectively, vested under the 2015 Plan. Outstanding at End of Period September 30, 2024 December 31, 2023 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Restricted stock units 2,811,274 $ 49.17 1,922,419 $ 60.11 Performance stock units 400,110 41.74 328,230 46.88 Market-based stock units 1,090,407 73.22 872,019 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 periods through September 30, 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 Other comprehensive income (loss) before reclassifications — (1) 1 — Total other comprehensive income (loss), net of tax — (1) 1 — Balances as of June 30, 2023 $ 94 $ — $ 4 $ 98 Other comprehensive loss before reclassifications — — (1) (1) Total other comprehensive loss, net of tax — — (1) (1) Balances as of September 30, 2023 $ 94 $ — $ 3 $ 97 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 Other comprehensive income (loss) before reclassifications — — — — Total other comprehensive income (loss), net of tax — — — — Balances as of June 30, 2024 $ 94 $ — $ 2 $ 96 Other comprehensive income before reclassifications — — 1 1 Total other comprehensive income, net of tax — — 1 1 Balances as of September 30, 2024 $ 94 $ — $ 3 $ 97 Share Repurchase Program On November 8, 2018, the Company announced that its Board of Directors authorized a $150 million common stock repurchase program (the “2018 Share Repurchase Program”). During the nine months ended September 30, 2024, the Company has acquired 3,872,478 shares of common stock under the 2018 Share Repurchase Program at an aggregate value of $141 million, excluding any applicable excise taxes, and an average of $36.38 per share. In connection with these repurchases, including repurchases of $9 million in 2018, the 2018 Share Repurchase Program was completed and all shares repurchased under the 2018 Share Repurchase Program were retired. No shares were repurchased during the nine months ended September 30, 2023. On October 2, 2024, the Company announced that its Board of Directors authorized a $500 million common stock repurchase program (the “2024 Share Repurchase Program”) in September 2024. Under the 2024 Share Repurchase Program, 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 2024 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 2024 Share Repurchase Program. All share repurchases under the 2024 Share Repurchase Program will be retired. As of September 30, 2024, there were no share repurchases made under the 2024 Share Repurchase Program. Shares Held in Escrow In connection with the settlement of convertible notes during 2021, the Company issued approximately 139 thousand shares of common stock, at a fair value of approximately $14 million. The shares were contributed to, and held in, an escrow trust which was recorded within Treasury stock. During the nine months ended September 30, 2024, the shares were released from escrow and returned to the Company following an update to the estimated disputed claims liability.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Income (loss) before income taxes $ 52 $ 139 $ (167) $ (20) Benefit (provision) for income taxes (43) (47) (68) 904 Effective tax rate 82.7 % 33.8 % (40.7) % * ____________________ * Not meaningful. 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 and nine months ended September 30, 2024 differed from the expected income tax provision 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 provision for the three months ended September 30, 2023 differed from the expected income tax provision 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 nine months ended September 30, 2023 differed from the expected income tax benefit based on the federal tax rate of 21% primarily due to the partial release of federal and state valuation allowances. 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	9 Months Ended
	Sep. 30, 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 September 30, 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 the Eastern Band of Cherokee Indians (“EBCI”) and an additional minority partner, to construct, own and operate a gaming facility in Danville, Virginia (“Caesars Virginia”). On July 31, 2024, the Company and EBCI bought out the additional minority partner. 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 50.0% 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 partner. The Company participates ratably, based on ownership percentage, in the profits and losses of the joint venture. During the nine months ended September 30, 2024, the Company made distributions totaling $16 million to the partners. 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 Sheets. 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. Since inception of the joint venture, the Company has contributed a total of $7 million in cash and approximately 209 acres of land with a total fair value of $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. During the three months ended September 30, 2024, the Company received distributions of $39 million and recorded $11 million of income related to our investment due to the joint venture’s gain on the sale of a land parcel. As of September 30, 2024 and December 31, 2023, the Company’s investment in the joint venture was $119 million and $147 million, respectively, and is recorded in Investments in and advances to unconsolidated affiliates on the Balance Sheets.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 September 30, 2024: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Harveys Lake Tahoe Managed The Cromwell Caesars New Orleans Horseshoe Baltimore Harrah’s Ak-Chin Flamingo Las Vegas Caesars Virginia (a) Horseshoe Black Hawk Harrah’s Cherokee Harrah’s Las Vegas Circus Circus Reno Horseshoe Bossier City Harrah’s Cherokee Valley River Horseshoe Las Vegas Eldorado Gaming Scioto Downs Horseshoe Council Bluffs Harrah’s Resort Southern California The LINQ Hotel & Casino Eldorado Resort Casino Reno Horseshoe Hammond Caesars Windsor Paris Las Vegas Grand Victoria Casino Horseshoe Indianapolis Branded Planet Hollywood Resort & Casino Harrah’s Atlantic City Horseshoe Lake Charles Caesars Republic Scottsdale Harrah’s Columbus Nebraska (b) Horseshoe St. Louis Caesars Southern Indiana Caesars Digital Harrah’s Council Bluffs Horseshoe Tunica Harrah’s Northern California Caesars Digital Harrah’s Gulf Coast Isle Casino Bettendorf Harrah’s Hoosier Park Racing & Casino Isle of Capri Casino Boonville Harrah’s Joliet Isle of Capri Casino Lula Harrah’s Lake Tahoe Isle Casino Waterloo Harrah’s Laughlin Lady Luck Casino - Black Hawk Harrah’s Metropolis Silver Legacy Resort Casino Harrah’s North Kansas City Trop Casino Greenville Harrah’s Philadelphia Tropicana Atlantic City Harrah’s Pompano Beach Tropicana Laughlin Hotel & Casino ____________________ (a) Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia is expected to be completed in December 2024. (b) Temporary gaming facility was open from June 12, 2023 through March 20, 2024, closing in anticipation of the permanent facility which opened on May 17, 2024, following weeks of construction disruption due to weather. 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 September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Las Vegas: Net revenues $ 1,062 $ 1,120 $ 3,191 $ 3,379 Adjusted EBITDA 472 482 1,426 1,527 Regional: Net revenues 1,446 1,565 4,196 4,415 Adjusted EBITDA 498 575 1,400 1,531 Caesars Digital: Net revenues 303 215 861 669 Adjusted EBITDA 52 2 97 9 Managed and Branded: Net revenues 68 98 206 239 Adjusted EBITDA 19 20 54 58 Corporate and Other: Net revenues (5) (4) (8) 1 Adjusted EBITDA (40) (36) (123) (117) Reconciliation of Net Income (Loss) Attributable to Caesars to Adjusted EBITDA by Segment Adjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less certain operating expenses and is comprised of net income (loss) before (i) interest income and interest expense, net of interest capitalized, (ii) income tax (benefit) provision, (iii) depreciation and amortization, and (iv) certain items that we do not consider indicative of our ongoing operating performance at an operating property level. In evaluating Adjusted EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items. Adjusted EBITDA is a financial measure commonly used in our industry and should not be construed as an alternative to net income (loss) as an indicator of operating performance or as an alternative to cash flows provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Net income (loss) attributable to Caesars $ (9) $ 74 $ (289) $ 858 Net income attributable to noncontrolling interests 18 18 54 26 (Benefit) provision for income taxes (a) 43 47 68 (904) Other (income) loss (b) (4) 1 (29) (5) Loss on extinguishment of debt — 3 51 200 Interest expense, net 596 581 1,780 1,761 Depreciation and amortization 326 320 979 943 Impairment charges (c) — — 118 — Transaction costs and other, net (d) 7 (27) 49 47 Stock-based compensation expense 24 26 73 82 Adjusted EBITDA $ 1,001 $ 1,043 $ 2,854 $ 3,008 Adjusted EBITDA by Segment: Las Vegas $ 472 $ 482 $ 1,426 $ 1,527 Regional 498 575 1,400 1,531 Caesars Digital 52 2 97 9 Managed and Branded 19 20 54 58 Corporate and Other (40) (36) (123) (117) ____________________ (a) Benefit for income taxes during the nine months ended September 30, 2023 includes the release of $940 million of valuation allowance against deferred tax assets. (b) Other (income) loss for the nine months ended September 30, 2024 primarily represents a change in estimate of our disputed claims liability. (c) Impairment charges for the nine months ended September 30, 2024 includes impairments within our Regional segment, identified in the second quarter of 2024, as a result of a decrease in projected future cash flows at certain properties primarily due to localized competition. (d) 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 new property openings and expansion projects at existing properties, and non-cash changes in equity method investments. Additionally, transactions costs and other, net for the three and nine months ended September 30, 2024 includes (i) net proceeds received in exchange for participation rights in an insurance claim and (ii) proceeds received for the termination of the Caesars Dubai management agreement. Total Assets - By Segment (In millions) September 30, 2024 December 31, 2023 Las Vegas $ 24,847 $ 24,230 Regional 15,704 15,291 Caesars Digital 1,034 1,095 Managed and Branded 266 224 Corporate and Other (a) (8,882) (7,474) Total $ 32,969 $ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Caesars	$ (9)	$ 74	$ (289)	$ 858

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 at the end of 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 or 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.
Assets Held for Sale	Assets Held for Sale The Company periodically divests assets that it does not consider core to its business to raise capital or, in some cases, to comply with conditions, terms, obligations or restrictions imposed by antitrust, gaming and other regulatory entities. The carrying value of assets that meet the criteria for assets held for sale are compared to the expected selling price and any expected losses are recorded immediately. Gains or losses associated with the disposal of assets held for sale are recorded within other operating costs, unless the assets represent a discontinued operation.
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 and expect any impact would be limited to additional disclosures in the notes to 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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Interest Expense, Net	Interest Expense, Net Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Interest expense $ 616 $ 597 $ 1,837 $ 1,798 Capitalized interest (18) (13) (51) (27) Interest income (2) (3) (6) (10) Total interest expense, net $ 596 $ 581 $ 1,780 $ 1,761

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	(In millions) September 30, 2024 December 31, 2023 Land $ 2,087 $ 2,088 Buildings, riverboats, and leasehold and land improvements 13,928 13,543 Furniture, fixtures, and equipment 2,731 2,409 Construction in progress 1,031 762 Total property and equipment 19,777 18,802 Less: accumulated depreciation (4,882) (4,046) Total property and equipment, net $ 14,895 $ 14,756 Depreciation Expense Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Depreciation expense $ 293 $ 284 $ 877 $ 835

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 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 Impairment — (41) (77) Amortization expense (102) — — Classified as assets held for sale — — (180) Acquisition of developed technology 21 — — Acquisition of gaming rights and customer relationships 26 — — Balances as of September 30, 2024 $ 891 $ 10,949 $ 3,320
Schedule of Finite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill September 30, 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 $ 593 $ (416) $ 177 $ 587 $ (360) $ 227 Gaming rights and other 10 - 34 years 262 (38) 224 242 (28) 214 Trademarks 15 years 313 (105) 208 313 (91) 222 Reacquired rights 24 years 250 (36) 214 250 (28) 222 Technology 3 - 6 years 131 (63) 68 110 (49) 61 $ 1,549 $ (658) 891 $ 1,502 $ (556) 946 Non-amortizing intangible assets other than Goodwill Trademarks 1,814 1,998 Gaming rights 983 1,056 Caesars Rewards 523 523 3,320 3,577 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,211 $ 4,523
Schedule of Indefinite-Lived Intangible Assets	Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill September 30, 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 $ 593 $ (416) $ 177 $ 587 $ (360) $ 227 Gaming rights and other 10 - 34 years 262 (38) 224 242 (28) 214 Trademarks 15 years 313 (105) 208 313 (91) 222 Reacquired rights 24 years 250 (36) 214 250 (28) 222 Technology 3 - 6 years 131 (63) 68 110 (49) 61 $ 1,549 $ (658) 891 $ 1,502 $ (556) 946 Non-amortizing intangible assets other than Goodwill Trademarks 1,814 1,998 Gaming rights 983 1,056 Caesars Rewards 523 523 3,320 3,577 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 4,211 $ 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 $ 33 $ 133 $ 133 $ 86 $ 45 $ 11

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	September 30, 2024 December 31, 2023 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt CEI Revolving Credit Facility 2028 variable $ 200 $ 200 $ — CEI Term Loan A 2028 variable 684 683 710 CVA Revolving Credit Facility 2029 variable — — — CVA Delayed Draw Term Loan 2029 variable 210 203 — CEI Term Loan B 2030 variable 2,363 2,320 2,432 CEI Term Loan B-1 2031 variable 2,886 2,849 — CEI Senior Secured Notes due 2030 2030 7.00% 2,000 1,981 1,978 CEI Senior Secured Notes due 2032 2032 6.50% 1,500 1,483 — 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 1,597 1,593 CEI Senior Notes due 2029 2029 4.625% 1,200 1,189 1,188 Special Improvement District Bonds 2037 4.30% 42 42 45 Long-term notes and other payables 2 2 2 Total debt 12,698 12,549 12,305 Current portion of long-term debt (102) (102) (65) Deferred finance charges associated with the CEI Revolving Credit Facility — (13) (16) Long-term debt $ 12,596 $ 12,434 $ 12,224 Unamortized discounts and deferred finance charges $ 162 $ 150 Fair value $ 12,821
Schedule of Maturities of Long-Term Debt	Annual Estimated Debt Service Requirements as of September 30, 2024 Remaining Years Ended December 31, (In millions) 2024 2025 2026 2027 (a) 2028 Thereafter Total Annual maturities of long-term debt $ 25 $ 105 $ 105 $ 1,716 $ 832 $ 9,915 $ 12,698 Estimated interest payments 150 820 790 780 610 1,110 4,260 Total debt service obligation (b) $ 175 $ 925 $ 895 $ 2,496 $ 1,442 $ 11,025 $ 16,958 ____________________ (a) Maturities of approximately $1.1 billion in 2027 were repaid with the net proceeds of the $1.1 billion CEI Senior Notes due 2032. See “Subsequent issuance of new CEI Senior Notes due 2032” below. (b) 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)	9 Months Ended
	Sep. 30, 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 September 30, 2024 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 294 $ 1,024 $ 282 $ — $ (1) $ 1,599 Food and beverage 283 155 — — — 438 Hotel 330 185 — — — 515 Other 155 82 21 68 (4) 322 Net revenues $ 1,062 $ 1,446 $ 303 $ 68 $ (5) $ 2,874 Three Months Ended September 30, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 323 $ 1,111 $ 186 $ — $ — $ 1,620 Food and beverage 285 158 — — — 443 Hotel 341 212 — — — 553 Other 171 84 29 98 (4) 378 Net revenues $ 1,120 $ 1,565 $ 215 $ 98 $ (4) $ 2,994 Nine Months Ended September 30, 2024 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 829 $ 3,072 $ 794 $ — $ (4) $ 4,691 Food and beverage 866 429 — — — 1,295 Hotel 1,049 473 — — — 1,522 Other 447 222 67 206 (4) 938 Net revenues $ 3,191 $ 4,196 $ 861 $ 206 $ (8) $ 8,446 Nine Months Ended September 30, 2023 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 945 $ 3,247 $ 599 $ — $ (2) $ 4,789 Food and beverage 868 437 — — — 1,305 Hotel 1,067 514 — — — 1,581 Other 499 217 70 239 3 1,028 Net revenues $ 3,379 $ 4,415 $ 669 $ 239 $ 1 $ 8,703
Schedule of Accounts Receivable, Net	Accounts Receivable, Net (In millions) September 30, 2024 December 31, 2023 Casino $ 191 $ 274 Food and beverage and hotel 121 118 Other 157 216 Accounts receivable, net $ 469 $ 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 September 30 35 38 85 93 573 661 Increase / (decrease) $ (7) $ (7) $ (1) $ 6 $ (120) $ (32)

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2024 2023 2024 2023 Net income (loss) attributable to Caesars $ (9) $ 74 $ (289) $ 858 Shares outstanding: Weighted average shares outstanding – basic 215 215 216 215 Effect of dilutive securities: Stock-based compensation awards — 1 — 1 Weighted average shares outstanding – diluted 215 216 216 216 Net income (loss) per common share attributable to common stockholders – basic: $ (0.04) $ 0.34 $ (1.34) $ 3.99 Net income (loss) per common share attributable to common stockholders – diluted: $ (0.04) $ 0.34 $ (1.34) $ 3.97
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 September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Stock-based compensation awards 4 1 4 1 Total anti-dilutive common stock 4 1 4 1

Stock-Based Compensation and _2

Stock-Based Compensation and Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Arrangement, Activity	September 30, 2024 December 31, 2023 Quantity Wtd-Avg (a) Quantity Wtd-Avg (a) Restricted stock units 2,811,274 $ 49.17 1,922,419 $ 60.11 Performance stock units 400,110 41.74 328,230 46.88 Market-based stock units 1,090,407 73.22 872,019 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 periods through September 30, 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 Other comprehensive income (loss) before reclassifications — (1) 1 — Total other comprehensive income (loss), net of tax — (1) 1 — Balances as of June 30, 2023 $ 94 $ — $ 4 $ 98 Other comprehensive loss before reclassifications — — (1) (1) Total other comprehensive loss, net of tax — — (1) (1) Balances as of September 30, 2023 $ 94 $ — $ 3 $ 97 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 Other comprehensive income (loss) before reclassifications — — — — Total other comprehensive income (loss), net of tax — — — — Balances as of June 30, 2024 $ 94 $ — $ 2 $ 96 Other comprehensive income before reclassifications — — 1 1 Total other comprehensive income, net of tax — — 1 1 Balances as of September 30, 2024 $ 94 $ — $ 3 $ 97

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income Tax Allocation Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Income (loss) before income taxes $ 52 $ 139 $ (167) $ (20) Benefit (provision) for income taxes (43) (47) (68) 904 Effective tax rate 82.7 % 33.8 % (40.7) % * ____________________ * Not meaningful.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Harveys Lake Tahoe Managed The Cromwell Caesars New Orleans Horseshoe Baltimore Harrah’s Ak-Chin Flamingo Las Vegas Caesars Virginia (a) Horseshoe Black Hawk Harrah’s Cherokee Harrah’s Las Vegas Circus Circus Reno Horseshoe Bossier City Harrah’s Cherokee Valley River Horseshoe Las Vegas Eldorado Gaming Scioto Downs Horseshoe Council Bluffs Harrah’s Resort Southern California The LINQ Hotel & Casino Eldorado Resort Casino Reno Horseshoe Hammond Caesars Windsor Paris Las Vegas Grand Victoria Casino Horseshoe Indianapolis Branded Planet Hollywood Resort & Casino Harrah’s Atlantic City Horseshoe Lake Charles Caesars Republic Scottsdale Harrah’s Columbus Nebraska (b) Horseshoe St. Louis Caesars Southern Indiana Caesars Digital Harrah’s Council Bluffs Horseshoe Tunica Harrah’s Northern California Caesars Digital Harrah’s Gulf Coast Isle Casino Bettendorf Harrah’s Hoosier Park Racing & Casino Isle of Capri Casino Boonville Harrah’s Joliet Isle of Capri Casino Lula Harrah’s Lake Tahoe Isle Casino Waterloo Harrah’s Laughlin Lady Luck Casino - Black Hawk Harrah’s Metropolis Silver Legacy Resort Casino Harrah’s North Kansas City Trop Casino Greenville Harrah’s Philadelphia Tropicana Atlantic City Harrah’s Pompano Beach Tropicana Laughlin Hotel & Casino ____________________ (a) Temporary gaming facility opened on May 15, 2023. The construction of the permanent facility of Caesars Virginia is expected to be completed in December 2024. (b) Temporary gaming facility was open from June 12, 2023 through March 20, 2024, closing in anticipation of the permanent facility which opened on May 17, 2024, following weeks of construction disruption due to weather. The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Las Vegas: Net revenues $ 1,062 $ 1,120 $ 3,191 $ 3,379 Adjusted EBITDA 472 482 1,426 1,527 Regional: Net revenues 1,446 1,565 4,196 4,415 Adjusted EBITDA 498 575 1,400 1,531 Caesars Digital: Net revenues 303 215 861 669 Adjusted EBITDA 52 2 97 9 Managed and Branded: Net revenues 68 98 206 239 Adjusted EBITDA 19 20 54 58 Corporate and Other: Net revenues (5) (4) (8) 1 Adjusted EBITDA (40) (36) (123) (117) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Net income (loss) attributable to Caesars $ (9) $ 74 $ (289) $ 858 Net income attributable to noncontrolling interests 18 18 54 26 (Benefit) provision for income taxes (a) 43 47 68 (904) Other (income) loss (b) (4) 1 (29) (5) Loss on extinguishment of debt — 3 51 200 Interest expense, net 596 581 1,780 1,761 Depreciation and amortization 326 320 979 943 Impairment charges (c) — — 118 — Transaction costs and other, net (d) 7 (27) 49 47 Stock-based compensation expense 24 26 73 82 Adjusted EBITDA $ 1,001 $ 1,043 $ 2,854 $ 3,008 Adjusted EBITDA by Segment: Las Vegas $ 472 $ 482 $ 1,426 $ 1,527 Regional 498 575 1,400 1,531 Caesars Digital 52 2 97 9 Managed and Branded 19 20 54 58 Corporate and Other (40) (36) (123) (117) ____________________ (a) Benefit for income taxes during the nine months ended September 30, 2023 includes the release of $940 million of valuation allowance against deferred tax assets. (b) Other (income) loss for the nine months ended September 30, 2024 primarily represents a change in estimate of our disputed claims liability. (c) Impairment charges for the nine months ended September 30, 2024 includes impairments within our Regional segment, identified in the second quarter of 2024, as a result of a decrease in projected future cash flows at certain properties primarily due to localized competition. (d) 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 new property openings and expansion projects at existing properties, and non-cash changes in equity method investments. Additionally, transactions costs and other, net for the three and nine months ended September 30, 2024 includes (i) net proceeds received in exchange for participation rights in an insurance claim and (ii) proceeds received for the termination of the Caesars Dubai management agreement.
Schedule of Balance Sheet Information for Reportable Segments	Total Assets - By Segment (In millions) September 30, 2024 December 31, 2023 Las Vegas $ 24,847 $ 24,230 Regional 15,704 15,291 Caesars Digital 1,034 1,095 Managed and Branded 266 224 Corporate and Other (a) (8,882) (7,474) Total $ 32,969 $ 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)	Sep. 30, 2024 state machine game property hotel_room
Variable Interest Entity [Line Items]
Total number of properties | property	53
Number of slot machines and video lottery terminals | machine	50,900
Number of table games | game	2,700
Number of room in hotel | hotel_room	44,900
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	32
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		9 Months Ended
	Aug. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advertising expense		$ 52	$ 65	$ 164	$ 185
NSUS Group Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Licensing agreement, term	20 years
World Series of Poker | Disposal Group, Held-for-Sale, Not Discontinued Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from divestiture of businesses	$ 250
Consideration receivable	250
Purchase price	$ 500
World Series of Poker | Disposal Group, Held-for-Sale, Not Discontinued Operations | Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets		180		180
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		$ 2		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Interest expense	$ 616	$ 597	$ 1,837	$ 1,798
Capitalized interest	(18)	(13)	(51)	(27)
Interest income	(2)	(3)	(6)	(10)
Total interest expense, net	$ 596	$ 581	$ 1,780	$ 1,761

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 19,777		$ 19,777		$ 18,802
Less: accumulated depreciation	(4,882)		(4,882)		(4,046)
Total property and equipment, net	14,895		14,895		14,756
Depreciation expense	293	$ 284	877	$ 835
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	2,087		2,087		2,088
Buildings, riverboats, and leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,928		13,928		13,543
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	2,731		2,731		2,409
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,031		$ 1,031		$ 762

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) reporting_unit	Sep. 30, 2023 USD ($)
Goodwill [Line Items]
Number of reporting units impaired | reporting_unit			3
Impairment charges				$ 0
Amortization of intangible assets	$ 33,000,000	$ 36,000,000	$ 102,000,000	$ 108,000,000
Regional
Goodwill [Line Items]
Impairment charges			$ 118,000,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Schedule of Changes in Carrying Value of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortizing Intangible Assets
Finite-lived intangible assets, net, beginning balance			$ 946
Impairment			0
Amortization expense	$ (33)	$ (36)	(102)	$ (108)
Classified as assets held for sale			0
Finite-lived intangible assets, net, ending balance	891		891
Goodwill
Goodwill, beginning balance			10,990
Impairment			(41)
Classified as assets held for sale			0
Goodwill, ending balance	10,949		10,949
Other
Indefinite-lived intangible assets (excluding goodwill), beginning balance			3,577
Impairment			(77)
Classified as assets held for sale			(180)
Indefinite-lived intangible assets (excluding goodwill), ending balance	$ 3,320		3,320
Developed Technology
Goodwill
Acquisition of developed technology			0
Other
Acquisition of developed technology			0
Gaming Rights and Customer Relationships
Goodwill
Acquisition of developed technology			0
Other
Acquisition of developed technology			0
Developed Technology
Amortizing Intangible Assets
Acquisition of developed technology			21
Gaming Rights and Customer Relationships
Amortizing Intangible Assets
Acquisition of developed technology			$ 26

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 1,549	$ 1,502
Accumulated Amortization	(658)	(556)
Net Carrying Amount	891	946
Non-amortizing intangible assets other than Goodwill	3,320	3,577
Total amortizing and non-amortizing intangible assets other than Goodwill, net	4,211	4,523
Trademarks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	1,814	1,998
Gaming rights
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-amortizing intangible assets other than Goodwill	983	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	593	587
Accumulated Amortization	(416)	(360)
Net Carrying Amount	$ 177	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	$ 262	242
Accumulated Amortization	(38)	(28)
Net Carrying Amount	$ 224	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	(105)	(91)
Net Carrying Amount	$ 208	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	(36)	(28)
Net Carrying Amount	214	222
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	131	110
Accumulated Amortization	(63)	(49)
Net Carrying Amount	$ 68	$ 61
Technology | Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	3 years
Technology | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life	6 years

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Estimated Annual Amortization Expense (Details) $ in Millions	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2024	$ 33
2025	133
2026	133
2027	86
2028	45
2029	$ 11

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 30, 2020 USD ($) hotel_room
Loss Contingencies [Line Items]
Self insurance reserve	$ 208	$ 200
Casino Operating Contract and Ground Lease for Caesars New Orleans
Loss Contingencies [Line Items]
Net investment in lease			$ 325
Number of hotel rooms in new tower | hotel_room			340
Sports Sponsorship and Partnership Obligations
Loss Contingencies [Line Items]
Indefinite-lived license agreements	$ 455	$ 605

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 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	$ 12,698
Current portion of long-term debt	(102)		$ (65)
Long-term debt	12,434		12,224
Face Value
Long-term debt
Special Improvement District Bonds	42
Long-term notes and other payables	2
Total debt	12,698
Current portion of long-term debt	(102)
Deferred finance charges associated with the CEI Revolving Credit Facility	0
Long-term debt	12,596
Fair value	12,821
Book Value
Long-term debt
Special Improvement District Bonds	42		45
Long-term notes and other payables	2		2
Total debt	12,549		12,305
Current portion of long-term debt	(102)		(65)
Deferred finance charges associated with the CEI Revolving Credit Facility	(13)		(16)
Long-term debt	12,434		12,224
Unamortized discounts and deferred finance charges	162		150
CEI Revolving Credit Facility | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	200
CEI Revolving Credit Facility | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	200		0
CEI Term Loan A | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	684
CEI Term Loan A | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	683		710
CVA Revolving Credit Facility | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	0
CVA Revolving Credit Facility | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	0		0
CVA Delayed Draw Term Loan | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	210
CVA Delayed Draw Term Loan | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	203		0
CEI Term Loan B | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	2,363
CEI Term Loan B | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	2,320		2,432
CEI Term Loan B-1 | Line of Credit | Face Value
Long-term debt
Long-term debt, gross	2,886
CEI Term Loan B-1 | Line of Credit | Book Value
Long-term debt
Long-term debt, gross	$ 2,849		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	$ 1,981		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	1,483		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	$ 1,597		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	$ 1,189		$ 1,188

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Oct. 17, 2024	Sep. 30, 2024
Annual maturities of long-term debt
Remaining 2024		$ 25
2025		105
2026		105
2027 (a)		1,716
2028		832
Thereafter		9,915
Total debt		12,698
Estimated interest payments
Remaining 2024		150
2025		820
2026		790
2027 (a)		780
2028		610
Thereafter		1,110
Debt estimate interest payment, due		4,260
Total debt service obligation
Remaining 2024		175
2025		925
2026		895
2027 (a)		2,496
2028		1,442
Thereafter		11,025
Debt service obligation		$ 16,958
CEI Senior Notes due 2027 | Senior Notes | Subsequent Event
Total debt service obligation
Repayments of debt	$ 1,100
CEI Senior Notes Due 2032 | Senior Notes | Subsequent Event
Total debt service obligation
Proceeds from issuance of long term debt	$ 1,100

Long-Term Debt - CEI Term Loans

Long-Term Debt - CEI Term Loans and CEI Revolving Credit Facility (Narrative) (Details)					1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 28, 2024 USD ($)	Feb. 06, 2024 USD ($)	Apr. 05, 2023 USD ($)	Oct. 05, 2022 USD ($) stepdown	May 31, 2024	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Feb. 06, 2023 USD ($)	Jul. 20, 2020 USD ($)
Long-term debt
Interest rate						4.30%		4.30%
Loss on extinguishment of debt						$ 0	$ (3,000,000)	$ (51,000,000)	$ (200,000,000)
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
Percentage of original principal amount amortization										0.25%
Percentage of principal amount issued					99%
Repayments of debt	$ 100,000,000
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 | Base rate
Long-term debt
Spread on variable rate					1.75%
Senior Notes | CEI Term Loan B | Applicable Margin
Long-term debt
Spread on variable rate					2.75%
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 | 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%
Repayments of debt			$ 1,000,000
CEI Revolving Credit Facility
Long-term debt
Number of stepdowns | stepdown				3
Leverage ratio stepdown				0.05%
Line of credit facility, commitment fee percentage				0.35%
Available borrowing capacity						1,900,000,000		1,900,000,000
CEI Revolving Credit Facility | Line of Credit
Long-term debt
Credit facility											$ 2,250,000,000
Amount outstanding						84,000,000		84,000,000
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		$ 46,000,000
Line of Credit | CEI Revolving Credit Facility and CEI Term Loan A | SOFR
Long-term debt
Spread on variable rate				2.25%
Line of Credit | CEI Revolving Credit Facility and CEI Term Loan A | SOFR | Component One
Long-term debt
Spread on variable rate				0.10%
Line of Credit | CEI Revolving Credit Facility and CEI Term Loan A | SOFR | Component One | Minimum
Long-term debt
Spread on variable rate				0%
Line of Credit | CEI Revolving Credit Facility and CEI Term Loan A | SOFR | Component Two
Long-term debt
Spread on variable rate				1%
Line of Credit | CEI Revolving Credit Facility and CEI Term Loan A | Fed Funds Effective Rate Overnight Index Swap Rate | Component Two
Long-term debt
Spread on variable rate				0.50%
Line of Credit | CEI Revolving Credit Facility and CEI Term Loan A | 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 | CEI Revolving Credit Facility and CEI Term Loan A
Long-term debt
Number of stepdowns | stepdown				3
Leverage ratio stepdown				0.25%
Line of Credit | Secured Debt | CEI Term Loan A
Long-term debt
Debt instrument, face amount				$ 750,000,000
Interest rate				1.25%

Long-Term Debt - Caesars Virgin

Long-Term Debt - Caesars Virginia Senior Revolving and Delayed Draw Term Loan Credit Facility due 2029 (Details) - USD ($) $ in Millions	Sep. 30, 2024	Apr. 26, 2024
Long-term debt
Total debt	$ 12,698
Line of Credit | CVA Credit Agreement | Secured Debt
Long-term debt
Debt instrument, face amount		$ 400
Total debt	210
Line of Credit | CVA Credit Agreement | Revolving Credit Facility
Long-term debt
Credit facility		25
Line of credit facility, remaining borrowing capacity	$ 25
Line of Credit | CVA Credit Agreement | Letter of Credit
Long-term debt
Credit facility		$ 10

Long-Term Debt - CEI Senior Sec

Long-Term Debt - CEI Senior Secured Notes due 2030 (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 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	Sep. 30, 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	Sep. 30, 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 - Subsequent Iss

Long-Term Debt - Subsequent Issuance of New CEI Senior Notes due 2032 (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
	Oct. 17, 2024	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 06, 2020
Long-term debt
Interest rate			4.30%		4.30%
Loss on extinguishment of debt			$ 0	$ 3	$ 51	$ 200
CEI Senior Notes Due 2032 | Subsequent Event | Senior Notes
Long-term debt
Long-term debt, gross	$ 1,100
Interest rate	6%
CEI Senior Notes due 2027 | Senior Notes
Long-term debt
Long-term debt, gross							$ 1,800
Interest rate			8.125%		8.125%		8.125%
CEI Senior Notes due 2027 | Senior Notes | Forecast
Long-term debt
Loss on extinguishment of debt		$ 31
CEI Senior Notes due 2027 | Subsequent Event | Senior Notes
Long-term debt
Repayments of debt	$ 1,100

Long-Term Debt - CEI Senior N_2

Long-Term Debt - CEI Senior Notes due 2029 (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 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)	Sep. 30, 2024
CVA Credit Agreement | Line of Credit
Long-term debt
Leverage ratio, maximum	4
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.05
CEI Revolving Credit Facility and CEI Term Loan A | Period One
Long-term debt
Leverage ratio, maximum	7.25
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.75
CEI Revolving Credit Facility and CEI Term Loan A | 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,874	$ 2,994	$ 8,446	$ 8,703
Accounts receivable, net	469		469		$ 608
Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,599	1,620	4,691	4,789
Accounts receivable, net	191		191		274
Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	438	443	1,295	1,305
Hotel
Disaggregation of Revenue [Line Items]
Net revenues	515	553	1,522	1,581
Other
Disaggregation of Revenue [Line Items]
Net revenues	322	378	938	1,028
Accounts receivable, net	157		157		216
Food and beverage and hotel
Disaggregation of Revenue [Line Items]
Accounts receivable, net	121		121		$ 118
Corporate and Other
Disaggregation of Revenue [Line Items]
Net revenues	(5)	(4)	(8)	1
Corporate and Other | Casino
Disaggregation of Revenue [Line Items]
Net revenues	(1)	0	(4)	(2)
Corporate and Other | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and Other | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Corporate and Other | Other
Disaggregation of Revenue [Line Items]
Net revenues	(4)	(4)	(4)	3
Las Vegas | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,062	1,120	3,191	3,379
Las Vegas | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	294	323	829	945
Las Vegas | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	283	285	866	868
Las Vegas | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	330	341	1,049	1,067
Las Vegas | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	155	171	447	499
Regional | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	1,446	1,565	4,196	4,415
Regional | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	1,024	1,111	3,072	3,247
Regional | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	155	158	429	437
Regional | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	185	212	473	514
Regional | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	82	84	222	217
Caesars Digital | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	303	215	861	669
Caesars Digital | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	282	186	794	599
Caesars Digital | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Caesars Digital | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Caesars Digital | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	21	29	67	70
Managed and Branded | Operating Segment
Disaggregation of Revenue [Line Items]
Net revenues	68	98	206	239
Managed and Branded | Operating Segment | Casino
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded | Operating Segment | Food and beverage
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded | Operating Segment | Hotel
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Managed and Branded | Operating Segment | Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 68	$ 98	$ 206	$ 239

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Activity Related to Contract and Contract-Related Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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	35	38
Increase / (decrease)	(7)	(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	93
Increase / (decrease)	(1)	6
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	573	661
Increase / (decrease)	$ (120)	$ (32)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessor, Lease, Description [Line Items]
Net revenues	$ 2,874	$ 2,994	$ 8,446	$ 8,703
Variable lease income	17	14	45	44
Hotel
Lessor, Lease, Description [Line Items]
Net revenues	515	553	1,522	1,581
Food and beverage
Lessor, Lease, Description [Line Items]
Net revenues	438	443	1,295	1,305
Food and beverage | Convention Arrangements
Lessor, Lease, Description [Line Items]
Net revenues	14	5	39	31
Real Estate
Lessor, Lease, Description [Line Items]
Net revenues	$ 38	$ 42	$ 110	$ 122

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to Caesars	$ (9)	$ 74	$ (289)	$ 858
Shares outstanding:
Weighted average shares outstanding – basic (in shares)	215	215	216	215
Effect of dilutive securities:
Stock-based compensation awards (in shares)	0	1	0	1
Weighted average diluted shares outstanding (in shares)	215	216	216	216
Net income (loss) per common share attributable to common stockholders – basic (in dollars per share)	$ (0.04)	$ 0.34	$ (1.34)	$ 3.99
Net income (loss) per common share attributable to common stockholders – diluted (in dollars per share)	$ (0.04)	$ 0.34	$ (1.34)	$ 3.97

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	4	1	4	1
Stock-based compensation awards
Earnings Per Share, Basic and Diluted [Line Items]
Total anti-diluted common stock (in shares)	4	1	4	1

Stock-Based Compensation and _3

Stock-Based Compensation and Stockholders' Equity - Stock-Based Awards (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 24, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 24	$ 26	$ 73	$ 82
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)					8,000,000

Stock-Based Compensation and _4

Stock-Based Compensation and Stockholders' Equity - 2015 Equity Incentive Plan (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,000,000
Equity instruments other than options, fair value | $	$ 87
Share conversion (in shares)	1
Vested (in shares)	916,000
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)	160,000
Award vesting period	3 years
Aggregate intrinsic value, nonvested | $	$ 7
Vested (in shares)	99,000
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target payout range	0%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target payout range	200%
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	430,000
Award vesting period	3 years
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]
Percentage of target payout range	0%
Market-based stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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	Sep. 30, 2024	Dec. 31, 2023
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	2,811,274	1,922,419
Weighted average exercise price (in dollars per share)	$ 49.17	$ 60.11
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	400,110	328,230
Weighted average exercise price (in dollars per share)	$ 41.74	$ 46.88
Market-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,090,407	872,019
Weighted average exercise price (in dollars per share)	$ 73.22	$ 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
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,495	$ 4,588	$ 4,720	$ 4,667	$ 3,635	$ 3,751
Other comprehensive loss before reclassifications	1	0	(1)	(1)	0	6
Total other comprehensive loss, net of tax	1	0	(1)	(1)	0	6
Ending balance	4,384	4,495	4,588	4,742	4,667	3,635
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	96	96	97	98	98	92
Ending balance	97	96	96	97	98	98
Unrealized Net Gains on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	94	94	94	94	94	94
Other comprehensive loss before reclassifications	0	0	0	0	0	0
Total other comprehensive loss, net of tax	0	0	0	0	0	0
Ending balance	94	94	94	94	94	94
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	0	0	1	(1)
Other comprehensive loss before reclassifications	0	0	0	0	(1)	2
Total other comprehensive loss, net of tax	0	0	0	0	(1)	2
Ending balance	0	0	0	0	0	1
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	2	2	3	4	3	(1)
Other comprehensive loss before reclassifications	1	0	(1)	(1)	1	4
Total other comprehensive loss, net of tax	1	0	(1)	(1)	1	4
Ending balance	$ 3	$ 2	$ 2	$ 3	$ 4	$ 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	1 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2018	Nov. 08, 2018
2018 Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 150
Common stock shares acquired (in shares)		3,872,478	0
Common stock acquired value		$ 141		$ 9
Common stock acquired average price per share (in dollars per share)		$ 36.38
2024 Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount	$ 500	$ 500
Common stock shares acquired (in shares)	0

Stock-Based Compensation and _8

Stock-Based Compensation and Stockholders' Equity - Shares Held in Escrow (Details) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) shares
Share-Based Payment Arrangement [Abstract]
Shares issued in settlement of convertible notes (in shares) | shares	139
Value of shares issued in settlement of convertible notes | $	$ 14

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 52	$ 139	$ (167)	$ (20)
Benefit (provision) for income taxes	$ (43)	$ (47)	$ (68)	$ 904
Effective tax rate	82.70%	33.80%	(40.70%)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit related to change in deferred tax asset valuation allowance	$ (940)	$ 940

Related Party and Affiliate T_2

Related Party and Affiliate Transactions - Narrative (Details) ft² in Thousands	3 Months Ended	9 Months Ended		12 Months Ended	78 Months Ended
	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2024 USD ($) ft² a	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) ft²
Related affiliates
Accounts receivable, net	$ 469,000,000	$ 469,000,000		$ 608,000,000	$ 469,000,000
Accounts payable	268,000,000	268,000,000		408,000,000	268,000,000
Distribution from unconsolidated affiliate		39,000,000	$ 0
Investments in and advances to unconsolidated affiliates	$ 131,000,000	$ 131,000,000		157,000,000	$ 131,000,000
Related Party | Donald L. Carano Trust | C. S. & Y. Associates
Related affiliates
Percentage of outstanding shares owned	27%	27%			27%
Corporate Joint Venture | Pompano Joint Venture
Related affiliates
Ownership interest	50%	50%			50%
Payments to acquire equity method investments					$ 7,000,000
Acres of land contributed to variable interest | a		209
Land contributed to joint venture		$ 69,000,000
Gain on sale of joint venture	$ 11,000,000			64,000,000
Distribution from unconsolidated affiliate	39,000,000
Investments in and advances to unconsolidated affiliates	$ 119,000,000	$ 119,000,000		147,000,000	$ 119,000,000
Corporate Joint Venture | VIEs | CVA Holdco, LLC
Related affiliates
Variable interest entity, ownership percentage		50%
C. S. & Y. Associates | Related Party
Related affiliates
Area of real property leased | ft²	30	30			30
Annual rent payable	$ 600,000	$ 600,000			$ 600,000
Accounts receivable, net	0	0		0	0
Accounts payable	$ 0	$ 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%			27%
EBCI and Minority Partner | Corporate Joint Venture | VIEs | CVA Holdco, LLC
Related affiliates
Related party transactions		$ 16,000,000

Segment Information - Narrative

Segment Information - Narrative (Details) ft² in Thousands	9 Months Ended
	Sep. 30, 2024 ft² ballroom option ft	Sep. 30, 2024 ft² segment ballroom ft
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 2,874	$ 2,994	$ 8,446	$ 8,703
Adjusted EBITDA	1,001	1,043	2,854	3,008
Operating Segment | Las Vegas
Segment Reporting Information [Line Items]
Net revenues	1,062	1,120	3,191	3,379
Adjusted EBITDA	472	482	1,426	1,527
Operating Segment | Regional
Segment Reporting Information [Line Items]
Net revenues	1,446	1,565	4,196	4,415
Adjusted EBITDA	498	575	1,400	1,531
Operating Segment | Caesars Digital
Segment Reporting Information [Line Items]
Net revenues	303	215	861	669
Adjusted EBITDA	52	2	97	9
Operating Segment | Managed and Branded
Segment Reporting Information [Line Items]
Net revenues	68	98	206	239
Adjusted EBITDA	19	20	54	58
Corporate and Other
Segment Reporting Information [Line Items]
Net revenues	(5)	(4)	(8)	1
Adjusted EBITDA	$ (40)	$ (36)	$ (123)	$ (117)

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net income (loss) attributable to Caesars	$ (9)	$ 74		$ (289)	$ 858
Net income attributable to noncontrolling interests	18	18		54	26
(Benefit) provision for income taxes	43	47		68	(904)
Other (income) loss	(4)	1		(29)	(5)
Loss on extinguishment of debt	0	3		51	200
Interest expense, net	596	581		1,780	1,761
Depreciation and amortization	326	320		979	943
Impairment charges	0	0		118	0
Transaction costs and other, net	7	(27)		49	47
Stock-based compensation expense	24	26		73	82
Adjusted EBITDA	1,001	1,043		2,854	3,008
Income tax benefit related to change in deferred tax asset valuation allowance			$ (940)		940
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(40)	(36)		(123)	(117)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	472	482		1,426	1,527
Regional | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	498	575		1,400	1,531
Caesars Digital | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	52	2		97	9
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 19	$ 20		$ 54	$ 58

Segment Information - Schedul_3

Segment Information - Schedule of Balance Sheet Information for Reportable Segment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 32,969	$ 33,366
Corporate and Other
Segment Reporting Information [Line Items]
Assets	(8,882)	(7,474)
Las Vegas | Operating Segment
Segment Reporting Information [Line Items]
Assets	24,847	24,230
Regional | Operating Segment
Segment Reporting Information [Line Items]
Assets	15,704	15,291
Caesars Digital | Operating Segment
Segment Reporting Information [Line Items]
Assets	1,034	1,095
Managed and Branded | Operating Segment
Segment Reporting Information [Line Items]
Assets	$ 266	$ 224