Slide 1: Caesars Entertainment Investor Presentation
Caesars Entertainment Investor Presentation July 29, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Certain information in this presentation constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by
Slide 3: Use of Non-GAAP Measures
Use of Non-GAAP Measures The following non-GAAP measures will be used in the presentation: Adjusted EBITDA, Adjusted EBITDA Margin. Definitions of these non-GAAP measures, reconciliations to their nearest GAAP measures, and the reasons management believes these measures provide useful information fo
Slide 4: Company Highlights
Company Highlights 2Q Review 4
Slide 5: Caesars Owns and Operates a World Class Portfolio of Brick and Mortar Locations
Caesars Owns and Operates a World Class Portfolio of Over 50 Brick and Mortar Locations Across North America Irreplaceable assets on the Las Vegas Strip Adjusted EBITDA Distribution Excluding Corporate & Other(1) Ontario (Trailing Twelve Months(2)) WA Managed and Branded = $69 million VT NH ME MT ND
Slide 6: Caesars Digital Platform Extends Across North American Jurisdictions
Caesars Digital Platform Extends Across 33 North American Jurisdictions • Scaled competitor generating $1.3 billion of TTM Net Revenue and $195 million of TTM Adjusted EBITDA (1) (2) − Q2 ‘25 TTM Net Revenue is 19% above Q2 ’24 TTM − Q2 ‘25 TTM Adjusted EBITDA is 157% above Q2 ’24 TTM (2) Ontario WA
Slide 7: Iconic Properties and Renowned Casino Brands
Iconic Properties and Renowned Casino Brands Iconic Properties Renowned Loyalty Program and Brands F 7
Slide 8: Caesars Rewards Integrates Across All Segments
Caesars Rewards Integrates Across All Segments REGIONAL PROPERTIES LAS VEGAS CAESARS PROPERTIES DIGITAL F 8
Slide 9: Las Vegas Center Strip Portfolio Overview
Las Vegas Center Strip Portfolio Overview Las Vegas Highlights • Portfolio of eight major casino resorts, including the iconic Caesars Palace Las Vegas • Six wholly-owned center Strip assets and the world class Caesars Forum with significant embedded real estate value generated over $1 Versailles Ba
Slide 10: End of Major Regional Investment Cycle
End of Major Regional Investment Cycle Regional Highlights • 38 regional property network of owned and operated casinos across North America, all of which are integrated into Caesars Rewards • Approximately $2.9 billion of capital spend since closing of the Eldorado & Caesars merger in Caesars Virgi
Slide 11: Caesars Digital Continues Growth Trajectory
Caesars Digital Continues Growth Trajectory Caesars Digital – Net Revenue Caesars Digital - Adjusted EBITDA(1) $ in millions $ in millions $100 $195 $500 $1,283 $1,216 $90 $155 $1,165 $1,163 $80 $1,077 $80 $126 $117 $400 $1,017 Quarterly Adjusted EBITDA $973 $343 Quarterly Net Revenue $903 $906 $335
Slide 12: Digital Growth Driven by Improving Sportsbetting Hold and iGaming Handle
Digital Growth Driven by Improving Sportsbetting Hold and iGaming Handle Sportsbetting Hold Rate iGaming Handle $ in millions 9.00% 8.00% $10,000 $9,193 8.00% 7.00% 7.00% 6.30% $8,000 $7,035 6.00% 5.40% 5.00% $6,000 4.30% $5,070 4.00% $4,267 $4,000 3.00% $2,504 2.00% $2,000 1.00% 0.00% - 2021 2022 2
Slide 13: Launch of Universal Digital Wallet on the Caesars Mobile Sportsbook App in Nevada
Launch of Universal Digital Wallet on the Caesars Mobile Sportsbook App in Nevada Universal digital wallet is available in 19 jurisdictions with the roll-out continuing through Q1 2026 including adding Missouri, New Jersey, Pennsylvania, Michigan and Ontario featuring both online sports & online cas
Slide 14: 2025 Financial Update and Outlook
2025 Financial Update and Outlook Master Lease Rent $1,350 million of master lease rent Interest Expense $775 million of full year interest expense(1) Capital Expenditures 2025 mid-point capital expenditures of $650 million excluding Caesars Virginia JV Cash Income Taxes Cash income taxes estimated
Slide 15: Earliest Debt Maturity in 2027
Earliest Debt Maturity in 2027 Debt Maturity Schedule(1) $4,043 $2,864 $2,600 $1,100 $1,200 $546 $656 $1,500 (2) (3) (4) 2025 2026 2027 2028 2029 2030 2031 2032 CEI Secured Debt CEI Unsecured Debt F Note: As of June 30, 2025. Table excludes Other Debt of $42M consisting of Special Improvement Distri
Slide 16: 2Q Review
Company Highlights 2Q Review 16
Slide 17: 2Q Performance Highlights
2Q Performance Highlights 2Q 2025(1) YoY Change by Segment $ in millions • Net Revenues +2.9% YoY Las Vegas(1) Regional Digital • Adjusted EBITDA(2) -4.1% YoY $67 • Adjusted EBITDA margin(2) 32.9% $50 $40 ($30) ($41) ($41) Net Revenue Adj. EBITDA(2) F (1) Adjusted for pre-disposition results of oper
Slide 18: Properties – 2Q Performance
Properties – 2Q Performance Las Vegas Properties Regional Properties $ in millions $ in millions Adjusted EBITDA(1)(2) Adjusted EBITDA(1) $700 47% $700 44% 44% 43% 44% 34% 34% $600 $600 32% 31% 31% $510 $498 $500 $467 $478 $469 $500 $469 $433 $440 $439 $410 $400 $400 $300 $300 $200 $200 $100 $100 -
Slide 19: Digital – 2Q Performance
Digital – 2Q Performance 2Q 2025 iGaming – Net Gaming Revenue(5) $ in millions • Net revenues +24% YoY 2-Year Stack = +128% − iGaming handle +33% YoY $140 +51% YoY $124 − Sports net gaming revenue +28% YoY(1) $120 − Average Revenue per Monthly Unique Payer $100 +51% YoY (ARPMUP)(2)(3) = $230 $82 $80
Slide 20: Appendix
Appendix 20
Slide 21: Non-GAAP Information
Non-GAAP Information Adjusted EBITDA (described below), a non-GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non-GAAP supplemental information wil
Slide 22: Digital Metric Definitions
Digital Metric Definitions Average Revenue per Monthly Unique Payer (“ARPMUP”) • Defined as the average monthly casino revenue, excluding retail sportsbook revenue, for the period divided by the average number of MUPs for the same period. Monthly Unique Payers (“MUPs”) • Defined as the average month
Slide 23: Net Revenue Reconciliation Q2 2025 and Q2 2024
Net Revenue Reconciliation Q2 2025 and Q2 2024 23
Slide 24: Adjusted EBITDA Reconciliation Q2 2025 and Q2 2024
Adjusted EBITDA Reconciliation Q2 2025 and Q2 2024 24
Slide 25: Net Revenue Reconciliation Q1 2025 and Q1 2024
Net Revenue Reconciliation Q1 2025 and Q1 2024 25
Slide 26: Adjusted EBITDA Reconciliation Q1 2025 and Q1 2024
Adjusted EBITDA Reconciliation Q1 2025 and Q1 2024 26
Slide 27: Net Revenue Reconciliation Q4 2024
Net Revenue Reconciliation Q4 2024 27
Slide 28: Adjusted EBITDA Reconciliation Q4 2024 and Q4 2023
Adjusted EBITDA Reconciliation Q4 2024 and Q4 2023 28
Slide 29: Net Revenue Reconciliation Q3 2024
Net Revenue Reconciliation Q3 2024 29
Slide 30: Adjusted EBITDA Reconciliation Q3 2024 and Q3 2023
Adjusted EBITDA Reconciliation Q3 2024 and Q3 2023 30
Slide 31: Adjusted EBITDA Reconciliation Q2 2023
Adjusted EBITDA Reconciliation Q2 2023 31
Slide 32: Adjusted EBITDA Reconciliation Q1 2023
Adjusted EBITDA Reconciliation Q1 2023 32
Slide 33: Adjusted EBITDA Reconciliation Q3 2022 and Q4 2022
Adjusted EBITDA Reconciliation Q3 2022 and Q4 2022 33
Slide 34: Adjusted EBITDA Reconciliation Trailing Twelve Months Q2 2025
Adjusted EBITDA Reconciliation Trailing Twelve Months (“TTM”) – Q2 2025 34
Slide 35: Net Income Attributable to Caesars Trailing Twelve Months Q2 2025
Net Income (Loss) Attributable to Caesars Trailing Twelve Months (“TTM”) – Q2 2025 35
Slide 36: Adjusted EBITDA Margins
ENTERTAINMENT Adjusted EBITDA Margins OR Las Vegas Adjusted EBITDA Margin Adj. All 22034 Qe 2024 234 932024 otarin lions 22024 “Adj. “Tout 32024 “Aaj. “Total Netievenves Sir Ss OS ims Sion 5 ws 1095s ‘Adjusted EBITDA su @ 10 an 46 ‘Adjusted EBITDA margin 47 47 ay 4 Adi. 42m gt 3024 atari milan nm “A
Slide 37: Caesars Entertainment
CAESARS ENTERTAINMEN Te