Slide 1: Caesars Entertainment Investor Presentation
Caesars Entertainment Investor Presentation April 28, 2026
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 non-GAAP measures, reconciliations to their nearest GAAP measures, and the reasons management believes such measures provide useful information for inves
Slide 4: Company Highlights 1Q Review
Company Highlights 1Q Review 4
Slide 5: Caesars Owns and Operates a World Class Portfolio of Over 50 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 = $64 million VT NH ME MT ND
Slide 6: Caesars Digital Platform Extends Across North American Jurisdictions
Caesars Digital Platform Extends Across 34 North American Jurisdictions • Scaled competitor generating approximately $1.5 billion of TTM Net Revenue and $262 million of TTM Adjusted EBITDA (1) (2) − Q1 ‘26 TTM Adjusted EBITDA is 69% above Q1 ’25 TTM (2) Ontario WA VT NH ME MT ND OR MN MA ID SD WI NY
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 (six owned, two leased), 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 generat
Slide 10: Major Regional Investment Program is Completed
Major Regional Investment Program is Completed Regional Highlights • 46 regional property network (16 owned, 23 leased, and 8 managed or branded) across North America, all of which are integrated into Caesars Rewards • Approximately $3.2 billion of capital spend Tropicana Atlantic City – Solana Towe
Slide 11: Extending our Brand Footprint - Oklahoma
Extending our Brand Footprint - Oklahoma Harrah’s Oklahoma • Property opened on April 9 • Iowa Tribe of Oklahoma selected Caesars Entertainment as its management partner for a Harrah’s branded integrated resort • Located off U.S. Route I-44 between Tulsa and Oklahoma City, Oklahoma features: • Gamin
Slide 12: Extending our Brand Footprint - Sonoma
Extending our Brand Footprint - Sonoma Caesars Republic Sonoma County • Joint project by Dry Creek Rancheria and Caesars Entertainment to transform River Rock Casino into a newly integrated resort casino • Located off U.S. Route Hwy 101 in California, the destination will feature: • New casino floor
Slide 13: 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% 8.30% 6,000 8.10% 5,374 8.00% 7.00% 5,000 7.00% 4,488 6.30% 6.00% 5.40% 4,000 3,498 5.00% 3,000 4.00% 2,414 2,177 3.00% 2,000 2.00% 1,000 1.00% 0.00% - 2022 2023 2024 2
Slide 14: Universal Digital Wallet Continues to Expand
Universal Digital Wallet Continues to Expand Universal digital wallet is available in 27 jurisdictions with roll-out to be completed in April 2026* Ontario WA Streamlines the wagering experience across MT ND VT NH ME all active states OR MN MA ID SD WI NY WY MI RI CT IA PA NV NE NJ OH UT IL IN DE CO
Slide 15: 2026 Financial Update and Outlook
2026 Financial Update and Outlook Master Lease Rent $1,380 million of master lease rent Interest Expense $720 million of full year cash interest expense(1) Capital Expenditures 2026 capital expenditures of $675 million Cash Income Taxes Long-term cash income taxes estimated at approximately 3-4% of
Slide 16: Earliest Debt Maturity in 2028
Earliest Debt Maturity in 2028 • Over $3.5 billion of debt has been permanently repaid since the closure of the Eldorado & Caesars merger in July 2020 Debt Maturity Schedule(1) $4,025 $2,842 $2,600 $1,581 1,100 381 $828 200 1,200 1,500 $ in millions 628 (2) (3) 2025 2026 2027 2028 2029 2030 2031 203
Slide 17: Approximately 50% of Asset Sale Proceeds Used to Repurchase Stock
Approximately 50% of Asset Sale Proceeds Have Been Used to Repurchase Stock Since Q2 2024 in millions 230.0 20.0 216.3 212.5 212.1 211.3 208.0 204.9 18.0 Cumulative Shares Repurchased (millions) 210.0 202.6 190.0 14.7 16.0 Shares Outstanding (millions) 14.0 170.0 12.5 12.0 150.0 9.3 10.0 130.0 8.0 1
Slide 18: Company Highlights 1Q Review
Company Highlights 1Q Review 18
Slide 19: 1Q Performance
1Q Performance 1Q 2026 Consolidated YoY Change by Segment $ in millions • Net Revenues +2.7% YoY Las Vegas Regional Digital • Adjusted EBITDA(1) +0.3% YoY $42 $39 • Adjusted EBITDA margin(1) 30.9% $26 ($0) ($7) ($5) Net Revenue Adj. EBITDA F (1) Non-GAAP measure. See Appendix for reconciliation. 19
Slide 20: Digital – 1Q Performance
Digital – 1Q Performance 1Q 2026 iGaming – Net Gaming Revenue(4) $ in millions • Net revenues +12% YoY 2-Year Stack = +82% $160 +19% YoY − iGaming handle +20% YoY $140 $140 +53% YoY − Sports betting handle -3% YoY(1) $118 $120 − Average Revenue per Monthly Unique Payer $100 (ARPMUP)(2)(3) = $219 $77
Slide 21: Appendix
Appendix 21
Slide 22: 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 23: Digital Metrics Definitions
Digital Metrics 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 mont
Slide 24: Adjusted EBITDA Reconciliation TTM Q1 2026
Adjusted EBITDA Reconciliation Trailing Twelve Months (“TTM”) – Q1 2026 2025 2026 (1) (2) (3) (4) (1)+(2)+(3+(4) (In millions) Q2 Q3 Q4 Q1 TTM Q1 2026 Adjusted EBITDA: Las Vegas $ 469 $ 379 $ 447 $ 426 $ 1,721 Regional 439 506 404 435 1,784 Caesars Digital 80 28 85 69 262 Managed and Branded 17 18 1
Slide 25: Adjusted EBITDA Reconciliation TTM Q1 2025
Adjusted EBITDA Reconciliation Trailing Twelve Months (“TTM”) – Q1 2025 2024 2025 (1) (2) (3) (4) (1)+(2)+(3)+(4) Adj. Q2 Adj. Q3 Adj. Q4 (In millions) Q2 Q2 Adj.(a) Total Q3 Q3 Adj.(a) Total Q4 Q4 Adj.(a) Total Q1 TTM Q1 2025 Adjusted EBITDA: Las Vegas $ 514 $ (4) $ 510 $ 472 $ (5) $ 467 $ 481 $ (3
Slide 26: Adjusted EBITDA Reconciliation TTM Q1 2026 (Leased/Wholly-Owned)
Adjusted EBITDA Reconciliation Trailing Twelve Months (“TTM”) – Q1 2026 2025 2026 (1) (2) (3) (4) (1)+(2)+(3)+(4) (In millions) Q2 Q3 Q4 Q1 TTM Q1 2026 Adjusted EBITDA: Leased $ 423 $ 432 $ 394 $ 404 $ 1,653 Wholly-Owned 485 453 457 457 1,852 Caesars Digital 80 28 85 69 262 Managed and Branded 17 18
Slide 27: Net Income (Loss) Attributable to Caesars TTM Q1 2026
Net Income (Loss) Attributable to Caesars Trailing Twelve Months (“TTM”) – Q1 2026 2025 2026 (1) (2) (3) (4) (1)+(2)+(3)+(4) (In millions) Q2 Q3 Q4 Q1 TTM Q1 2026 Net Income (Loss) Attributable to Caesars Leased $ (125) $ (111) $ (210) $ (143) $ (589) Wholly-Owned 326 299 182 299 1,106 Caesars Digit
Slide 28: Adjusted EBITDA Margin – Q1 2026
Adjusted EBITDA Margin – Q1 2026 Caesars Entertainment, Inc. Three Months Ended (Dollars in millions) March 31, 2026 Net revenues $ 2,870 Adjusted EBITDA 887 (a) Adjusted EBITDA margin 30.9% F (a) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by net revenues. 28
Slide 29: Caesars Entertainment
CAESARS ENTERTAINMEN Te