Slide 1: Caesars Entertainment Investor Presentation
Caesars Entertainment Investor Presentation October 28, 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, Hold Adjusted Net Revenues, Hold Adjusted Adjusted EBITDA. Definitions of these non-GAAP measures, reconciliations to their nearest GAAP measures, and the reasons management believes these mea
Slide 4: Company Highlights
Company Highlights 3Q Review 4
Slide 5: Caesars Owns and Operates a World Class Portfolio Across North America
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 = $68 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 approximately $1.3 billion of TTM Net Revenue and $171 million of TTM Adjusted EBITDA (1) (2) − Q3 ‘25 TTM Adjusted EBITDA is 36% above Q3 ’24 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: End of Major Regional Investment Cycle
End of Major Regional Investment Cycle Regional Highlights • 45 regional property network (16 owned, 22 leased, and 7 managed or branded) across North America, all of which are integrated into Caesars Rewards • Approximately $3.1 billion of capital spend since closing of the Eldorado & Caesars merge
Slide 11: Extending our Brand Footprint - Oklahoma
Extending our Brand Footprint - Oklahoma Harrah’s Oklahoma • 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 will feature: • Gaming floor with 1,000 slots
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 8.00% 7.40% 20,000 7.00% 18,013 7.00% 18,000 6.30% 16,000 14,920 6.00% 5.40% 14,000 5.00% 12,000 4.30% 10,622 4.00% 10,000 8,073 3.00% 8,000 6,000 5,621 2.00% 4,000 1.00% 2,0
Slide 14: Universal Digital Wallet Continues to Expand
Universal Digital Wallet Continues to Expand Universal digital wallet is available in more than 20 jurisdictions with the roll-out continuing through Q1 2026 Ontario WA Streamlines the wagering experience across MT ND VT NH ME OR all active states ID SD MN WI NY MA WY MI RI CT IA PA NV NE NJ OH UT I
Slide 15: 2025 Financial Update and Outlook
2025 Financial Update and Outlook Master Lease Rent $1,350 million of master lease rent Interest Expense $790 million of full year cash interest expense(1) Capital Expenditures 2025 mid-point capital expenditures of $675 million excluding Caesars Virginia JV Cash Income Taxes Cash income taxes estim
Slide 16: Earliest Debt Maturity in 2028
Earliest Debt Maturity in 2028 Debt Maturity Schedule(1) $4,038 $2,857 $2,600 1,100 $1,591 391 $797 150 1,500 1,200 647 (2) (3) 2025 2026 2027 2028 2029 2030 2031 2032 CEI Secured Debt CEI Unsecured Debt CEI Revolving Credit Facility Caesars Virginia F Note: As of September 30, 2025. Table excludes
Slide 17: Since Q2 2024, Caesars Has Repurchased ~6% of Shares Outstanding
Since Q2 2024, Caesars has Repurchased ~6% of Shares Outstanding Totaling $391 million in millions 230.0 20.0 216.3 212.5 212.1 211.3 Cumulative Shares Repurchased (millions) 210.0 208.0 204.9 204.1 18.0 16.0 Shares Outstanding (millions) 190.0 13.2 14.0 12.5 170.0 12.0 150.0 9.3 10.0 130.0 8.0 5.1
Slide 18: 3Q Review
Company Highlights 3Q Review 18
Slide 19: 3Q Performance
3Q Performance 3Q 2025(1) Adjusted EBITDA(2)(3) $ in millions • Net Revenues +0.1% YoY Q3 2024 Adjusted EBITDA Q3 2025 Adjusted EBITDA • Adjusted EBITDA(2) -11.2% YoY • Adjusted EBITDA margin(2) 30.8% • Hold had an unfavorable YoY impact on operating results Hold Adjusted Results(2)(3) • Net Revenue
Slide 20: Properties – Table Hold by Quarter
Properties – Table Hold by Quarter Las Vegas - Table Hold Regional - Table Hold 25.0% 24.7% Prior 24-month average = 21% 25.0% Prior 24-month average = 21% 24.0% 24.0% 23.1% 23.0% 22.2% 23.0% 21.9% 22.0% 21.0% 21.1% 22.0% 21.7% 21.0% 21.6% Table Hold % Table Hold % 21.3% 21.3% 21.2% 21.1% 20.0% 21.0
Slide 21: Segments – Q3 YoY Reported vs Hold Adjusted
Segments – Q3 YoY Reported vs Hold Adjusted Net Revenue(1) Adjusted EBITDA(1)(2) $ in millions $ in millions Q3 2025 Q3 2025 Hold WSOP Sale Hold Hold WSOP Sale Hold Net Revenues: Reported Adjustment(3) Adj.(4) Adjusted(2) Adjusted EBITDA: Reported Adjustment (3) Adj.(4) Adjusted(2) Las Vegas $952 $2
Slide 22: Digital – 3Q Performance
Digital – 3Q Performance 3Q 2025 iGaming – Net Gaming Revenue(4) $ in millions • Net revenues +3% YoY 2-Year Stack = +139% − iGaming handle +24% YoY $140 +30% YoY $124 − Sports gaming handle +6% YoY(1) $120 +84% YoY $100 $96 − Average Revenue per Monthly Unique Payer (ARPMUP)(2)(3) = $200 $80 -3% de
Slide 23: Appendix
ENTERTAINMENT. Appendix
Slide 24: 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 25: 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 26: Net Revenue Reconciliation 2025
Net Revenue Reconciliation 2025 2025 (In millions) Q1 Q2 Q3 Net Revenues: Las Vegas $ 1,003 $ 1,054 $ 952 Regional 1,388 1,435 1,536 Caesars Digital 335 343 311 Managed and Branded 67 74 73 Corporate and Other 1 1 (3) Total Net Revenues $ 2,794 $ 2,907 $ 2,869 26
Slide 27: Adjusted EBITDA Reconciliation 2025
Adjusted EBITDA Reconciliation 2025 2025 (In millions) Q1 Q2 Q3 Adjusted EBITDA: Las Vegas $ 433 $ 469 $ 379 Regional 440 439 506 Caesars Digital 43 80 28 Managed and Branded 16 17 18 Corporate and Other (48) (50) (47) Total Adjusted EBITDA $ 884 $ 955 $ 884 2025 (In millions) Q1 Q2 Q3 Net loss attr
Slide 28: Net Revenue Reconciliation 2024
Net Revenue Reconciliation 2024 2024 (In millions) Q1 Adj (a) Adj Q1 Q2 Adj (a) Adj Q2 Q3 Adj (a) Adj Q3 Q4 Adj (a) Adj Q4 Net Revenues: Las Vegas $ 1,028 $ (6) $ 1,022 $ 1,101 $ (6) $ 1,095 $ 1,062 $ (7) $ 1,055 $ 1,083 $ (6) $ 1,077 Regional 1,365 - 1,365 1,385 - 1,385 1,446 - 1,446 1,343 - 1,343
Slide 29: Adjusted EBITDA Reconciliation 2024
Adjusted EBITDA Reconciliation 2024 2024 (In millions) Q1 Adj (a) Adj Q1 Q2 Adj (a) Adj Q2 Q3 Adj (a) Adj Q3 Q4 Adj (a) Adj Q4 Adjusted EBITDA: Las Vegas $ 440 $ (4) $ 436 $ 514 $ (4) $ 510 $ 472 $ (5) $ 467 $ 481 $ (3) $ 478 Regional 433 - 433 469 - 469 498 - 498 410 - 410 Caesars Digital 5 - 5 40
Slide 30: Adjusted EBITDA Reconciliation Q4 2023
Adjusted EBITDA Reconciliation Q4 2023 2023 (In millions) Q4 Adj (a) Adj Q4 Adjusted EBITDA: Las Vegas $ 489 $ (6) $ 483 Regional 431 - 431 Caesars Digital 29 - 29 Managed and Branded 18 - 18 Corporate and Other (37) - (37) Total Adjusted EBITDA $ 930 $ (6) $ 924 (In millions) Q4 2023 Net loss attri
Slide 31: Adjusted EBITDA Reconciliation Q4 2022
Adjusted EBITDA Reconciliation Q4 2022 2022 (In millions) Q4 2022 Adjusted EBITDA: Las Vegas $ 537 Regional 443 Caesars Digital (5) Managed and Branded 20 Corporate and Other (38) Total Adjusted EBITDA $ 957 2022 (In millions) Q4 2022 Net income (loss) attributable to Caesars $ (148) Net income (los
Slide 32: Adjusted EBITDA Reconciliation Trailing Twelve Months – Q3 2025
Adjusted EBITDA Reconciliation Trailing Twelve Months (“TTM”) – Q3 2025 2024 2025 (1) (2) (3) (4) (1)+(2)+(3)+(4) (In millions) Q4 Q4 Adj(a) Adj Q4 Total Q1 Q2 Q3 TTM Q3 2025 Adjusted EBITDA: Leased $ 427 $ - $ 427 $ 406 $ 423 $ 432 $ 1,688 Wholly-Owned 464 (3) 461 467 485 453 1,866 Caesars Digital
Slide 33: Net Income (Loss) Attributable to Caesars Trailing Twelve Months – Q3 2025
Net Income (Loss) Attributable to Caesars Trailing Twelve Months (“TTM”) – Q3 2025 2024 2025 (1) (2) (3) (4) (1)+(2)+(3)+(4) (In millions) Q4 Q4 Adj(a) Adj Q4 Total Q1 Q2 Q3 TTM Q3 2025 Net Income (Loss) Attributable to Caesars Leased $ (246) $ - $ (246) $ (111) $ (125) $ (111) $ (593) Wholly-Owned
Slide 34: Adjusted EBITDA Margin – Q3 2025
Adjusted EBITDA Margin – Q3 2025 Caesars (Dollars in millions) Entertainment Inc. Net revenues $ 2,869 Adjusted EBITDA 884 (a) Adjusted EBITDA margin 30.8% (a) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by net revenues. 34
Slide 35: Caesars Entertainment
CAESARS ENTERTAINMEN Te