Slide 1: Caesars Entertainment Investor Presentation
Caesars Entertainment Investor Presentation April 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 EBITDAR, Adjusted EBITDAR Margin, Adjusted EBITDA Margin. Definitions of these non-GAAP measures, reconciliations to their nearest GAAP measures, and the reasons management believes t
Slide 4: Company Highlights
Company Highlights 1Q Review 4
Slide 5: Caesars Owns and Operates a World Class Portfolio of Over 50 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 EBITDAR Distribution Excluding Corporate & Other(1) Ontario (Trailing Twelve Months(2)) WA Managed and Branded = $69 million VT NH ME MT N
Slide 6: Caesars Digital Platform Extends Across North American Jurisdictions
Caesars Digital Platform Extends Across 32 North American Jurisdictions • Scaled competitor generating over $1.2 billion of TTM(1) Net Revenue and $155 million of Adjusted EBITDA(2) − Q1 ‘25 TTM Net Revenue is 20% above Q1 ’24 TTM − Q1 ‘25 TTM Adjusted EBITDA is 230% above Q1 ’24 TTM(2) Ontario WA V
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 Caesars Palace Entrance embedded real estate value generat
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 • Over $2.6 billion of capital spend since closing of the Eldorado & Caesars merger in July 2020 Caesars Virg
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 $450 $1,216 $1,165 $1,163 $1,200 $70 $155 $170 $400 $1,077 $126 $1,017 $60 $117 $120 Trailing 12 Months Adjusted EBITDA $973 $1,000 $52 Trailing 12 Months Net Re
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 8.00% $16,000 $14,920 7.00% 7.00% $14,000 6.30% 6.00% 5.40% $12,000 $10,622 5.00% $10,000 4.30% $8,073 4.00% $8,000 3.00% $6,000 $5,621 2.00% $4,000 1.00% $2,000 0.00% $- 202
Slide 13: 2025 Financial Update and Outlook
2025 Financial Update and Outlook Master Lease Rent $1,350 million of master lease rent Cost of Debt 6.5% current weighted average cost of debt implies $775 million of full year interest expense(1) Capital Expenditures 2025 mid-point capital expenditures of $606 million excluding Caesars Virginia JV
Slide 14: Earliest Debt Maturity in 2027
Earliest Debt Maturity in 2027 Debt Maturity Schedule(1) $4,050 $2,871 $2,600 1,100 $1,200 $546 $666 1,500 (2) (3) 2025 2026 2027 2028 2029 2030 2031 2032 CEI Secured Debt CEI Unsecured Debt F Note: Table excludes Other Debt of $44M consisting of Special Improvement District Bonds, Long-term notes a
Slide 15: 1Q Review
Company Highlights 1Q Review 15
Slide 16: 1Q Performance Highlights
1Q Performance Highlights 1Q 2025(1) YoY Change by Segment $ in millions • Net revenues +2.1% YoY Las Vegas(1) Regional Digital • Adjusted EBITDAR(2) +4.1% YoY • Adjusted EBITDAR margin(2) 31.6% $53 $38 $23 $7 $(3) $(19) (2) Net Revenue Adj. EBITDAR F (1) Adjusted for pre-disposition results of oper
Slide 17: Properties – 1Q Performance
Properties – 1Q Performance Las Vegas Properties Regional Properties $ in millions $ in millions Adjusted EBITDAR(1)(2) Adjusted EBITDAR(1) $700 47% $700 44% 44% 43% 34% 43% 34% $600 $600 32% 32% 31% $510 $498 $500 $467 $478 $500 $469 $436 $433 $433 $440 $410 $400 $400 $300 $300 $200 $200 $100 $100
Slide 18: Digital – 1Q Performance
Digital – 1Q Performance 1Q 2025 iGaming – Net Gaming Revenue(5) $ in millions • Net revenues +18.8% YoY 2-Year Stack = +139% $140 − iGaming handle +28.3% YoY +53% YoY $120 $118 − Sports net gaming revenue +8.7% YoY(1) − Average Revenue per Monthly Unique Payer $100 +55% YoY (ARPMUP)(2)(3) = $190 $7
Slide 19: Appendix
ENTERTAINMENT. Appendix
Slide 20: Non-GAAP Information
Non-GAAP Information Adjusted EBITDAR and Adjusted EBITDA (described below), non-GAAP financial measures, have 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 supplem
Slide 21: 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 22: Net Revenue Reconciliation Q1 2025 and Q1 2024
Net Revenue Reconciliation Q1 2025 and Q1 2024 22
Slide 23: Adjusted EBITDAR Reconciliation Q1 2025 and Q1 2024
Adjusted EBITDAR Reconciliation Q1 2025 and Q1 2024 23
Slide 24: Net Revenue Reconciliation Q2 2024
Net Revenue Reconciliation Q2 2024 24
Slide 25: Adjusted EBITDAR Reconciliation Q2 2024 and Q2 2023
Adjusted EBITDAR Reconciliation Q2 2024 and Q2 2023 25
Slide 26: Net Revenue Reconciliation Q3 2024
Net Revenue Reconciliation Q3 2024 26
Slide 27: Adjusted EBITDAR Reconciliation Q3 2024 and Q3 2023
Adjusted EBITDAR Reconciliation Q3 2024 and Q3 2023 27
Slide 28: Net Revenue Reconciliation Q4 2024
Net Revenue Reconciliation Q4 2024 28
Slide 29: Adjusted EBITDAR Reconciliation Q4 2024 and Q4 2023
Adjusted EBITDAR Reconciliation Q4 2024 and Q4 2023 29
Slide 30: Adjusted EBITDAR Reconciliation Q1 2023
Adjusted EBITDAR Reconciliation Q1 2023 30
Slide 31: Adjusted EBITDAR Reconciliation Q2 2022, Q3 2022, Q4 2022
Adjusted EBITDAR Reconciliation Q2 2022, Q3 2022, Q4 2022 31
Slide 32: Adjusted EBITDAR Reconciliation Trailing Twelve Months – Q1 2025
Adjusted EBITDAR Reconciliation Trailing Twelve Months (“TTM”) – Q1 2025 32
Slide 33: Net Income Trailing Twelve Months – Q1 2025
Net Income Trailing Twelve Months (“TTM”) – Q1 2025 33
Slide 34: Adjusted EBITDAR Margins
ENTERTAINMENT Adjusted EBITDAR Margins ® CAKSARS Las Vegas Adjusted EBITDAR Margin aah Aa 12 i204 2m = Q22mns Wotan mutons errs Shai otal _@z2ma_ ‘Aa Total Netrevenues y Less Os 12s 10s OS 105 Ajasted EBITDAR “40 @ 46 sia @ 510 Agjused EBITDAR margin 3 + 8% 47% : 47% Adi. Aaj. 32s QS thes azo gh tba
Slide 35: Caesars Entertainment
CAESARS ENTERTAINMEN Te