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Caesars Entertainment (CZR) investor relations material
Caesars Entertainment Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Q2 2025 net revenues rose to $2.91B, up 2.9% year-over-year, led by strong digital and regional growth, while Las Vegas saw softer demand and a slight decline in non-gaming revenue.
Adjusted EBITDA was $955M, down 4.1% year-over-year, with margin compression in Las Vegas and regional segments.
Net loss narrowed to $82M from $122M, reflecting higher revenues and lower impairment charges.
Digital segment delivered record $80M Adjusted EBITDA, up 100% year-over-year, with net revenues up 24%.
Major divestitures included the sale of WSOP trademark and LINQ Promenade, with proceeds used for debt reduction.
Financial highlights
Casino revenues rose 7.1% year-over-year to $1.67B, while hotel and food/beverage revenues declined slightly.
Operating income was $526M in Q2 2025, up from $506M in Q2 2024.
Interest expense, net, decreased to $579M in Q2 2025 from $594M in Q2 2024 due to reduced debt.
Free cash flow savings from debt redemption will exceed $40M annually.
Cash flow from operations was $680M for H1 2025, up from $534M in the prior year period.
Outlook and guidance
Q3 expected to mirror Q2 softness in Las Vegas, but forward bookings have stabilized; Q4 and 2026 group calendar projected to be record-setting.
Digital on track to deliver $500M+ EBITDA in 2026, with further growth anticipated.
Favorable tax policy changes in July 2025 expected to reduce tax expense and improve free cash flow.
Liquidity projected to be sufficient for operational, capital, and debt service needs for the next twelve months and beyond.
Free cash flow prioritized for debt reduction and opportunistic share repurchases.
Explain the drivers of Digital's EBITDA growth.
Assess impact of debt redemption on interest expense.
How does Caesars plan to use free cash flow?
How will partnership expense roll-off impact EBITDA?
What's driving the increase in digital handle?
Assess the sustainability of OSB hold uptick.
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Next Caesars Entertainment earnings date
Q3 202528 Oct, 2025
LIVEat 21:00
Next Caesars Entertainment earnings date
Q3 202528 Oct, 2025
LIVEat 21:00
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Frequently asked questions
Caesars Entertainment, Inc., together with its subsidiaries, develops, owns, and operates casino resorts in the United States. The company offers its customers a range of casino gaming, including slot machines; table games such as blackjack, craps, roulette, and baccarat; race and sports books; poker rooms; and convention and banquet facilities. It also owns a lifestyle hotel brand, Total Rewards; a loyalty program; food and beverage outlets; conference centers; a golf course; residential real estate properties; and additional development assets. In addition, the company operates The LINQ promenade; new Nobu Hotel in association with Robert De Niro and Nobu Matshushita's Nobu Hospitality Group; Vic & Anthony's Steakhouse restaurant concepts; and The Cromwell boutique hotel and casino.
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