Ex 99.1 – 2025 Q2 CEI Earnings Release
Summary
Caesars Entertainment reported second-quarter 2025 results showing modest top-line growth and narrower GAAP losses. Net revenues were $2.9 billion (up roughly 2.9% on a same-store adjusted basis), while GAAP net loss improved to $82 million from $122 million a year earlier. Same-store Adjusted EBITDA was $955 million, a slight decline versus the prior-year period, but Caesars Digital was a clear outperformer with Adjusted EBITDA rising to $80 million (from $40 million).
Operationally, Las Vegas faced softer hospitality demand and lower same-store results, Regional revenues grew (helped by Caesars Virginia and New Orleans), and management continued deleveraging actions—most notably a July note redemption that trims annual interest expense by about $44 million. Caesars ended Q2 with $982 million in cash and roughly $12.3 billion of total outstanding debt.
Source
Key Points
- • Q2 GAAP net revenues: $2.907 billion, up ~2.9% on an adjusted same-store basis versus prior-year.
- • GAAP net loss narrowed to $82 million (Q2 2024: $122 million).
- • Same-store Adjusted EBITDA: $955 million, down ~4.1% year-on-year (adjusted total $996m in prior year).
- • Caesars Digital delivered a standout quarter: Adjusted EBITDA $80 million (vs $40 million prior-year), signalling strong digital momentum.
- • Segment trends: Las Vegas revenues/EBITDA softened; Regional revenues increased ~3–4% driven by key properties and marketing reinvestment.
- • Balance sheet: total outstanding indebtedness ~$12.3 billion; cash and cash equivalents $982 million; net debt approx. $11.29 billion.
- • Capital actions: $546 million of 2027 notes redeemed in July, reducing run-rate interest expense by ~$44 million and pushing nearest debt maturity to Jan 2028.
- • Management intends to use free cash flow to pay down debt and may repurchase shares opportunistically.
Why should I read this?
Quick and useful: if you follow casino operators, this one matters. Caesars’ headline loss is smaller, digital is firing, and the company is actively cutting interest costs — which changes the credit and valuation story. Read on if you want the essentials without slogging through tables: digital momentum + note redemption = a better operating picture than the GAAP loss alone suggests.