Caesars Entertainment : Q1 26 Earnings Presentation

Published: 2026-04-28 17:14:39 ET CZR

Published on 04/28/2026 at 05:14 pm EDT

Investor Presentation

April 28, 2026

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 investors, can be found in the Appendix to this presentation, beginning on slide 21.

This supplemental information is non-GAAP. It is unaudited and should not be considered an alternative to, or more meaningful than GAAP results provided elsewhere in this presentation but is used by management as an analytical tool to assess the results of all properties owned, managed or branded by a Caesars entity. Additionally, the results are not necessarily indicative of future performance.

This presentation is made available on the Caesars Entertainment Investor Relations website at https://investor.caesars.com

Company Highlights

1Q Review

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

Ontario

SD WI MI

VT NH ME NY MA

Adjusted EBITDA Distribution Excluding Corporate & Other(1)

(Trailing Twelve Months(2))

Managed and Branded = $64 million

UT CO

NE IA

KS MO

OH PA NJCT

IL IN WV DE KY VA MD

Leased =

Owned(3) =

Owned Properties Leased Properties

NM OK

TN NC

AR SC

MS AL GA

$1,653 million

$2,114 million

Managed and Branded Properties

Non-GAAP measure. See Appendix for reconciliation. Excludes Corporate & Other.

Ending 3/31/2026.

Includes Caesars Digital.

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)

MT ND

Ontario

VT NH ME

ID SD

NV NE

UT CO

WI NY

IA OH PA

RI NJCT

CA KS MO

AZ NM OK AR

VA MD DC

TN NC

The Bahamas

Online Sports Betting

Online Sports Betting & iGaming Retail Sports Betting

LA MS AL GA

Puerto Rico

Trailing 12-month period ending 3/31/2026.

Non-GAAP measure. See Appendix for reconciliation.

Iconic Properties and Renowned Casino Brands

Caesars Rewards Integrates Across All Segments

REGIONAL PROPERTIES

LAS VEGAS PROPERTIES

CAESARS DIGITAL

Vanderpump Hotel - Standard Room

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 generated approximately $965 million of TTM Adjusted EBITDA(1)

Approximately $1 billion of capital investment brought online post-closing of the Eldorado & Caesars merger in July 2020

Major hotel renovations include the Versailles Tower at Paris, Colosseum, Nobu, Augustus and Octavius Towers at Caesars Palace, rebranding of Bally's to Horseshoe, rebranding of The Cromwell to The Vanderpump Hotel and Flamingo pool & lobby remodels and F&B installations

Approximately $100 million of 3rd party investment into Omnia Day Club at Caesars Palace and Category 10 at Flamingo will enhance our center Strip non-gaming amenities

Presidential Villa Atrium

Omnia Day Club

Trailing 12-month period ending 3/31/2026. Non-GAAP measure. See Appendix for reconciliation.

Tropicana Atlantic City - Solana Tower Room

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 since closing of the Eldorado & Caesars merger in July 2020, of which approximately $3 billion has been spent on properties that comprise of 74% of TTM regional segment Adjusted EBITDA(1)(2)

Assumed operations of Caesars Windsor on March 3, acquiring the property's net assets for

$54 million (3)

Caesars Republic Lake Tahoe - Pool & Lounge

Horseshoe Lake Charles - High Limit Room

Caesars New Orleans - Caesars Tower Room

Non-GAAP measure. See Appendix for reconciliation.

These properties are in Virginia, Atlantic City, New Orleans, Lake Charles, Indianapolis, Nebraska, Pompano, Lake Tahoe, Reno, Scioto Downs, Council Bluffs, Blackhawk, Kansas City, Bossier City, Tunica, and St. Louis.

Excludes amounts paid related to transfer taxes and pro-rated rent to the Ontario Lottery and Gaming Corporation ("OLG") for the month of March.

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:

Gaming floor with 1,000 slots and 12 tables

World-class full-service restaurant

Quick service restaurant

Two bars on the casino floor

Harrah's Oklahoma is part of Caesars Entertainment's expansive Caesars Rewards network

Opening Date: April 9, 2026

First Caesars operated casino within Oklahoma. Increases Caesars Rewards exposure to over 2 million adults within driving distance of the property

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 with more than 1,000 slot machines

28 table games

100 room hotel

Luxury spa, pool, and fitness center

Dining options include a steakhouse, upscale café and elevated quick-service option

Resort will also offer a fireside bar, sports bar and wine bar with views of Sonoma's vineyards and valley

Caesars Republic Sonoma County will be part of Caesars Entertainment's expansive Caesars Rewards network

Expected Opening Date: Late 2027

This property will give Caesars Rewards exposure to over 6 million adults within 150 miles of the property

Digital Growth Driven by Improving

Sportsbetting Hold and iGaming Handle

Sportsbetting Hold Rate iGaming Handle

$ in millions

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

5.40%

6.30%

7.00%

8.10% 8.30%

6,000

5,000

4,000

3,000

2,000

1,000

2,177

2,414

3,498

4,488

5,374

2022 2023 2024 2025 Q1 '26 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Q1 '26

Long term structural hold target of 10.0%

Multi-casino brand strategy includes Caesars Palace Online Casino and Horseshoe Online Casino

Universal Digital Wallet Continues to Expand

Streamlines the wagering experience across all active states

MT ND

Ontario

VT NH ME

ID SD

NV NE

IL IN

PA NJ

CTRI

Harnesses the power of the hub-and-spoke

CA CO

KS MO

WV MD

KY DC

TN NC

model proven successful in brick-and-mortar gaming

Live Anticipated

NM OK

AR SC

MS AL GA

Puerto Rico

* Pending regulatory approval

2026 Financial Update and Outlook

$1,380 million of master lease rent

Master Lease Rent

$720 million of full year cash interest expense(1)

Interest Expense

Capital Expenditures

2026 capital expenditures of $675 million

Long-term cash income taxes estimated at approximately 3-4% of Adjusted EBITDA

Cash Income Taxes

Growing free cash flow enables debt repayment and/or share repurchases

Free Cash Flow

Represents cash interest expense net of interest income. Interest expense does not assume any additional FOMC interest rate cuts in 2026.

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

$ in millions

$828 200

1,200

381

$1,581

$2,842 $2,600

1,500

1,100

628

2025 2026 2027 2028(2)

2029(3)

2030 2031 2032

Note: As of March 31, 2026. Table excludes Other Debt of $41M consisting of Special Improvement District Bonds, Long-term notes and other payables. (1) Excludes mandatory amortization.

Excludes $2.25B in total capacity under CEI Revolving Credit Facility. As of March 31, 2026, the Company has an outstanding balance of $200 million on the CEI Revolving Credit Facility. (3)Excludes Caesars Virginia $25M Revolving Credit Facility.

Approximately 50% of Asset Sale Proceeds Have

Been Used to Repurchase Stock Since Q2 2024

in millions

230.0

210.0

Shares Outstanding (millions)

190.0

170.0

150.0

130.0

216.3 212.5

211.3 212.1 208.0 204.9 202.6

14.7

12.5

9.3

20.0

Cumulative Shares Repurchased (millions)

18.0

16.0

14.0

12.0

10.0

8.0

110.0

90.0

70.0

50.0

3.9

5.1

6.0

4.0

2.0

Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25

Shares Outstanding Cumulative Shares Repurchased

Note: As of December 31, 2025. The Company did not purchase stock during the first quarter period ended March 31, 2026.

Company Highlights

1Q Review

1Q Performance

1Q 2026 Consolidated YoY Change by Segment

Net Revenues +2.7% YoY

Adjusted EBITDA(1) +0.3% YoY

Adjusted EBITDA margin(1) 30.9%

$ in millions

Las Vegas

Regional Digital

$42 $39

$26

($0)

($7)

($5)

(1) Non-GAAP measure. See Appendix for reconciliation.

Digital - 1Q Performance

1Q 2026 iGaming - Net Gaming Revenue(4)

Net revenues +12% YoY

− iGaming handle +20% YoY

− Sports betting handle -3% YoY(1)

− Average Revenue per Monthly Unique Payer (ARPMUP)(2)(3) = $219

15% increase YoY in ARPMUP for Q1 '25 vs Q1 '26

− Monthly Unique Payers (MUPs)(2)(3) = 511,816 1% growth YoY in MUPs for Q1 '25 vs Q1 '26

$ in millions

$160

$140

$120

$100

$80

$60

$40

$20

$77

2-Year Stack = +82%

+53% YoY

$118

+19% YoY

$140

Q1 '24 Q1 '25 Q1 '26

Sports gross gaming handle represents Caesars Digital handle excluding iGaming, Online Poker, and Other handle.

Excludes Retail Sports Betting.

See definitions included in the Appendix.

iGaming net gaming revenue represents Caesars Digital net revenue excluding Sports Betting, Online Poker, and Other revenue.

Appendix

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 will be helpful in understanding our ongoing operating results. Management has historically used Adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.

Adjusted EBITDA represents net income (loss) before interest income and interest expense, net of interest capitalized, (benefit) provision for income taxes, depreciation and amortization, stock-based compensation expense, (gain) loss on extinguishment of debt, impairment charges, other (income) loss, net income (loss) attributable to noncontrolling interests, transaction costs associated with our acquisitions, developments and divestitures, and non-cash changes in equity method investments. Adjusted EBITDA also excludes the expense associated with certain of our leases as these transactions were accounted for as financing obligations and the associated expense is included in interest expense.

Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with accounting principles generally accepted in the United States ("GAAP"). Adjusted EBITDA is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments, distributions to our noncontrolling interest owners and payments under our leases with affiliates of VICI and GLPI, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity.

Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by net revenues. Adjusted EBITDA margin is included because management uses Adjusted EBITDA margin to measure operating performance and believes that Adjusted EBITDA margin provides investors with additional information consistent with that used by management.

In addition, we present net revenue and Adjusted EBITDA further adjusted for the effect of our completed divestiture for the relevant periods in order to reflect amounts on a same-store basis. Management believes presentation of this further adjusted information allows a better understanding of the materiality of those impacts relative to the Company's overall performance.

Other companies that provide similar non-GAAP measures may calculate them differently than we do, and the definitions may not be the same as the definitions we used in any of our debt or lease agreements.

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 monthly unique active users over the period. Monthly unique payers include all online users with one or more settled wagers and/or contributed to rake or tournament fees across our Caesars Digital segment. Settled wagers include those made with either cash or promotional incentives only. Users who have made a deposit but have not wagered are excluded, as are users who only placed unsettled wagers during the period.

Adjusted EBITDA Reconciliation

Trailing Twelve Months ("TTM") - Q1 2026

2025 2026

(1) (2) (3) (4) (1)+(2)+(3+(4)

(In millions)

Adjusted EBITDA:

Q2 Q3 Q4 Q1 TTM Q1 2026

Las Vegas

$ 469

$ 379

$ 447

$ 426

$ 1,721

Regional

439

506

404

435

1,784

Caesars Digital

262

Managed and Branded

Corporate and Other

(50)

(47)

(51)

(56)

(204)

Total Adjusted EBITDA $ 955 $ 884 $ 901 $ 887 $ 3,627

(In millions)

2025 2026

(1) (2) (3) (4) (1)+(2)+(3)+(4)

Q2 Q3 Q4 Q1 TTM Q1 2026

Net income (loss) attributable to Caesars

$ (82)

$ (55)

$ (250)

$ (98)

$ (485)

Net income attributable to noncontrolling interests

(Benefit) provision for income taxes

(25)

(10)

Other (income) loss

(1)

(3)

(1)

Loss on extinguishment of debt

Interest expense, net

579

576

575

569

2,299

Impairment charges

182

Depreciation and amortization

364

352

344

347

1,407

Transaction costs and other, net

(3)

Stock-based compensation expense

Adjusted EBITDA

$ 955 $ 884 $ 901 $

887 $

3,627

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

TTM Q1 2025

Adjusted EBITDA:

Las Vegas

$ 514 $ (4)

$ 510

$ 472 $ (5)

$ 467

$ 481 $ (3)

$ 478

$ 433

$ 1,888

Regional

469 -

469

498 -

498

410 -

410

440

1,817

Caesars Digital

40 -

52 -

20 -

155

Managed and Branded

17 -

19 -

17 -

Corporate and Other

(40) -

(40)

(40) -

(40)

(43) -

(43)

(48)

(171)

Total Adjusted EBITDA

$ 1,000 $ (4)

$ 996

$ 1,001 $ (5)

$ 996

$ 885 $ (3)

$ 882

$ 884

$ 3,758

(In millions)

2024 2025

(1) (2) (3) (4) (1)+(2)+(3)+(4)

Q2 Q3 Q4 Q1 TTM Q1 2025

Net income (loss) attributable to Caesars

$ (122)

$ (9)

$ 11

$ (115)

(235)

Net income attributable to noncontrolling interests

(Benefit) provision for income taxes

Other (income) loss

(4)

Loss on extinguishment of debt

Interest expense, net

594

596

586

574

2,350

Impairment charges

118

184

302

Depreciation and amortization

326

345

357

1,354

Transaction costs and other, net

(334)

(288)

Stock-based compensation expense 24 24 21 26 95

Adjusted EBITDA 1,000 1,001 885 884 3,770

Pre-disposition EBITDA, net (a) (4) (5) (3) - (12)

Total Adjusted EBITDA $ 996 $ 996 $ 882 $ 884 $ 3,758

(a) Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for the LINQ Promenade prior to divestiture, for the relevant periods. The additional financial information is included to enable the comparison of current results with results of prior periods.

Adjusted EBITDA Reconciliation

Trailing Twelve Months ("TTM") - Q1 2026

2025 2026

(1)

(2)

(3)

(4)

(1)+(2)+(3)+(4)

(In millions)

TTM Q1 2026

Adjusted EBITDA:

Leased

$ 423

$ 432

$ 394

$ 404

$ 1,653

Wholly-Owned

485

453

457

1,852

Caesars Digital

262

Managed and Branded

Corporate and Other (50) (47) (51) (56) (204)

Total Adjusted EBITDA $ 955 $ 884 $ 901 $ 887 $ 3,627

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

TTM Q1 2026

Net Income (Loss) Attributable to Caesars

Leased $ (125)

$ (111)

$ (210)

(143) $ (589)

Wholly-Owned 326

299

182

299 1,106

Managed and Branded 18 18 16 24 76

Caesars Digital 39 (21) 39 22 79

Corporate and Other (340) (240) (277) (300) (1,157)

Total Net Income (Loss) Attributable to Caesars $ (82) $ (55) $ (250) $ (98) $ (485)

Adjusted EBITDA Margin - Q1 2026

(Dollars in millions)

March 31, 2026

Net revenues $ 2,870

Adjusted EBITDA 887

Adjusted EBITDA margin (a) 30.9%

(a) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by net revenues.

Disclaimer

Caesars Entertainment Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:11 UTC.