Caesars Entertainment, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Caesars Entertainment, Inc. has filed its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

Caesars Entertainment, Inc. (CZR) filed a Annual Report (10-K) with the SEC on February 20, 2024. Caesars Entertainment, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is identified under SIC code 7011 (Hotels & Motels). The report includes financial data for the fiscal years 2023, 2022, and 2021. Caesars Entertainment, Inc. was formerly known as Eldorado Resorts, Inc. until September 19, 2014.

Why It Matters

For investors and stakeholders tracking Caesars Entertainment, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Caesars Entertainment's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. The detailed financial statements and risk factors outlined in the report are essential for stakeholders to understand the company's current financial standing, potential challenges, and future outlook in the competitive gaming and hospitality industry.

Risk Assessment

Risk Level: — Caesars Entertainment, Inc. shows moderate risk based on this filing. The company operates in the highly competitive and regulated gaming and hospitality industry, facing risks related to economic downturns, changing consumer preferences, and regulatory changes, as detailed in its 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 2023 10-K to assess Caesars Entertainment's performance and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-02-20 — Filing Date (Date the 10-K was filed)
• 7011 — SIC Code (Standard Industrial Classification for Hotels & Motels)

Key Players & Entities

• Caesars Entertainment, Inc. (company) — Filer of the 10-K report
• Eldorado Resorts, Inc. (company) — Former name of Caesars Entertainment, Inc.

FAQ

Industry Context

Caesars Entertainment operates within the highly competitive casino and hospitality industry, which is subject to significant regulatory oversight and economic sensitivities.

Regulatory Implications

The gaming industry is heavily regulated, with state and local governments imposing strict rules on licensing, operations, and taxation, which can impact profitability and business strategies.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal years ended December 31, 2023, 2022, and 2021.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis of financial condition and results of operations for insights into performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report, following previous filings which would include prior year 10-K reports and potentially interim 10-Q reports.

Key Financial Figures

• $0 — ange on which registered Common Stock, $0.00001, par value CZR NASDAQ Stock Mark

Filing Documents

• czr-20231231.htm (10-K) — 3447KB
• exhibit41-descriptionofcap.htm (EX-4.1) — 11KB
• exhibit49cei-8125seniornot.htm (EX-4.9) — 45KB
• exhibit415cei-4625seniorno.htm (EX-4.15) — 41KB
• exhibit418cei-700seniorsec.htm (EX-4.18) — 45KB
• exhibit1049byeaamendmentja.htm (EX-10.49) — 20KB
• exhibit1050sleaamendmentja.htm (EX-10.50) — 21KB
• exhibit1051treaamendmentja.htm (EX-10.51) — 20KB
• exhibit1053aceaamendmentja.htm (EX-10.53) — 20KB
• exhibit1054eqeaamendmentja.htm (EX-10.54) — 21KB
• exhibit1056thirdarmasterle.htm (EX-10.56) — 1386KB
• exhibit141-ceicodeofethics.htm (EX-14.1) — 99KB
• exhibit211-ceisubsidiaryli.htm (EX-21.1) — 139KB
• exhibit231deloitteconsent2.htm (EX-23.1) — 2KB
• a2023q4cei10k-ex311.htm (EX-31.1) — 10KB
• a2023q4cei10k-ex312.htm (EX-31.2) — 10KB
• a2023q4cei10k-ex321.htm (EX-32.1) — 4KB
• a2023q4cei10k-ex322.htm (EX-32.2) — 4KB
• exhibit971ceiclawbackpolicy.htm (EX-97.1) — 31KB
• exhibit991-2023q4ceixgamin.htm (EX-99.1) — 49KB
• czr-20231231_g1.jpg (GRAPHIC) — 115KB
• czr-20231231_g2.jpg (GRAPHIC) — 92KB
• 0001590895-24-000051.txt (&nbsp;) — 21331KB
• czr-20231231.xsd (EX-101.SCH) — 126KB
• czr-20231231_cal.xml (EX-101.CAL) — 196KB
• czr-20231231_def.xml (EX-101.DEF) — 770KB
• czr-20231231_lab.xml (EX-101.LAB) — 1436KB
• czr-20231231_pre.xml (EX-101.PRE) — 1078KB
• czr-20231231_htm.xml (XML) — 3243KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 Part II Item 5. Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 109 Item 9A.

Controls and Procedures

Controls and Procedures 109 Item 9B. Other Information 111 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 111 Part III Item 10. Directors, Executive Officers and Corporate Governance 112 Item 11.

Executive Compensation

Executive Compensation 112 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 112 Item 13. Certain Relationships and Related Transactions, and Director Independence 112 Item 14. Principal Accounting Fees and Services 112 Part IV Item 15. Exhibits and Financial Statement Schedules - Schedule I 113 Item 16. Form 10-K Summary 118

Signatures

Signatures 123 PART I In this filing, Caesars Entertainment, Inc., a Delaware corporation, and its subsidiaries may be referred to as the "Company," "CEI," "Caesars," "we," "us" or "our" or the "Registrant." We also refer to (i) our Consolidated Financial Statements as our "Financial Statements," (ii) our Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) as our "Statements of Operations," (iii) our Consolidated Balance Sheets as our "Balance Sheets," and (iv) our Consolidated Statements of Cash Flows as our "Statements of Cash Flows," which are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). References to numbered "Notes" refer to Notes to our Consolidated Financial Statements included in Item 8.

Business

Item 1. Business Overview We are a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, we grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020, and William Hill PLC (the "William Hill Acquisition") on April 22, 2021. Our ticker symbol on the NASDAQ Stock Market is "CZR." Our primary source of revenue is generated by our casino properties' gaming operations, which includes our retail and online sports betting and online gaming, and we utilize our hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to our properties. As of December 31, 2023, we own, lease or manage an aggregate of 52 domestic properties in 18 states. We also operate and conduct sports wagering across 31 jurisdictions in North America, 25 of which offer online sports betting, and operate iGaming in five jurisdictions in North America. We continue to expand into additional markets as jurisdictions legalize forms of retail and online gaming and sports betting. In addition, we have other properties in North America that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. We lease certain real property assets from third parties, including GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc. ("GLPI") and VICI Properties L.P., a Delaware limited partnership ("VICI"). See Item 2, "Properties," for more information about our properties. Business Operations Our consolidated business is composed of complementary businesses that reinforce, cross-promote, and build upon each other: casino, which includes our retail and online sports betting and iGaming, food and beverage,

View Full Filing

View this 10-K filing on SEC EDGAR