Caesars Entertainment Q3 2024 10-Q Filed

TL;DR

Caesars Q3 10-Q is in. Financials for casino, F&B, and hotels detailed.

AI Summary

Caesars Entertainment, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year, detailing financial performance and operational updates. Specific financial figures and operational metrics for casino, food and beverage, and hotel segments are provided.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Caesars Entertainment, crucial for understanding the company's current health and future prospects in the gaming and hospitality sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the gaming industry can be subject to economic downturns and regulatory changes.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-01-01 to 2024-09-30 — Nine Months Period (Covers the year-to-date financial performance.)
• 2024-07-01 to 2024-09-30 — Third Quarter Period (Covers the specific financial performance for the latest fiscal quarter.)

Key Players & Entities

• Caesars Entertainment, Inc. (company) — Filer of the 10-Q
• Eldorado Resorts, Inc. (company) — Former name of Caesars Entertainment
• 20240930 (date) — End of the reporting period
• 20241029 (date) — Filing date

FAQ

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value CZR NASDAQ Stock Market In

Filing Documents

• czr-20240930.htm (10-Q) — 2054KB
• a2024q3cei-ex311.htm (EX-31.1) — 10KB
• a2024q3cei-ex312.htm (EX-31.2) — 10KB
• a2024q3cei-ex321.htm (EX-32.1) — 4KB
• a2024q3cei-ex322.htm (EX-32.2) — 4KB
• czr-20240930_g1.jpg (GRAPHIC) — 79KB
• 0001590895-24-000138.txt ( ) — 10348KB
• czr-20240930.xsd (EX-101.SCH) — 65KB
• czr-20240930_cal.xml (EX-101.CAL) — 88KB
• czr-20240930_def.xml (EX-101.DEF) — 378KB
• czr-20240930_lab.xml (EX-101.LAB) — 718KB
• czr-20240930_pre.xml (EX-101.PRE) — 578KB
• czr-20240930_htm.xml (XML) — 1690KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2 Item 1. Unaudited Financial Statements 2 Consolidated Condensed Balance Sheets 2 Consolidated Condensed Statements of Operations 3 Consolidated Condensed Statements of Comprehensive Income (Loss) 4 Consolidated Condensed Statements of Stockholders' Equity 5 Consolidated Condensed Statements of Cash Flows 7 Notes to Consolidated Condensed Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 45

OTHER INFORMATION

PART II. OTHER INFORMATION 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Unaudited Financial Statements

Item 1. Unaudited Financial Statements CAESARS ENTERTAINMENT, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (In millions) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 802 $ 1,005 Restricted cash 101 122 Accounts receivable, net 469 608 Inventories 43 46 Prepayments and other current assets 485 264 Total current assets 1,900 2,045 Investments in and advances to unconsolidated affiliates 131 157 Property and equipment, net 14,895 14,756 Goodwill 10,949 10,990 Intangible assets other than goodwill 4,211 4,523 Deferred tax asset 56 47 Other long-term assets, net 827 848 Total assets $ 32,969 $ 33,366 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 268 $ 408 Accrued interest 195 369 Accrued other liabilities 1,702 1,848 Current portion of long-term debt 102 65 Total current liabilities 2,267 2,690 Long-term financing obligations 12,864 12,759 Long-term debt 12,434 12,224 Deferred tax liability 141 102 Other long-term liabilities 879 871 Total liabilities 28,585 28,646 Commitments and contingencies ( Note 5 ) STOCKHOLDERS' EQUITY: Caesars stockholders' equity 4,178 4,552 Noncontrolling interests 206 168 Total stockholders' equity 4,384 4,720 Total liabilities and stockholders' equity $ 32,969 $ 33,366 The accompanying notes are an integral part of these consolidated condensed financial statements. Table of Contents 2 CAESARS ENTERTAINMENT, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2024 2023 2024 2023 NET REVENUES: Casino $ 1,599 $ 1,620 $ 4,691 $ 4,789 Food and beverage 438 443 1,295 1,305 Hotel 515 553 1,522 1,581 Other 322 378 938 1,028 Net revenues 2,874 2,994 8,446 8,703 OPERATING EXPENSES: Casino 828 831 2,497 2,476 Food and beverage 271 266 800 775 Hotel 152 146 428 426 Other 104 118 298 336 General

View Full Filing

View this 10-Q filing on SEC EDGAR