Caesars Entertainment, Inc.

10-K & 10-Q Filings

Caesars Entertainment, Inc. is a Delaware corporation and a geographically diversified gaming and hospitality company founded in 1973. The company's primary source of revenue comes from casino operations, including retail and online sports betting and iGaming, and it owns, leases, or manages 52 domestic properties in 18 states and operates and conducts retail and online sports wagering across 31 jurisdictions in North America. Caesars' business strategy includes complementary businesses that reinforce and cross-promote each other, such as casino, food and beverage, hotel, casino management services, entertainment, retail, and other business operations. The company's website is caesars.com, and its ticker symbol on the NASDAQ Stock Market is "CZR." Caesars' casino operations generate revenues from approximately 51,300 slot machines, 2,700 table games, sports betting, iGaming, and other games. The company operates and conducts retail and online sports wagering across 31 jurisdictions in North America and offers hundreds of online casino games. Caesars also operates various entertainment venues across the United States and provides a variety of retail and entertainment offerings at its properties. The company's business segments include casino, food and beverage, hotel, management and branding arrangements, and entertainment and other non-gaming operations. Caesars competes with other casino operators, non-gaming resorts and vacation areas, various other entertainment businesses, and other forms of gaming. The company uses a variety of trade names, service marks, trademarks, patents, and copyrights in its operations and seeks to establish and maintain its proprietary rights in its business operations and technology. Caesars' business is subject to various federal, state, and local laws and regulations, including gaming regulations, environmental laws, and taxation. The company is subject to extensive regulation under laws, rules, and supervisory procedures and is required to maintain licenses and pay gaming taxes to continue its operations. Caesars also deals with significant amounts of cash in its operations and is subject to various reporting and anti-money laundering regulations. The company aims to provide a workplace that is engaging, empowering, inclusive, and respectful for all employees and invests in professional training and development, safety, health, and wellbeing, and Team Member recognition linked to guest satisfaction. Approximately 47% of Caesars' Team Members are covered by collective bargaining agreements with various unions. The company maintains a recruiting website that includes information describing its culture, benefits, and diversity initiatives and welcomes candidates from all backgrounds. Caesars offers competitive salaries, wages, and a variety of short-term, long-term, and incentive-based compensation programs to attract, retain, and motivate its Team Members. The company also maintains a wellness program to help its Team Members improve their health and wellbeing.

12 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$369.07
719.78
892.90
1473.50
2056.01
2528.25
3474.00
9570.00
10821.00
11528.00
2830.00
2742.00
46.58%-3.11%Cost of Revenue (-)
$223.09
2.46
10.02
73.10
1055.59
1186.15
1768.00
4647.00
5401.00
5395.00
1323.00
1346.00
42.47%1.74%Gross Profit (+)
$187.18
282.97
363.03
680.11
1000.41
1342.10
1706.00
4923.00
5420.00
6133.00
1507.00
1396.00
47.36%-7.37%Selling, General & Administrative (-)
$85.34
144.57
170.77
323.62
455.76
606.12
882.00
1782.00
2068.00
2012.00
509.00
500.00
42.07%-1.77%Marketing Expenses (-)
$21.98
31.23
40.60
82.53
106.16
129.37
Depreciation & Amortization (-)
$28.64
56.92
63.45
105.89
157.43
221.53
583.00
1126.00
1205.00
1261.00
300.00
327.00
52.28%9.00%Non-recurring Operating Expenses (-)
$
2.45
38.02
13.60
0.96
215.00
102.00
Operating Expenses (-)
$114.06
648.27
793.76
1305.17
627.63
779.03
1948.00
3154.00
3287.00
3661.00
809.00
911.00
47.02%12.61%Costs & Expenses (Total) (-)
$339.48
650.73
803.78
1378.27
1729.01
2118.28
3911.00
8110.00
9082.00
9056.00
2227.00
2257.00
44.03%1.35%Operating Income/Loss (+)
$17.55
72.52
89.12
94.87
310.10
409.97
-437.00
1460.00
1739.00
2472.00
603.00
485.00
73.28%-19.57%Non-operating Income/Expense (+)
$-30.11
-27.91
-51.07
-138.20
-174.48
-285.00
-1195.00
-2729.00
-2304.00
-2532.00
-788.00
-612.00
22.34%Interest Expense (-)
$30.75
61.56
50.92
99.77
171.73
286.25
1174.00
2295.00
2265.00
2342.00
594.00
590.00
61.84%-0.67%Earnings before Tax (+)
$-12.55
44.60
38.05
-43.33
135.62
124.98
-1632.00
-1269.00
-565.00
-60.00
-185.00
-127.00
31.35%Tax Expense (-)
$1.77
-69.58
13.24
-117.27
40.39
43.98
126.00
-283.00
-41.00
-888.00
-49.00
15.00
130.61%Income/Loss (Continuing Operations) (+)
$-14.32
114.18
24.80
73.94
95.24
81.00
-1758.00
-986.00
-524.00
828.00
-136.00
-142.00
-4.41%Income/Loss (Discontinued Operations) (+)
$
-30.00
-386.00
Profit/Loss (+)
$
114.18
24.80
-1758.00
-1016.00
-910.00
828.00
-136.00
-142.00
-4.41%Net Income/Loss (NCI) (-)
$0.10
-1.00
3.00
-11.00
42.00
16.00
95.01%Net Income/Loss (+)
$-14.43
114.18
24.80
73.94
95.23
81.00
-1757.00
-1019.00
-899.00
786.00
-136.00
-158.00
-16.18%Net Income/Loss (Common) (+)
$-14.43
114.18
24.80
73.94
95.23
81.00
-1757.00
-1019.00
-899.00
786.00
-136.00
-158.00
-16.18%EPS (Basic)
$-0.48
2.45
0.53
1.10
1.23
1.04
-13.50
-4.83
-4.19
3.65
-0.63
-0.73
-15.87%EPS (Diluted)
$-0.48
2.43
0.52
1.09
1.22
1.03
-13.50
-4.83
-4.19
3.64
-0.63
-0.73
-15.87%Weighted Avg Shares (Basic)
29.90
46.55
47.03
67.13
77.46
77.68
130.00
211.00
214.00
215.00
215.00
216.00
24.51%0.47%Weighted Avg Shares (Diluted)
29.90
47.01
47.70
68.10
78.28
78.59
130.00
211.00
214.00
216.00
215.00
216.00
24.57%0.47%Cash
$93.34
83.55
63.44
137.86
255.64
209.82
3779.00
1389.00
1169.00
1127.00
1120.00
852.00
31.89%-23.93%Short-term Investments
$
17.63
16.96
34.63
Receivables
$7.11
9.98
14.69
45.80
60.17
53.90
338.00
472.00
611.00
608.00
543.00
551.00
63.93%1.47%Inventory
$7.23
11.74
11.05
16.87
20.59
18.38
44.00
42.00
59.00
46.00
57.00
44.00
22.82%-22.81%Prepaid Expenses (Current)
$9.45
10.91
12.56
32.63
48.00
30.97
250.00
290.00
263.00
264.00
291.00
290.00
44.78%-0.34%Other Assets (Current)
$0.36
0.24
171.83
256.94
2256.00
3771.00
Assets (Current)
$117.49
116.18
101.75
251.03
573.20
604.64
6667.00
5964.00
2102.00
2045.00
2011.00
1737.00
37.36%-13.63%Securities & Long-term Investments
$16.51
1.29
1.29
135.83
173.00
158.00
94.00
157.00
91.00
157.00
28.44%72.53%Property, Plant & Equipment (Net)
$456.14
625.42
612.34
1502.82
2882.61
2802.74
14333.00
14601.00
14598.00
14756.00
14608.00
14803.00
47.15%1.33%Goodwill & Intangibles
$558.74
558.86
554.32
1743.92
2370.32
2021.12
13976.00
15996.00
15718.00
15513.00
15682.00
15477.00
44.67%-1.31%Other Assets
$26.45
23.27
24.34
48.70
85.34
76.22
1236.00
1312.00
1015.00
895.00
957.00
885.00
47.89%-7.52%Assets (Non-current)
$1057.84
1208.83
1192.29
3295.44
5338.27
5035.91
29718.00
32067.00
31425.00
31321.00
31338.00
31322.00
45.71%-0.05%Assets (Total)
$1175.33
1325.01
1294.04
3546.47
5911.46
5640.55
36385.00
38031.00
33527.00
33366.00
33349.00
33059.00
45.03%-0.87%Accounts Payable
$49.23
49.84
50.80
113.89
236.11
184.67
394.00
574.00
632.00
777.00
537.00
712.00
35.87%32.59%Debt (Current)
$0.03
4.52
4.54
0.61
0.46
266.17
67.00
70.00
108.00
65.00
68.00
94.00
133.09%38.24%Other Liabilities (Current)
$42.58
51.35
46.70
104.56
165.60
237.61
2124.00
4653.00
1928.00
1848.00
1772.00
1729.00
52.03%-2.43%Liabilities (Current)
$91.84
105.71
102.04
219.06
402.18
688.45
2585.00
5297.00
2668.00
2690.00
2377.00
2535.00
45.53%6.65%Debt (Non-current)
$778.83
861.71
795.88
2189.58
4221.11
2501.47
14073.00
26146.00
12659.00
24983.00
25552.00
24964.00
47.01%-2.30%Other Liabilities
$153.03
86.92
97.67
192.71
259.02
1333.38
14693.00
2047.00
14449.00
973.00
1785.00
972.00
22.82%-45.55%Liabilities (Non-current)
$931.86
948.63
893.55
2382.29
4480.13
3834.85
28766.00
28193.00
27108.00
25956.00
27337.00
25936.00
44.72%-5.12%Liabilities (Total)
$1023.71
1054.34
995.59
2601.35
4882.31
4523.30
31351.00
33490.00
29776.00
28646.00
29714.00
28471.00
44.80%-4.18%Treasury Stock
$
9.13
9.13
9.00
23.00
23.00
23.00
Retained Earnings
$-14.43
99.76
124.56
198.50
290.21
366.46
-1391.00
-2410.00
-3309.00
-2523.00
AOCI
$0.09
0.01
0.01
0.08
0.00
0.38
34.00
36.00
92.00
97.00
118.06%Shareholder's Equity
$151.62
270.67
298.45
945.13
1029.15
1117.26
5034.00
4541.00
3751.00
4720.00
3635.00
4588.00
46.52%26.22%Liabilities & Equity
$1175.33
1325.01
1294.04
3546.47
5911.46
5640.55
36385.00
38031.00
33527.00
33366.00
33349.00
33059.00
45.03%-0.87%Net Income/Loss
$-14.43
114.18
24.80
73.94
95.23
81.00
-1758.00
-1016.00
-910.00
828.00
-142.00
Depreciation & Amortization
$26.38
52.55
66.97
112.18
157.43
221.53
583.00
1165.00
1259.00
1261.00
327.00
53.67%Increase/Decrease in Working Capital
$-19.87
75.04
12.29
140.00
-29.12
-23.17
81.00
-298.00
244.00
60.00
230.00
Adjustments to Reconcile Net Income
$48.30
-57.47
72.77
56.20
227.37
231.53
1176.00
2215.00
1903.00
981.00
222.00
39.73%Net Cash (Operating)
$33.88
56.72
97.57
130.24
323.28
312.53
-582.00
1199.00
993.00
1809.00
174.00
80.00
55.58%-54.02%Capital Expenditure
$-37.55
37.62
46.01
1427.65
1260.22
171.54
6558.00
2145.00
963.00
1297.00
272.00
264.00
-2.94%Net Cash (Investing)
$38.14
-158.75
-41.15
-1407.78
-1268.23
369.54
-6179.00
-1448.00
-768.00
-1256.00
-231.00
-264.00
-14.29%Increase/Decrease in Debt
$-13.75
202.25
-69.02
1869.65
1090.33
32.52
5120.00
-1036.00
-1238.00
-646.00
70.00
-3.00
-104.29%Increase/Decrease in Equity
$-0.15
-25.82
-4.29
-48.63
-34.73
-0.46
2718.00
3.00
1.00
Interest Expenses
$14.85
78.38
47.70
84.60
166.01
277.25
892.00
1923.00
2010.00
846.00
615.00
327.00
56.70%-46.83%Dividends Paid
$0.57
Net Cash (Financing)
$-14.23
92.71
-73.67
1351.10
1043.89
-712.18
10641.00
-1141.00
-1282.00
-713.00
-23.00
-94.00
-308.70%Cash Taxes Paid
$0.36
1.20
1.66
0.25
4.13
51.13
-7.00
9.00
22.00
26.00
2.00
3.00
60.89%50.00%Effect of Exchange Rate
$
129.00
32.00
-29.00
Increase/Decrease in Cash
$57.79
-9.33
-17.25
73.57
98.94
-30.11
3999.00
-2259.00
-718.00
-160.00
-80.00
-278.00
-247.50%Cash (Beginning)
$29.81
87.60
78.28
61.03
147.75
246.69
217.00
4280.00
2021.00
1303.00
1303.00
1143.00
52.15%-12.28%Cash (Ending)
$87.60
78.28
61.03
134.60
246.69
216.58
4216.00
2021.00
1303.00
1143.00
1223.00
865.00
33.03%-29.27%NOPAT
$17.05
185.64
85.22
351.63
300.65
242.24
-403.26
1785.59
1612.81
39057.60
762.71
473.54
136.23%-37.91%Gross Margin %
50.72%
39.31%
40.66%
46.16%
48.66%
53.08%
49.11%
51.44%
50.09%
53.20%
53.25%
50.91%
Operating Margin %
4.76%
10.07%
9.98%
6.44%
15.08%
16.22%
-12.58%
15.26%
16.07%
21.44%
21.31%
17.69%
NOPAT Margin %
4.62%
25.79%
9.54%
23.86%
14.62%
9.58%
-11.61%
18.66%
14.90%
338.81%
26.95%
17.27%
Net Margin %
-3.91%
15.86%
2.78%
5.02%
4.63%
3.20%
-50.58%
-10.65%
-8.31%
6.82%
-4.81%
-5.76%
Tax Rate %
2.87%
-156.00%
4.37%
-270.64%
3.05%
40.91%
7.72%
-22.30%
7.26%
-1480.00%
-26.49%
2.36%
ROA
1.45%
14.01%
6.59%
9.91%
5.09%
4.29%
-1.11%
4.70%
4.81%
117.06%
2.29%
1.43%
ROE
11.25%
68.59%
28.56%
37.20%
29.21%
21.68%
-8.01%
39.32%
43.00%
827.49%
20.98%
10.32%
ROIC
1.70%
15.30%
7.14%
10.61%
5.71%
5.01%
-1.45%
6.06%
5.25%
127.59%
2.54%
1.59%
Asset Turnover
0.31
0.54
0.69
0.42
0.35
0.45
0.10
0.25
0.32
0.35
0.08
0.08
Inventory Turnover
30.84
0.21
0.91
4.33
51.25
64.54
40.18
110.64
91.54
117.28
23.21
30.59
Equity Multiplier
7.75
4.90
4.34
3.75
5.74
5.05
7.23
8.38
8.94
7.07
9.17
7.21
Current Ratio
1.28
1.10
1.00
1.15
1.43
0.88
2.58
1.13
0.79
0.76
0.85
0.69
Quick Ratio
1.09
0.88
0.77
0.92
0.83
0.43
1.59
0.35
0.67
0.64
0.70
0.55
Debt/Equity Ratio
5.14
3.20
2.68
2.32
4.10
2.48
2.81
5.77
3.40
5.31
7.05
5.46
Interest Coverage Ratio
1.18
0.93
1.87
1.12
1.87
1.48
-0.49
0.76
0.87
2.92
0.98
1.48
Working Capital/Sales
-0.03
0.04
0.03
0.05
0.01
0.00
-0.14
-0.12
0.04
0.03
-0.09
-0.15
Dividend Payout Ratio %
3.37%
Total Payout
$29.32
-98.05
121.01
-1736.42
-889.59
245.18
-6946.00
2956.00
3247.00
1492.00
545.00
330.00
54.75%-39.45%Payout Ratio %
171.95%
-52.82%
141.99%
-493.83%
-295.89%
101.21%
-1722.46%
165.55%
201.33%
3.82%
71.46%
69.69%