CZR

EX-99.1

2 ex991-2026q1ceiearningsrel.htm

EX-99.1

Document

Exhibit 99.1

Caesars Entertainment, Inc. Reports First Quarter 2026 Results

LAS VEGAS and RENO, Nev. (April 28, 2026) – Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or the “Company”) today reported operating results for the first quarter ended March 31, 2026.

First Quarter 2026 and Recent Highlights:

•GAAP net revenues of $2.9 billion versus $2.8 billion for the comparable prior-year period.

•GAAP net loss of $98 million compared to a net loss of $115 million for the comparable prior-year period.

•Consolidated Adjusted EBITDA of $887 million versus $884 million for the comparable prior-year period.

•Caesars Digital Adjusted EBITDA of $69 million versus $43 million for the comparable prior-year period.

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “In the first quarter of 2026 we delivered growth in total net revenues and adjusted EBITDA versus last year. Caesars Digital revenue of $374 million and Adjusted EBITDA of $69 million achieved record first quarter results. In our Las Vegas segment, we experienced continued sequential improvement in trends and a significant improvement in the hospitality vertical with occupancy of 95.3% and year over year growth in Average Daily Rate. The Regional segment delivered improved adjusted EBITDA on a year over year basis after excluding the benefits of Super Bowl LX in New Orleans last year.”

First Quarter 2026 Financial Results Summary and Segment Information

Net Revenues

Three Months Ended March 31,

(In millions)20262025% Change

Las Vegas $1,003 $1,003 — %

Regional1,430 1,388 3.0 %

Caesars Digital374 335 11.6 %

Managed and Branded66 67 (1.5)%

Corporate and Other(3)1 *

Caesars$2,870 $2,794 2.7 %

Net Income (Loss) Attributable to Caesars

Three Months Ended March 31,

(In millions)20262025% Change

Las Vegas $176 $177 (0.6)%

Regional(20)20 *

Caesars Digital22 — *

Managed and Branded24 16 50.0 %

Corporate and Other(300)(328)8.5 %

Caesars$(98)$(115)14.8 %

1

Adjusted EBITDA (a)

Three Months Ended March 31,

(In millions)20262025% Change

Las Vegas $426 $433 (1.6)%

Regional435 440 (1.1)%

Caesars Digital69 43 60.5 %

Managed and Branded13 16 (18.8)%

Corporate and Other(56)(48)(16.7)%

Caesars$887 $884 0.3 %

*Not meaningful

(a)Adjusted EBITDA is not a GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See “Reconciliation of GAAP Measures to Non-GAAP Measures” below for a definition of Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA to net income (loss) attributable to Caesars, which the Company believes is the most comparable financial measure calculated in accordance with GAAP.

Balance Sheet and Liquidity

As of March 31, 2026, Caesars had $11.9 billion in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $867 million, excluding restricted cash of $107 million.

(In millions)March 31, 2026December 31, 2025

Cash and cash equivalents$867 $887

Bank debt and loans $6,076 $6,063

Notes 5,800 5,800

Other long-term debt41 42

Total outstanding indebtedness$11,917 $11,905

Net debt (a) $11,050 $11,018

(a)Net debt is a non-GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is helpful in understanding our financial position. Net debt is equal to total outstanding indebtedness less cash and cash equivalents.

As of March 31, 2026, cash on hand and borrowing capacity was as follows:

(In millions)March 31, 2026

Cash and cash equivalents$867

CEI Revolving Credit Facility capacity, net of outstanding balance2,050

CVA Revolving Credit Facility capacity25

Revolver capacity committed to letters of credit(96)

Revolver capacity committed to specific reserves(40)

Available revolver capacity committed as regulatory requirement(46)

Total$2,760

“On March 3, 2026, Caesars acquired the operations of Caesars Windsor for approximately $54 million and entered into a 20-year operating agreement with the Ontario Lottery and Gaming Corporation. We are excited to add Caesars Windsor to our Regional portfolio. Our first quarter consolidated results demonstrate the stability of our Las Vegas and Regional segments and the continued growth in Caesars Digital. We expect to deliver strong free cash flow in 2026 as a result of continued operating momentum, lower cash interest expense, and lower capex,” said Bret Yunker, Chief Financial Officer.

2

Non-GAAP Measures

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 operat

czr-20260217false000159089500015908952026-02-172026-02-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

February 17, 2026 Date of Report (Date of earliest event reported)

CAESARS ENTERTAINMENT, INC.

(Exact name of registrant as specified in its charter)

Delaware001-3662946-3657681 (State of Incorporation)(Commission File Number)(IRS Employer Identification Number)

100 West Liberty Street, 12th Floor, Reno, Nevada 89501 (Address of principal executive offices, including zip code) (775) 328-0100 (Registrant’s telephone number, including area code) N/A (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common stock, $0.00001 par valueCZRNASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02    Results of Operations and Financial Condition. Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of the Registrant, dated February 17, 2026, reporting the Registrant’s financial results for the quarter and year ended December 31, 2025. The information contained in this Current Report on Form 8-K, including the exhibit furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise incorporated by reference in any filing pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing. The furnishing of the information in this report, including the exhibit furnished herewith, is not intended to, and does not, constitute a determination or admission as to the materiality or completeness of such information. Item 9.01     Financial Statements and Exhibits. (d) Exhibits.    The following exhibit is being filed herewith:

Exhibit No. Description

99.1Press release dated February 17, 2026.

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CAESARS ENTERTAINMENT, INC.

Date:February 17, 2026By: /s/ Thomas R. Reeg Thomas R. Reeg Chief Executive Officer

czr-20251028false000159089500015908952025-10-282025-10-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 28, 2025 Date of Report (Date of earliest event reported)

CAESARS ENTERTAINMENT, INC.

(Exact name of registrant as specified in its charter)

Delaware001-3662946-3657681 (State of Incorporation)(Commission File Number)(IRS Employer Identification Number)

100 West Liberty Street, 12th Floor, Reno, Nevada 89501 (Address of principal executive offices, including zip code) (775) 328-0100 (Registrant’s telephone number, including area code) N/A (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common stock, $0.00001 par valueCZRNASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02    Results of Operations and Financial Condition. Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of the Registrant, dated October 28, 2025, reporting the Registrant’s financial results for the quarter ended September 30, 2025. The information contained in this Current Report on Form 8-K, including the exhibit furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise incorporated by reference in any filing pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing. The furnishing of the information in this report, including the exhibit furnished herewith, is not intended to, and does not, constitute a determination or admission as to the materiality or completeness of such information. Item 9.01     Financial Statements and Exhibits. (d) Exhibits.    The following exhibit is being filed herewith: 99.1    Press release dated October 28, 2025. 104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CAESARS ENTERTAINMENT, INC.

Date:October 28, 2025By: /s/ Thomas R. Reeg Thomas R. Reeg Chief Executive Officer