Ex 99.1 – 2025 Q2 CEI Earnings Release
Summary
Caesars Entertainment reported Q2 2025 results with net revenues of $2.9 billion and a GAAP net loss narrowed to $82 million (versus $122 million a year earlier). Same-store Adjusted EBITDA was $955 million, a slight decline year-on-year, while Caesars Digital delivered a standout performance with Adjusted EBITDA of $80 million (up from $40 million).
Key Points
- • Net revenues: $2.907bn in Q2 2025, up ~2.9% on an adjusted same-store basis versus Q2 2024.
- • GAAP net loss improved to $82m for the quarter (Q2 2024: $122m).
- • Same-store Adjusted EBITDA: $955m (down from $996m in the comparable period).
- • Caesars Digital showed strong momentum: Adjusted EBITDA $80m (Q2 2024: $40m); six-month Digital Adjusted EBITDA rose 173.3%.
- • Cash and liquidity: $982m cash on hand (plus revolver capacity), total outstanding debt $12.272bn and net debt $11.29bn as of 30 June 2025.
- • Debt action: redeemed $546m of 2027 notes in July, cutting annual interest expense by about $44m; nearest maturity now January 2028.
Content summary
Overall operating income rose slightly to $526m for the quarter. The Las Vegas segment saw softer hospitality demand and lower casino-related EBITDA versus prior year, while Regional revenues rose 4% driven by properties such as Caesars Virginia and New Orleans. Caesars Digital continued to scale, contributing materially to EBITDA gains.
Operating expenses increased in several categories (casino, depreciation and amortisation, G&A) but impairment charges that hit the prior-year period did not recur. Interest expense remains a significant drag, though recent note redemptions and a lower weighted average cost of debt (~6.35%) are steps toward reducing run-rate interest costs.
Context and relevance
This release matters for investors and industry watchers because it shows a stabilising headline performance with digital growth offsetting some weakness in traditional hospitality metrics. The strong Digital segment progress is aligned with Caesars’ strategy to grow mobile, online gaming and sports betting revenue streams. The company’s balance sheet actions (note redemption and revolver use) indicate active management of leverage and interest costs amid a high-debt capital structure.
Why should I read this?
Short version: if you follow casino stocks, debt-heavy leisure companies, or the fast-growing iGaming/sports-betting space — this is worth a skim. We’ve pulled out the numbers and what they mean for Caesars’ recovery and digital strategy, so you don’t have to wade through pages of tables.