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Caesars Entertainment, Inc. operates as a gaming and hospitality company. It owns, leases, brands, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. The company also operates and conducts online gaming, retail and online sports wagering across 42 jurisdictions in North America, and iGaming in five jurisdictions in North America; sports betting from retail and online sportsbooks; and other games, such as keno. In addition, it operates casinos, dining venues, bars, nightclubs, lounges, hotels, and entertainment venues; and provides staffing and management services. The company was founded in 1937 and is based in Reno, Nevada.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.5B | $3.3B | $-502M | $493M | -14.3% | 2.1% | 80.6% |
| 2024 | $11.2B | $3.6B | $-278M | $-236M | -6.7% | -2.5% | -135.4% |
| 2023 | $11.5B | $3.6B | $786M | $515M | 17.3% | 6.5% | -187.4% |
| 2022 | $10.8B | $2.9B | $-899M | $12M | -24.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 10,821 | 11,528 | 11,245 | 11,486 |
| Operating Revenue | - | 9,550 | 10,185 | 9,999 | 10,276 |
| Cost Of Revenue | - | 5,401 | 5,395 | 5,419 | 5,743 |
| Gross Profit | - | 5,420 | 6,133 | 5,826 | 5,743 |
| Operating Expense | - | 3,559 | 3,579 | 3,551 | 3,665 |
| Selling General And Administration | - | 2,068 | 2,012 | 1,920 | 1,926 |
| Total Expenses | - | 8,960 | 8,974 | 8,970 | 9,408 |
| Operating Income | - | 1,861 | 2,554 | 2,275 | 2,078 |
| Total Operating Income As Reported | - | 1,739 | 2,472 | 2,304 | 1,858 |
| EBITDA | - | 2,917 | 3,555 | 3,577 | 3,293 |
| Normalized EBITDA | - | 3,124 | 3,837 | 3,637 | 3,517 |
| EBIT | - | 1,712 | 2,294 | 2,253 | 1,876 |
| Interest Income | - | 12 | 12 | 11 | 20 |
| Interest Expense | - | 2,277 | 2,354 | 2,377 | 2,324 |
| Net Interest Income | - | -2,265 | -2,342 | -2,366 | -2,304 |
| Other Non Operating Income Expenses | - | 46 | 10 | 27 | 2 |
| Other Income Expense | - | -161 | -272 | -33 | -222 |
| Interest Income Non Operating | - | 12 | 12 | 11 | 20 |
| Interest Expense Non Operating | - | 2,277 | 2,354 | 2,377 | 2,324 |
| Net Non Operating Interest Income Expense | - | -2,265 | -2,342 | -2,366 | -2,304 |
| Pretax Income | - | -565 | -60 | -124 | -448 |
| Tax Provision | - | -41 | -888 | 87 | -11 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -15.02 | -59.22 | -12.60 | -5.50 |
| Net Income Continuous Operations | - | -524 | 828 | -211 | -437 |
| Net Income From Continuing And Discontinued Operation | - | -899 | 786 | -278 | -502 |
| Net Income From Continuing Operation Net Minority Interest | - | -513 | 786 | -278 | -502 |
| Net Income | - | -899 | 786 | -278 | -502 |
| Net Income Common Stockholders | - | -899 | 786 | -278 | -502 |
| Net Income Including Noncontrolling Interests | - | -910 | 828 | -211 | -437 |
| Normalized Income | - | -321.02 | 1,008.78 | -230.60 | -283.50 |
| Diluted NI Availto Com Stockholders | - | -899 | 786 | -278 | -502 |
| Basic Average Shares | - | 214 | 215 | 215 | 208 |
| Diluted Average Shares | - | 214 | 216 | 215 | 208 |
| Reconciled Depreciation | - | 1,205 | 1,261 | 1,324 | 1,417 |
| Reconciled Cost Of Revenue | - | 5,401 | 5,395 | 5,419 | 5,743 |
| Total Unusual Items | - | -207 | -282 | -60 | -224 |
| Total Unusual Items Excluding Goodwill | - | -207 | -282 | -60 | -224 |
| Minority Interests | - | 11 | -42 | -67 | -65 |
| Net Income Discontinuous Operations | -30 | -386 | 0 | 0 | - |
| Special Income Charges | - | -207 | -282 | -60 | -224 |
| Other Special Charges | - | 85 | 200 | 89 | 4 |
| Write Off | - | 108 | 95 | 302 | 182 |
| Impairment Of Capital Assets | 102 | 108 | - | - | - |
| Restructuring And Mergern Acquisition | - | 14 | -13 | -331 | 38 |
| Depreciation Amortization Depletion Income Statement | - | 1,205 | 1,261 | 1,324 | 1,417 |
| Depreciation And Amortization In Income Statement | - | 1,205 | 1,261 | 1,324 | 1,417 |
| General And Administrative Expense | - | 2,068 | 2,012 | 1,920 | 1,926 |
| Other Gand A | - | 2,068 | 2,012 | 1,920 | 1,926 |
| Other Operating Expenses | - | 286 | 306 | 307 | 322 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Caesars Entertainment, Inc.this co. | CZR | $6.0B | -11.87 | 1.70 | -14.3% | 9.10 |
| CarMax, Inc. | KMX | $6.7B | 26.91 | 1.13 | 4.2% | 15.58 |
| Urban Outfitters, Inc. | URBN | $6.5B | 14.06 | 2.32 | 16.5% | 9.68 |
| LKQ Corporation | LKQ | $6.4B | 10.60 | 0.98 | 9.3% | 7.75 |
| Mohawk Industries, Inc. | MHK | $6.4B | 17.34 |
| - |
| - |
| - |
| - |
| - |
| - |
| 0.77 |
| 4.4% |
| 7.03 |
| Etsy, Inc. | ETSY | $6.4B | 39.04 | - | -14.8% | 21.30 |
| Brinker International, Inc. | EAT | $5.9B | 15.28 | 15.78 | 103.3% | 10.46 |
| Red Rock Resorts, Inc. | RRR | $5.7B | 30.56 | 27.59 | 90.3% | 11.29 |
| Installed Building Products, Inc. | IBP | $5.5B | 20.58 | 7.69 | 37.4% | 11.49 |
| Peer Median | - | 18.96 | 2.32 | 12.9% | 10.87 | |