Financial Analysis

Litigation, Commitments and Contingencies Litigation General We are party to various legal proceedings, which have arisen in the normal course of our business. Such proceedings can be costly, time consuming, unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact our consolidated financial condition or results of operations. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. While we maintain insurance coverage that we believe is adequate to mitigate certain risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. The current liability for the estimated losses associated with these proceedings is not material to our consolidated financial condition and changes in such estimates are not expected to have a material impact on our results of operations. Contractual Commitments Sports Sponsorship/Partnership Obligations The Company has agreements with certain sporting event facilities and professional sports teams primarily for tickets, suites, advertising, marketing, promotional and sponsorship opportunities. The agreements include leasing of event suites that are generally considered short-term leases for which the Company does not record a right-of-use asset or lease liability and recognizes expenses in the period services are received. As of June 30 …

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Long-Term Debt June 30, 2026 December 31, 2025 (Dollars in millions) Final Maturity Rates Face Value Book Value Book Value Secured Debt CEI Revolving Credit Facility 2028 variable $ 120 $ 120 $ 160 CEI Term Loan A 2028 variable 619 618 636 CVA Revolving Credit Facility 2029 variable CVA Delayed Draw Term Loan 2029 variable 376 372 381 CEI Term Loan B 2030 variable 2,018 1,993 2,002 CEI Term Loan B-1 2031 variable 2,835 2,808 2,820 CEI Senior Secured Notes due 2030 2030 7.00% 2,000 1,987 1,986 CEI Senior Secured Notes due 2032 2032 6.50% 1,500 1,487 1,486 Unsecured Debt CEI Senior Notes due 2029 2029 4.625% 1,200 1,193 1,192 CEI Senior Notes due 2032 2032 6.00% 1,100 1,088 1,087 Special Improvement District Bonds 2037 4.30% 38 38 40 Long-term notes and other payables 1 1 2 Total debt 11,807 11,705 11,792 Current portion of long-term debt (114) (114) (114) Deferred finance charges associated with the CEI Revolving Credit Facility (6) (8) Long-term debt $ 11,693 $ 11,585 $ 11,670 Unamortized discounts and deferred finance charges $ 108 $ 121 Fair value $ 11,465 Annual Estimated Debt Service Requirements as of June 30, 2026 Remaining Years Ended December 31, (In millions) 2026 2027 2028 2029 2030 Thereafter Total Annual maturities of long-term debt $ 55 $ 114 $ 767 $ 1,574 $ 3,962 $ 5,335 $ 11,807 Estimated interest payments 370 750 680 650 420 300 3,170 Total debt service obligation (a) $ 425 $ 864 $ 1,447 $ 2,224 $ 4,382 $ 5,635 $ 14,977 ____________________ (a) Debt principal …

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The Companys Statements of Operations present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 12 for additional information on the Companys reportable segments. Three Months Ended June 30, 2026 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 277 $ 1,144 $ 340 $ $ (2) $ 1,759 Food and beverage 267 160 (1) 426 Hotel 315 180 495 Other 158 86 11 57 1 313 Net revenues $ 1,017 $ 1,570 $ 351 $ 57 $ (2) $ 2,993 Three Months Ended June 30, 2025 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 292 $ 1,045 $ 331 $ $ $ 1,668 Food and beverage 278 150 428 Hotel 346 163 509 Other 138 77 12 74 1 302 Net revenues $ 1,054 $ 1,435 $ 343 $ 74 $ 1 $ 2,907 Six Months Ended June 30, 2026 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 521 $ 2,202 $ 705 $ $ (3) $ 3,425 Food and beverage 540 311 (1) 850 Hotel 661 321 982 Other 298 166 20 123 (1) 606 Net revenues $ 2,020 $ 3,000 $ 725 $ 123 $ (5) $ 5,863 Six Months Ended June 30, 2025 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 535 $ 2,075 $ 655 $ $ (3) $ 3,262 Food and beverage 564 299 863 Hotel 689 302 991 Other 269 147 23 141 5 585 Net revenues $ 2,057 $ 2,823 $ 678 $ 141 $ 2 $ 5,701 …

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Stock-Based Compensation and Stockholders Equity Stock-Based Awards The Company maintains long-term incentive plans, adopted by the Board of Directors (Board) and approved by the Companys stockholders, which allows for granting stock-based compensation awards of Company Common Stock to directors, employees, officers, and consultants or advisers who render services to the Company or its subsidiaries, including stock options, restricted stock, restricted stock units (RSUs), performance stock units (PSUs), market-based performance stock units (MSUs), stock appreciation rights, and other stock-based awards or dividend equivalents. Forfeitures are recognized in the period in which they occur. Stock-based compensation expense in the accompanying Statements of Operations totaled $23 million and $24 million during the three months ended June 30, 2026 and 2025, respectively, and $47 million and $50 million during the six months ended June 30, 2026 and 2025, respectively. These amounts are included in Corporate expense in the Companys Statements of Operations. 2015 Equity Incentive Plan (the 2015 Plan) During the six months ended June 30, 2026, as part of the annual incentive program, the Company granted 3.1 million RSUs to eligible participants with an aggregate fair value of $72 million, which generally vest ratably on each anniversary over three years from the grant date. Each RSU represents the right to receive payment in respect of one share of the Companys Common Stock. During th …

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Goodwill and Intangible Assets, net Changes in Carrying Value of Goodwill and Other Intangible Assets Non-Amortizing Intangible Assets (In millions) Amortizing Intangible Assets Goodwill Other Balances as of December 31, 2025 $ 730 $ 10,441 $ 3,255 Amortization expense (67) In-place leases 51 Other (10) Balances as of June 30, 2026 $ 704 $ 10,441 $ 3,255 Gross Carrying Value and Accumulated Amortization of Intangible Assets Other Than Goodwill June 30, 2026 December 31, 2025 (Dollars in millions) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Customer relationships 1 - 7 years $ 595 $ (529) $ 66 $ 595 $ (495) $ 100 Gaming rights and other 10 - 34 years 248 (60) 188 262 (57) 205 Trademarks 15 years 313 (136) 177 313 (127) 186 Reacquired rights 24 years 250 (54) 196 250 (49) 201 Technology 3 - 6 years 134 (108) 26 134 (96) 38 In-place leases 3 - 15 years 51 51 $ 1,591 $ (887) 704 $ 1,554 $ (824) 730 Non-amortizing intangible assets other than Goodwill Trademarks 1,749 1,749 Gaming rights 983 983 Caesars Rewards 523 523 3,255 3,255 Total amortizing and non-amortizing intangible assets other than Goodwill, net $ 3,959 $ 3,985 Amortization expense with respect to intangible assets for both the three months ended June 30, 2026 and 2025 totaled $33 million, and for the six months ended June 30, 2026 and 2025 totaled $67 million and $66 million, respectively …

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Income Taxes The Company utilized a discrete effective tax rate method, as allowed by ASC 740-270 Income Taxes, Interim Reporting, to calculate taxes for the three and six months ended June 30, 2026 and 2025. The Company determined that small changes in estimated ordinary income would result in significant changes in the estimated annual effective tax rate (AETR), and therefore, the AETR method would not provide a reliable estimate. Income Tax Allocation Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Loss before income taxes $ (53) $ (52) $ (124) $ (139) Benefit (provision) for income taxes 12 (13) (24) Effective tax rate 22.6 % (25.0) % % (17.3) % The Company classifies accruals for uncertain tax positions within Other long-term liabilities on the Balance Sheets, separate from any related income tax payable or deferred income taxes. Reserve amounts relate to any potential income tax liabilities resulting from uncertain tax positions as well as potential interest or penalties associated with those liabilities. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax assets. The Company is carrying a valuation allowance on certain federal and state deferred tax assets that are not more likely than not to be realized in the future. The Company has assessed the changes to the valuation allowance, including realization of the disallowed i …

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Recently Issued Accounting Pronouncements Pronouncements to Be Implemented in Future Periods In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06, Intangibles-Goodwill and Other-Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software. Currently, entities are required to capitalize development costs incurred for internal-use software depending on the nature of the costs and project stage. The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that guidance is neutral to different software development methods. Amendments in this update are effective for all entities for annual periods beginning after December 15, 2027. An entity may apply the new guidance: i) prospectively, ii) using a modified transition approach based on the status of a project, or iii) retrospectively. We do not expect the amendments in this update to have a material impact on our Financial Statements. In November 2024 (as clarified in January 2025 by ASU 2025-01), FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, which requires additional disclosure about specific expense categories in the notes to financial statements which is generally not presented in financial statements today. This update applies to all public business entities and will be effective for annual reporti …

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Related Party and Affiliate Transactions C. S. & Y. Associates The Company owns the entire parcel on which Eldorado Resort Casino Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates (CSY) (the CSY Lease). CSY is a general partnership in which a trust has an approximate 27% interest. The Companys Executive Chairman of the Board, Gary L. Carano, and his siblings are direct or indirect beneficiaries of the trust. The CSY Lease expires on June 30, 2057. Annual rent pursuant to the CSY Lease is currently $0.6 million, paid monthly. Annual rent is subject to periodic rent escalations of 1 to 2 percent through the term of the lease. Commensurate with its interest, the trust receives directly from the Company approximately 27% of the rent paid by the Company. As of June 30, 2026 and December 31, 2025, there were no amounts due to or from CSY. C VA Holdco, LLC In May 2023, the Company entered into a joint venture, CVA Holdco, LLC, with the Eastern Band of Cherokee Indians to construct, own and operate a gaming facility in Danville, Virginia (Caesars Virginia). As the managing member, the Company operates the business and managed the development, construction, and financing of the property. The Company holds a 50.0% variable interest in the joint venture and is the primary beneficiary; as such, the joint ventures operations are included in the Financial Statements, with a minority interest recorded reflecting the operations at …

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Revenue Recognition The Companys Statements of Operations present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 12 for additional information on the Companys reportable segments. Three Months Ended June 30, 2026 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 277 $ 1,144 $ 340 $ $ (2) $ 1,759 Food and beverage 267 160 (1) 426 Hotel 315 180 495 Other 158 86 11 57 1 313 Net revenues $ 1,017 $ 1,570 $ 351 $ 57 $ (2) $ 2,993 Three Months Ended June 30, 2025 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 292 $ 1,045 $ 331 $ $ $ 1,668 Food and beverage 278 150 428 Hotel 346 163 509 Other 138 77 12 74 1 302 Net revenues $ 1,054 $ 1,435 $ 343 $ 74 $ 1 $ 2,907 Six Months Ended June 30, 2026 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 521 $ 2,202 $ 705 $ $ (3) $ 3,425 Food and beverage 540 311 (1) 850 Hotel 661 321 982 Other 298 166 20 123 (1) 606 Net revenues $ 2,020 $ 3,000 $ 725 $ 123 $ (5) $ 5,863 Six Months Ended June 30, 2025 (In millions) Las Vegas Regional Caesars Digital Managed and Branded Corporate and Other Total Casino $ 535 $ 2,075 $ 655 $ $ (3) $ 3,262 Food and beverage 564 299 863 Hotel 689 302 991 Other 269 147 23 141 5 585 Net revenues $ 2,057 $ 2,823 $ 678 $ 141 …

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Segment Information The executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a significant market basis. Management views each of the Companys casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Companys principal operating activities occur in four reportable segments. The reportable segments are based on the similar characteristics of the operating segments with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between these reportable segments within Caesars: (1) Las Vegas, (2) Regional, (3) Caesars Digital, and (4) Managed and Branded, in addition to Corporate and Other. See the table below for a summary of these segments. The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of June 30, 2026: Las Vegas Regional Managed and Branded Caesars Palace Las Vegas Caesars Atlantic City Harrahs Pompano Beach Managed Flamingo Las Vegas Caesars New Orleans Horseshoe Baltimore Harrahs Ak-Chin Harrahs Las Vegas Caesars Republic Lake Tahoe Horseshoe Black Hawk Harrahs Cherokee Horseshoe Las Vegas Caesars Virginia Horseshoe Bossier City Harrahs Cherokee Valley River The LINQ Hotel &am …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing