附錄99.1
凱撒娛樂公司公佈2024年第三季度業績報告
內華達州的拉斯維加斯和雷諾（2024年10月29日） - 凱撒娛樂公司（納斯達克代號：CZR）（以下簡稱“凱撒”，“CZR”，“CEI”或“本公司”）今日公布截至2024年9月30日第三季度的營運結果。
2024年第三季及近期亮點：
•根據GAAP標準，本期淨收入為29億美元，低於去年同期的30億美元。
•按照美國通用會計原則，本期凈虧損為900萬美元，而去年同期凈利潤為7400萬美元。
•調整後的同店調整後EBITDA為10億美元，而去年同期為10億美元。
•凱撒數字調整後的EBITDA為5200萬美元，而去年同期為200萬美元。
凱撒娛樂公司首席執行官Tom Reeg表示：“在第三季度，我們交出了另一個擁有10億美元同店綜合調整後EBITDA的季度報告。拉斯維加斯的業績反映了創紀錄的第三季度酒店、餐飲和宴會收入，這得益於強勁的入住率和現金ADR。區域型板塊的運營結果受到了新競爭對手、施工中斷以及與前一年相比的困難比較的影響。凱撒數位訂立了新的調整後EBITDA歷史季度記錄，這得益於超過40%的淨收入增長。”
2024年第三季度財務業績摘要及部門資訊
以下表格呈現2024年和2023年的實際結果，以及對於已完成的出售所做的調整，以反映同一店鋪基礎上的金額和百分比變化：
| 淨收入 | |||||||||||||||||||||||||||||
| 截至9月30日的三個月 | |||||||||||||||||||||||||||||
| （以百萬為單位） | 2024 | 2023 | 2023年調整後(a) | 調整後2023年總額 | 變化百分比 % | ||||||||||||||||||||||||
| 拉斯維加斯 | $ | 1,062 | $ | 1,120 | $ | (44) | $ | 1,076 | (1.3) | % | |||||||||||||||||||
| 區域型 | 1,446 | 1,565 | — | 1,565 | (7.6) | % | |||||||||||||||||||||||
| Caesars數位 | 303 | 215 | — | 215 | 40.9 | % | |||||||||||||||||||||||
| 管理並打造品牌 | 68 | 98 | — | 98 | (30.6) | % | |||||||||||||||||||||||
| 公司及其他 | (5) | (4) | — | (4) | (25.0) | % | |||||||||||||||||||||||
| Caesars | $ | 2,874 | $ | 2,994 | $ | (44) | $ | 2,950 | (2.6) | % | |||||||||||||||||||
| 淨收入 | |||||||||||||||||||||||||||||
| 截至9月30日的九個月 | |||||||||||||||||||||||||||||
| （以百萬為單位） | 2024 | 2023 | 2023 年調整後(a) | 調整後 2023 年總計 | 變化百分比 % | ||||||||||||||||||||||||
| 拉斯維加斯 | $ | 3,191 | $ | 3,379 | $ | (145) | $ | 3,234 | (1.3) | % | |||||||||||||||||||
| 區域型 | 4,196 | 4,415 | — | 4,415 | (5.0) | % | |||||||||||||||||||||||
| 凱撒數位 | 861 | 669 | — | 669 | 28.7 | % | |||||||||||||||||||||||
| 管理和品牌 | 206 | 239 | — | 239 | (13.8) | % | |||||||||||||||||||||||
| 公司及其他 | (8) | 1 | — | 1 | * | ||||||||||||||||||||||||
| 凱撒 | $ | 8,446 | $ | 8,703 | $ | (145) | $ | 8,558 | (1.3) | % | |||||||||||||||||||
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| 凈利潤（損失） | |||||||||||||||||||||||||||||
| 截至9月30日的三個月 | |||||||||||||||||||||||||||||
| （以百萬為單位） | 2024 | 2023 | 2023年調整後(a) | 2023年總計調整後 | 變化百分比 % | ||||||||||||||||||||||||
| 拉斯維加斯 | $ | 226 | $ | 238 | $ | — | $ | 238 | (5.0) | % | |||||||||||||||||||
| 區域型 | 125 | 176 | — | 176 | (29.0) | % | |||||||||||||||||||||||
| Caesars數位 | 11 | (29) | — | (29) | * | ||||||||||||||||||||||||
| 管理和品牌化 | 19 | 45 | — | 45 | (57.8) | % | |||||||||||||||||||||||
| 公司及其他 | (390) | (356) | — | (356) | (9.6) | % | |||||||||||||||||||||||
| Caesars | $ | (9) | $ | 74 | $ | — | $ | 74 | * | ||||||||||||||||||||
| 凈利潤（損失） | |||||||||||||||||||||||||||||
| 截至9月30日的九個月 | |||||||||||||||||||||||||||||
| （以百萬為單位） | 2024 | 2023 | 2023年調整後(a) | 調整後2023年總計 | 變化百分比 % | ||||||||||||||||||||||||
| 拉斯維加斯 | $ | 696 | $ | 792 | $ | (15) | $ | 777 | (10.4) | % | |||||||||||||||||||
| 區域型 | 115 | 375 | — | 375 | (69.3) | % | |||||||||||||||||||||||
| 凱撒數碼 | (19) | (83) | — | (83) | 77.1 | % | |||||||||||||||||||||||
| 管理和品牌化 | 54 | 83 | — | 83 | (34.9) | % | |||||||||||||||||||||||
| 公司及其他 | (1,135) | (309) | — | (309) | * | ||||||||||||||||||||||||
| 凱撒 | $ | (289) | $ | 858 | $ | (15) | $ | 843 | * | ||||||||||||||||||||
調整後的EBITDA (b) | |||||||||||||||||||||||||||||
| 截至9月30日的三個月 | |||||||||||||||||||||||||||||
| （以百萬為單位） | 2024 | 2023 | 2023年調整。(a) | 2023年總計調整。 | 變化百分比 % | ||||||||||||||||||||||||
| 拉斯維加斯 | $ | 472 | $ | 482 | $ | — | $ | 482 | (2.1) | % | |||||||||||||||||||
| 區域型 | 498 | 575 | — | 575 | (13.4) | % | |||||||||||||||||||||||
| 凱撒數位 | 52 | 2 | — | 2 | * | ||||||||||||||||||||||||
| 管理並打造品牌 | 19 | 20 | — | 20 | (5.0) | % | |||||||||||||||||||||||
| 公司及其他 | (40) | (36) | — | (36) | (11.1) | % | |||||||||||||||||||||||
| 凱撒 | $ | 1,001 | $ | 1,043 | $ | — | $ | 1,043 | (4.0) | % | |||||||||||||||||||
調整後的EBITDA (b) | |||||||||||||||||||||||||||||
| 截至9月30日的九個月 | |||||||||||||||||||||||||||||
| （以百萬為單位） | 2024 | 2023 | 2023年別說。(a) | 2023年總計 | 變化百分比 % | ||||||||||||||||||||||||
| 拉斯維加斯 | $ | 1,426 | $ | 1,527 | $ | (15) | $ | 1,512 | (5.7) | % | |||||||||||||||||||
| 區域型 | 1,400 | 1,531 | — | 1,531 | (8.6) | % | |||||||||||||||||||||||
| 凱撒數字 | 97 | 9 | — | 9 | * | ||||||||||||||||||||||||
| 管理和品牌 | 54 | 58 | — | 58 | (6.9) | % | |||||||||||||||||||||||
| 公司及其他 | (123) | (117) | — | (117) | (5.1) | % | |||||||||||||||||||||||
| 凱撒 | $ | 2,854 | $ | 3,008 | $ | (15) | $ | 2,993 | (4.6) | % | |||||||||||||||||||
*此文本無意義。
(a)調整基本報表的先前處置業務結果，反映在2023年第三季底出售Rio All-Suite & Casino之前的業務結果減除。這些數字基於未經審計的內部基本報表，且未經公司稽核員審查所呈現的期間。額外的財務信息包含在內，以便比較當前結果與以前期間的結果。
(b)調整後的EBITDA並非GAAP計量，僅作為補充揭露，因為公司認為這是遊戲行業中廣泛使用的營運績效衡量標準。請參考下文的“GAAP措施與非GAAP措施調和”以獲得調整後的EBITDA定義，並對與GAAP準則一致計算的最相對應的財務衡量淨利(損失)進行定量調和。
2
資產負債表和流動性
截至2024年9月30日，凱撒娛樂公司尚有總額達127億美元的債務未償還。現金及現金等價物總計為80200萬美元，不包括受限制的現金12400萬美元。
| （以百萬為單位） | 2024年9月30日 | 2023年12月31日 | |||||||||
| 現金及現金等價物 | $ | 802 | $ | 1,005 | |||||||
| 銀行負債和貸款 | $ | 6,343 | $ | 3,193 | |||||||
| 附註 | 6,311 | 9,199 | |||||||||
| 其他長期負債 | 44 | 47 | |||||||||
| 總未償還的債務 | $ | 12,698 | $ | 12,439 | |||||||
| 淨負債 | $ | 11,896 | $ | 11,434 | |||||||
截至2024年9月30日，手頭現金和借貸能力如下：
| （以百萬為單位） | 2024年9月30日 | |||||||
| 現金及現金等價物 | $ | 802 | ||||||
裝藥量 (a) | 2,035 | |||||||
| Revolver 裝藥量承諾於信用證書 | (84) | |||||||
| 可用 Revolver 裝藥量作為監管要求 | (46) | |||||||
總計 (b) | $ | 2,707 | ||||||
___________________
(a)Revolver容量包括CEI循環授信設施下的20.5億美元可用容量，於2028年1月到期（若凱撒其他長期債務未延長或償還將自動到期），以及凱撒維吉尼亞循環授信設施下的2500萬美元可用容量，於2029年4月26日到期，預留4000萬美元用於特定目的。
(b)不包括在凱撒斯維吉尼亞延遲動用期貸款中，尚有約19000萬美元的额外借款。
「在10月17日，我們成功進行了一筆新的$11億無抵押長期再融資，加上本年度先前進行的融資，為2025年的重要利息支出節省奠定了基礎。截至今日，我們已從撲克世界系列賽品牌出售中獲得25000萬現金收益。我們很高興即將完成多年的凱撒新奧爾良改造工程和凱撒弗吉尼亞永久項目，」致富金融(Bret Yunker) 財務長說。
GAAP措施與非GAAP措施的調解
已調整EBITDA（如下所述）是一項非GAAP財務指標，作為補充披露，因為它是我們行業中廣泛使用的績效評估指標和公司估值的基礎，我們相信這些非GAAP補充信息將有助於理解我們持續營運結果。歷來，管理層在評估營運績效時已使用調整後的EBITDA，因為我們認為必須包含或排除某些經常性和非經常性項目，以便全面了解我們核心營運結果並評估各期結果。調整後的EBITDA代表利息收入和利息支出之前的淨利潤（損失），扣除利息資本化後的淨利息，所得稅（利益）提供，折舊和攤提，股價償債，債務撲滅的（收益）損失，減值費用，其他（收益）損失，淨利潤歸屬於非控股權益，與我們的收購、開發和出售相關的交易成本，以及權益法投資的非現金變動。調整後的EBITDA還不包括與我們某些租賃合同相關的費用，因為這些交易是作為融資義務來計算的，而相應的費用已計入利息支出。調整後的EBITDA不是按美國通用會計原則（“GAAP”）計算的績效或流動性指標。調整後的EBITDA是未經審計的，不應被視為比淨利潤（損失）更有意義的營運績效指標的替代方案。在調整後的EBITDA中未反映的現金流用途包括固定資本支出、利息支付、所得稅、債務本金偿还以及與我們與GLPI和vici properties之關聯方租賃下的支付，這些支付可能為重要性。因此，調整後的EBITDA不應被視為我們流動性的指標。提供EBITDA信息的其他公司可能會對調整後的EBITDA進行不同計算。調整後的EBITDA的定義可能與我們任何債務協議中使用的定義不同。
3
Conference Call Information
The Company will host a conference call to discuss its results on October 29, 2024 at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time. Participants may register for the call approximately 15 minutes before the call start time by visiting the following website at https://register.vevent.com/register/BI60631b530d8a4ed9857cb3c83f6bb43f.
Once registered, participants will receive an email with the dial-in number and unique PIN number to access the live event. The call will also be accessible on the Investor Relations section of Caesars’ website at https://investor.caesars.com.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate primarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. To review our latest CSR report, please visit www.caesars.com/corporate-social-responsibility/csr-reports. Know When To Stop Before You Start.® Gambling Problem? Call 1-800-522-4700. For more information, please visit www.caesars.com/corporate.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information. When used in this press release, the terms or phrases such as “anticipates,” “believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,” “estimates,” “could,” “should,” “would,” “will likely continue,” and variations of such words or similar expressions are intended to identify forward-looking statements. Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. These risks and uncertainties include, but are not limited to: (a) the impact on our business, financial results and liquidity of economic trends, inflation, public health emergencies, terrorist attacks and other acts of war or hostility, work stoppages and other labor problems, or other economic and market conditions, including reductions in discretionary consumer spending as a result of downturns in the economy and other factors outside our control; (b) the impact of future cybersecurity breaches on our business, financial conditions and results of operations; (c) our ability to successfully operate our digital betting and iGaming platform and expand its user base; (d) risks associated with our leverage and our ability to reduce our leverage; (e) the effects of competition, including new competition in certain of our markets, on our business and results of operations; and (f) additional factors discussed in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements.
In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward- looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.
Source: Caesars Entertainment, Inc.; CZR
Investor Relations: Brian Agnew, bagnew@caesars.com; Charise Crumbley, ccrumbley@caesars.com, 800-318-0047
Media Relations: Kate Whiteley, kwhiteley@caesars.com
4
CAESARS ENTERTAINMENT, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In millions, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| NET REVENUES: | |||||||||||||||||||||||
| Casino | $ | 1,599 | $ | 1,620 | $ | 4,691 | $ | 4,789 | |||||||||||||||
| Food and beverage | 438 | 443 | 1,295 | 1,305 | |||||||||||||||||||
| Hotel | 515 | 553 | 1,522 | 1,581 | |||||||||||||||||||
| Other | 322 | 378 | 938 | 1,028 | |||||||||||||||||||
| Net revenues | 2,874 | 2,994 | 8,446 | 8,703 | |||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||
| Casino | 828 | 831 | 2,497 | 2,476 | |||||||||||||||||||
| Food and beverage | 271 | 266 | 800 | 775 | |||||||||||||||||||
| Hotel | 152 | 146 | 428 | 426 | |||||||||||||||||||
| Other | 104 | 118 | 298 | 336 | |||||||||||||||||||
| General and administrative | 478 | 528 | 1,443 | 1,536 | |||||||||||||||||||
| Corporate | 76 | 74 | 234 | 239 | |||||||||||||||||||
| Impairment charges | — | — | 118 | — | |||||||||||||||||||
| Depreciation and amortization | 326 | 320 | 979 | 943 | |||||||||||||||||||
| Transaction and other costs, net | (5) | (13) | 14 | 36 | |||||||||||||||||||
| Total operating expenses | 2,230 | 2,270 | 6,811 | 6,767 | |||||||||||||||||||
| Operating income | 644 | 724 | 1,635 | 1,936 | |||||||||||||||||||
| OTHER EXPENSE: | |||||||||||||||||||||||
| Interest expense, net | (596) | (581) | (1,780) | (1,761) | |||||||||||||||||||
| Loss on extinguishment of debt | — | (3) | (51) | (200) | |||||||||||||||||||
| Other income (loss) | 4 | (1) | 29 | 5 | |||||||||||||||||||
| Total other expense | (592) | (585) | (1,802) | (1,956) | |||||||||||||||||||
| Income (loss) before income taxes | 52 | 139 | (167) | (20) | |||||||||||||||||||
| Benefit (provision) for income taxes | (43) | (47) | (68) | 904 | |||||||||||||||||||
| Net income (loss) | 9 | 92 | (235) | 884 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | (18) | (18) | (54) | (26) | |||||||||||||||||||
| Net income (loss) attributable to Caesars | $ | (9) | $ | 74 | $ | (289) | $ | 858 | |||||||||||||||
| Net income (loss) per share - basic and diluted: | |||||||||||||||||||||||
| Basic income (loss) per share | $ | (0.04) | $ | 0.34 | $ | (1.34) | $ | 3.99 | |||||||||||||||
| Diluted income (loss) per share | $ | (0.04) | $ | 0.34 | $ | (1.34) | $ | 3.97 | |||||||||||||||
| Weighted average basic shares outstanding | 215 | 215 | 216 | 215 | |||||||||||||||||||
| Weighted average diluted shares outstanding | 215 | 216 | 216 | 216 | |||||||||||||||||||
5
CAESARS ENTERTAINMENT, INC.
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED EBITDA
(UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Net income (loss) attributable to Caesars | $ | (9) | $ | 74 | $ | (289) | $ | 858 | |||||||||||||||
| Net income attributable to noncontrolling interests | 18 | 18 | 54 | 26 | |||||||||||||||||||
(Benefit) provision for income taxes (a) | 43 | 47 | 68 | (904) | |||||||||||||||||||
Other (income) loss (b) | (4) | 1 | (29) | (5) | |||||||||||||||||||
| Loss on extinguishment of debt | — | 3 | 51 | 200 | |||||||||||||||||||
| Interest expense, net | 596 | 581 | 1,780 | 1,761 | |||||||||||||||||||
Impairment charges (c) | — | — | 118 | — | |||||||||||||||||||
| Depreciation and amortization | 326 | 320 | 979 | 943 | |||||||||||||||||||
Transaction costs and other, net (d) | 7 | (27) | 49 | 47 | |||||||||||||||||||
| Stock-based compensation expense | 24 | 26 | 73 | 82 | |||||||||||||||||||
| Adjusted EBITDA | $ | 1,001 | $ | 1,043 | $ | 2,854 | $ | 3,008 | |||||||||||||||
Pre-disposition Adjusted EBITDA (e) | — | — | — | (15) | |||||||||||||||||||
| Same-Store Adjusted EBITDA | $ | 1,001 | $ | 1,043 | $ | 2,854 | $ | 2,993 | |||||||||||||||
(a)Benefit for income taxes during the nine months ended September 30, 2023 includes the release of $940 million of valuation allowance against deferred tax assets.
(b)Other (income) loss for the nine months ended September 30, 2024 primarily represents a change in estimate of our disputed claims liability.
(c)Impairment charges for the nine months ended September 30, 2024 includes impairments within our Regional segment, identified in the second quarter of 2024, as a result of a decrease in projected future cash flows at certain properties primarily due to localized competition.
(d)Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with new property openings and expansion projects at existing properties, and non-cash changes in equity method investments. Additionally, transactions costs and other, net for the three and nine months ended September 30, 2023 includes (i) net proceeds received in exchange for participation rights in an insurance claim and (ii) proceeds received for the termination of the Caesars Dubai management agreement.
(e)Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for Rio All-Suite Hotel & Casino prior to divestiture at the end of the third quarter of 2023. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors for the periods presented. The additional financial information is included to enable the comparison of current results with results of prior periods.
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