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News Releases

Caesars Entertainment, Inc. Reports Second Quarter 2021 Results

LAS VEGAS and RENO, Nev., Aug. 3, 2021 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the Company") today reported operating results for the second quarter ended June 30, 2021.

Second Quarter 2021 and Recent Highlights:

  • Net revenues of $2.5 billion versus $127 million on a GAAP basis for the comparable prior-year period.
  • Net income of $71 million compared to a net loss of $100 million for the comparable prior-year period.
  • Same-store Adjusted EBITDA of $1.0 billion versus $(131) million for the comparable prior-year period.
  • Company posted all-time records in quarterly Adjusted EBITDA and Adjusted EBITDA margin.
  • Divested Caesars UK group on July 16, 2021.
  • Launched comprehensive new marketing campaign for Caesars Sportsbook on August 2, 2021.

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, "Our second quarter operating results improved significantly versus the first quarter of 2021 driven by continued strength in our regional markets and a dramatic improvement in results in our Las Vegas segment. With the William Hill acquisition now closed, we have officially rebranded our sports betting operations to Caesars and we launched our new comprehensive marketing campaign on August 2, 2021."

Second Quarter 2021 Financial Results Summary and Segment Information

For the second quarter ended June 30, 2021, Caesars Entertainment, Inc. generated net revenues of $2.5 billion and net income of $71 million on a GAAP basis. After combining the results from the operations of Caesars Entertainment, Inc. with William Hill US prior to the acquisition and the results of our properties classified as discontinued operations but were not divested at the end of the period, which we refer to as a same-store basis for the period, Caesars Entertainment, Inc. reported same-store net revenues of $2.6 billion and adjusted EBITDA of $1.0 billion. For the periods ended June 30, 2020, a comparative same-store basis includes the results of operations of Caesars Entertainment, Inc. combined with William Hill US prior to the consummation of the acquisition on April 22, 2021 and the operations of Caesars Entertainment Corporation ("Former Caesars") prior to the closing of the acquisition of Former Caesars on July 20, 2020 (the "Merger") and eliminates results of operations for properties that have been divested. In our Las Vegas segment, the Company reported same-store revenues of $855 million and same-store adjusted EBITDA of $423 million for the quarter. In our Regional segment, same-store revenues were $1.5 billion and same-store adjusted EBITDA was $621 million. For Caesars Digital, our sports betting and online gaming segment, same-store net revenues were $117 million and same-store adjusted EBITDA was $2 million.

Net Revenues


Three Months Ended June 30,

(Dollars in millions)

2021


2021
Pre-Acq.
WH US
(a)


Add:
Disc.
Ops (b)


Less:
2021

Divest.
(c)


2021

Total (d)


2020


2020
Pre-Acq.
WH US
(a)


2020

Pre-
Acq.

CEC (e)


Less:
2020

Divest.

(c)


2020

Total
(f)

Las Vegas

$

855



$



$



$



$

855



$



$



$

109



$



$

109


Regional

1,490





80



(28)



1,542



114





186



(24)



276


Caesars Digital

86



31







117



11



10



30





51


Managed and International

66





20





86







27





27


Corporate and Other

5









5



2





5





7


Caesars

$

2,502



$

31



$

100



$

(28)



$

2,605



$

127



$

10



$

357



$

(24)



$

470


 

Net Revenues


Six Months Ended June 30,

(Dollars in millions)

2021


2021
Pre-Acq.
WH US
(a)


Add:
Disc.
Ops (b)


Less:

2021

Divest.
(c)


2021

Total (d)


2020


2020
Pre-
Acq. WH US
(a)


2020

Pre-
Acq.
CEC (e)


Less:
2020

Divest.
(c)


2020

Total (f)

Las Vegas

$

1,352



$



$



$



$

1,352



$



$



$

931



$



$

931


Regional

2,681





142



(69)



2,754



577





1,060



(148)



1,489


Caesars Digital

125



135







260



19



51



49





119


Managed and International

127





30





157







135





135


Corporate and Other

9









9



4





10





14


Caesars

$

4,294



$

135



$

172



$

(69)



$

4,532



$

600



$

51



$

2,185



$

(148)



$

2,688


 

Net Income (Loss)















Three Months Ended June 30,

(Dollars in millions)

2021


2021
Pre-Acq.
WH US
(a)


Less:

2021

Divest.
(c)


2021
Total (d)


2020


2020
Pre-Acq.
WH US
(a)


2020

Pre-
Acq.
CEC (e)


Less:
2020

Divest.
(c)


2020

Total (f)

Las Vegas

$

184



$



$



$

184



$



$



$

(246)



$



$

(246)


Regional

251





(13)



238



(92)





(314)



28



(378)


Caesars Digital

(22)



(22)





(44)



5



(24)



8





(11)


Managed and International

(13)







(13)







(18)





(18)


Corporate and Other

(329)







(329)



(13)





(504)





(517)


Caesars

$

71



$

(22)



$

(13)



$

36



$

(100)



$

(24)



$

(1,074)



$

28



$

(1,170)


 

Net Income (Loss)















Six Months Ended June 30,

(Dollars in millions)

2021


2021
Pre-
Acq.
WH US (a)


Less:
2021

Divest.
(c)


2021
Total (d)


2020


2020
Pre-
Acq.
WH US (a)


2020

Pre-
Acq.
CEC (e)


Less:
2020

Divest.
(c)


2020

Total (f)

Las Vegas

$

117



$



$



$

117



$



$



$

(240)



$



$

(240)


Regional

316





(30)



286



(231)





(513)



115



(629)


Caesars Digital

(30)



(33)





(63)



9



(18)



12





3


Managed and International

2







2







(32)





(32)


Corporate and Other

(757)







(757)



(54)





(112)





(166)


Caesars

$

(352)



$

(33)



$

(30)



$

(415)



$

(276)



$

(18)



$

(885)



$

115



$

(1,064)


 

Adjusted EBITDA (g)




















Three Months Ended June 30,

(Dollars in millions)

2021


2021
Pre-
Acq.
WH US (a)


Add:
Disc.
Ops (b)


Less:
2021

Divest.
(c)


2021

Total (d)


2020


2020
Pre-
Acq.
WH US (a)


2020

Pre-
Acq.
CEC (e)


Less:
2020

Divest.
(c)


2020

Total
(f)

Las Vegas

$

423



$



$



$



$

423



$



$



$

(40)



$



$

(40)


Regional

602





32



(13)



621



(8)





(31)



10



(29)


Caesars Digital

(5)



7







2



5



(5)



9





9


Managed and International

26





(10)





16







(9)





(9)


Corporate and Other

(42)









(42)



(8)





(54)





(62)


Caesars

$

1,004



$

7



$

22



$

(13)



$

1,020



$

(11)



$

(5)



$

(125)



$

10



$

(131)


 

Adjusted EBITDA (g)




















Six Months Ended June 30,

(Dollars in millions)

2021


2021
Pre-
Acq.
WH US (a)


Add:
Disc.
Ops (b)


Less:
2021

Divest.
(c)


2021

Total (d)


2020


2020
Pre-
Acq.
WH US (a)


2020

Pre-
Acq.
CEC (e)


Less:
2020

Divest.
(c)


2020

Total
(f)

Las Vegas

$

585



$



$



$



$

585



$



$



$

181



$



$

181


Regional

995





52



(30)



1,017



99





97



4



200


Caesars Digital

(7)









(7)



9



1



13





23


Managed and International

47





(18)





29







(12)





(12)


Corporate and Other

(81)









(81)



(16)





(105)





(121)


Caesars

$

1,539



$



$

34



$

(30)



$

1,543



$

92



$

1



$

174



$

4



$

271


____________________

(a)                   

Represents results of operations for William Hill US for periods prior to the acquisition. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company's auditors and do not conform to GAAP.

(b)                   

Discontinued operations include Caesars Southern Indiana, Harrah's Louisiana Downs and the Caesars UK group, including Emerald Resorts & Casino. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company's auditors and do not conform to GAAP.

(c)                   

Divestitures for the three and six months ended June 30, 2021 include results of operations for MontBleu and Tropicana Evansville and for the three and six months ended June 30, 2020 include results of operations for Isle of Capri Kansas City, Lady Luck Vicksburg, Eldorado Resort Casino Shreveport, MontBleu, Tropicana Evansville and discontinued operations of Harrah's Reno and Bally's Atlantic City. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company's auditors and do not conform to GAAP.

(d)                   

Excludes results of operations from divestitures as detailed in (c), includes results of operations of William Hill US prior to the acquisition and from discontinued operations for the periods presented. Such presentation does not conform to GAAP or the Securities and Exchange Commission rules for pro forma presentation; however, we believe that the additional financial information will be helpful to investors in comparing current results with results of prior periods. This is non-GAAP data and should not be considered a substitute for data prepared in accordance with GAAP, but should be viewed in addition to the results of operations reported by the Company.

(e)                   

Represents results of operations for Former Caesars prior to the Merger. Additionally, certain corporate overhead costs which were historically charged to properties within the segments during the three months ended June 30, 2020 have been reclassified to Corporate and Other. These costs primarily include centralized marketing expenses, redundant executive and management payroll and benefits expenses, centralized contract labor expenses, and corporate rent expenses. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company's auditors and, for the 2020 periods, do not conform to GAAP.

(f)                    

Excludes results of operations from divestitures as detailed in (c) and includes results of operations of William Hill US prior to the acquisition and of Former Caesars prior to the Merger, including discontinued operations, for the relevant period. Such presentation does not conform to GAAP or the Securities and Exchange Commission rules for pro forma presentation; however, we believe that the additional financial information will be helpful to investors in comparing current results with results of prior periods. This is non-GAAP data and should not be considered a substitute for data prepared in accordance with GAAP, but should be viewed in addition to the results of operations reported by the Company.

(g)                   

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), which the Company believes is the most comparable financial measure calculated in accordance with GAAP.

Balance Sheet and Liquidity

As of June 30, 2021, Caesars had $14.7 billion in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $1.1 billion, excluding restricted cash of $622 million.

(In millions)

June 30, 2021


December 31, 2020

Cash and cash equivalents

$

1,128



$

1,776






Bank debt and loans

$

6,722



$

6,755


Notes

7,900



8,215


Other long-term debt

51



53


Total outstanding indebtedness

$

14,673



$

15,023






Net debt

$

13,545



$

13,247


"We anticipate that our balance sheet will be further enhanced through improved operating trends and expected asset sale proceeds. We paid down $325 million of debt during the quarter and remain committed to further debt reduction," said Bret Yunker, Chief Financial Officer.

Reconciliation of GAAP Measures to 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 operating results. Management has historically used Adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. Adjusted EBITDA represents net income (loss) before interest income or interest expense, net of interest capitalized, (benefit) provision for income taxes, unrealized (gain) loss on investments and marketable securities, depreciation and amortization, stock-based compensation, impairment charges, transaction expenses, severance expense, selling costs associated with the divestitures of properties, equity in income (loss) of unconsolidated affiliates, (gain) loss on the sale or disposal of property and equipment, (gain) loss related to divestitures, changes in the fair value of certain derivatives and certain non-recurring expenses such as sign-on and retention bonuses, business optimization expenses and transformation expenses, certain litigation awards and settlements, losses on inventory associated with properties temporarily closed as a result of the COVID-19 public health emergency, contract exit or termination costs, and certain regulatory settlements. Adjusted EBITDA also excludes the expense associated with certain of our leases as these transactions were accounted for as financing obligations and the associated expense is included in interest expense. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP. It is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments, payments under our leases with affiliates of GLPI and VICI Properties, Inc. and certain regulatory gaming assessments, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide EBITDA information may calculate Adjusted EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.

Conference Call Information

The Company will host a conference call to discuss the Company's results on August 3, 2021 at 2 p.m. Pacific Time. Participants should dial 833-665-0647, or 914-987-7309 for international callers and enter Conference ID 2469744 approximately 10 minutes before the call start time. The call will also be accessible on the Investor Relations section of Caesars Entertainment's 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. 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: (a) the effects of the COVID-19 public health emergency on our results of operations and the duration of such impact; (b) impacts of economic and market conditions; (c) our ability to integrate the William Hill US business, successfully operate our digital betting and iGaming platform and expand its user base; (d) the possibility that the anticipated benefits of the Merger and the acquisition of William Hill, including cost savings and expected synergies, are not realized when expected or at all; (e) risks associated with our leverage and our ability to reduce our leverage, including with proceeds of expected sale transactions; (g) the effects of competition on our business and results of operations; and (h) 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 Reports on Form 10-K and Quarterly Report 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.

 

CAESARS ENTERTAINMENT, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)



Three Months Ended

June 30,


Six Months Ended

June 30,

(In millions, except per share data)

2021


2020


2021


2020

REVENUES:








Casino and pari-mutuel commissions

$

1,571



$

101



$

2,798



$

441


Food and beverage

281



7



450



63


Hotel

396



9



611



57


Other

254



10



435



39


Net revenues

2,502



127



4,294



600


EXPENSES:








Casino and pari-mutuel commissions

694



45



1,281



224


Food and beverage

166



9



274



62


Hotel

106



6



187



28


Other

79



1



148



10


General and administrative

418



67



798



165


Corporate

76



14



142



30


Impairment charges







161


Depreciation and amortization

301



49



566



99


Transaction costs and other operating costs

72



15



92



23


Total operating expenses

1,912



206



3,488



802


Operating income (loss)

590



(79)



806



(202)


OTHER EXPENSE:








Interest expense, net

(576)



(68)



(1,155)



(135)


Loss on extinguishment of debt

(23)





(23)




Other income (loss)

110



13



(23)



(10)


Total other expense

(489)



(55)



(1,201)



(145)


Income (loss) from continuing operations before income taxes

101



(134)



(395)



(347)


Benefit for income taxes

1



34



77



71


Net income (loss) from continuing operations, net of income taxes

102



(100)



(318)



(276)


Discontinued operations, net of income taxes

(30)





(34)




Net income (loss)

72



(100)



(352)



(276)


Net income attributable to noncontrolling interests

(1)








Net income (loss) attributable to Caesars

$

71



$

(100)



$

(352)



$

(276)










Net income (loss) per share - basic and diluted:








Basic income (loss) per share from continuing operations

$

0.48



$

(1.25)



$

(1.52)



$

(3.49)


Basic loss per share from discontinued operations

(0.14)





(0.16)




Basic income (loss) per share

$

0.34



$

(1.25)



$

(1.68)



$

(3.49)


Diluted income (loss) per share from continuing operations

$

0.48



$

(1.25)



$

(1.52)



$

(3.49)


Diluted loss per share from discontinued operations

(0.14)





(0.16)




Diluted income (loss) per share

$

0.34



$

(1.25)



$

(1.68)



$

(3.49)


Weighted average basic shares outstanding

209



80



209



79


Weighted average diluted shares outstanding

211



80



209



79


 

CAESARS ENTERTAINMENT, INC.

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED EBITDA

(UNAUDITED)



Three Months Ended June 30, 2021

(In millions)

CEI


Pre-Acq. WH
US (d)


Add:

Disc. Ops (e)


Less:
Divestitures
(f)


Total (g)

Net income (loss) attributable to Caesars

$

71



$

(22)



$



$

(13)



$

36


Net income attributable to noncontrolling interests

1









1


Discontinued operations, net of income taxes

30





(28)





2


(Benefit) provision for income taxes

(1)





4





3


Other (income) loss (a)

(110)



(2)



31





(81)


Loss on extinguishment of debt

23









23


Interest expense, net

576





17





593


Depreciation and amortization

301



2







303


Transaction costs and other operating costs (b)

72



27



(2)





97


Stock-based compensation expense

20









20


Other items (c)

21



2







23


Adjusted EBITDA

$

1,004



$

7



$

22



$

(13)



$

1,020


 


Three Months Ended June 30, 2020

(In millions)

CEI


Pre-Acq. WH
US (d)


Pre-Acq.

CEC (h)


Less:
Divestitures
(f)


Total (i)

Net income (loss) attributable to Caesars

$

(100)



$

(24)



$

(1,074)



$

28



$

(1,170)


Net loss attributable to noncontrolling interests





(3)





(3)


(Benefit) provision for income taxes

(34)



(7)



(227)



2



(266)


Other (income) loss (a)

(13)





528





515


Interest expense, net

68





344



(11)



401


Depreciation and amortization

49



3



250



(6)



296


Transaction costs and other operating costs (b)

15



23



29



(2)



65


Stock-based compensation expense

4





13





17


Other items (c)





15



(1)



14


Adjusted EBITDA

$

(11)



$

(5)



$

(125)



$

10



$

(131)


 


Six Months Ended June 30, 2021

(In millions)

CEI


Pre-Acq. WH
US (d)


Add:

Disc. Ops (e)


Less:
Divestitures
(f)


Total (g)

Net loss attributable to Caesars

$

(352)



$

(33)



$



$

(30)



$

(415)


Discontinued operations, net of income taxes

34





(32)





2


(Benefit) provision for income taxes

(77)



(2)



4





(75)


Other (income) loss (a)

23



(2)



31





52


Loss on extinguishment of debt

23









23


Interest expense, net

1,155





33





1,188


Depreciation and amortization

566



8







574


Transaction costs and other operating costs (b)

92



27



(2)





117


Stock-based compensation expense

43









43


Other items (c)

32



2







34


Adjusted EBITDA

$

1,539



$



$

34



$

(30)



$

1,543


 


Six Months Ended June 30, 2020

(In millions)

CEI


Pre-Acq. WH
US (d)


Pre-Acq.

CEC (h)


Less:
Divestitures
(f)


Total (i)

Net income (loss) attributable to Caesars

$

(276)



$

(18)



$

(885)



$

115



$

(1,064)


Net loss attributable to noncontrolling interests





(4)





(4)


(Benefit) provision for income taxes

(71)



(13)



(173)



7



(250)


Other (income) loss (a)

10



(1)



(113)





(104)


Interest expense, net

135





677



(23)



789


Depreciation and amortization

99



9



506



(13)



601


Impairment charges

161





65



(79)



147


Transaction costs and other operating costs (b)

23



23



50



(2)



94


Stock-based compensation expense

10





23





33


Other items (c)

1



1



28



(1)



29


Adjusted EBITDA

$

92



$

1



$

174



$

4



$

271


____________________

(a)                   

Other (income) loss for the three and six months ended June 30, 2021 primarily represents a gain on the change in fair value of investments offset by a loss on the change in fair value of the derivative liability related to the 5% Convertible Notes. Other (income) loss for the three and six months ended June 30, 2020 primarily represents the change in fair value of the derivative liability related to 5% Convertible Notes and losses on investments.

(b)                   

Transaction costs and other operating costs for the periods presented primarily represent costs related to the William Hill acquisition and the Merger, various contract or license termination exit costs, professional services, other acquisition costs and severance costs.

(c)                   

Other items primarily represent certain consulting and legal fees, rent for non-operating assets, relocation expenses, and business optimization expenses.

(d)                   

Pre-acquisition William Hill US represents results of operations for William Hill prior to the acquisition. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company's auditors and, for the 2021 and 2020 periods, do not conform to GAAP.

(e)                   

Discontinued operations include Caesars Southern Indiana, Harrah's Louisiana Downs and the Caesars UK group including Emerald Resorts & Casino. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company's auditors and do not conform to GAAP.

(f)                    

Divestitures for the three and six months ended June 30, 2021 include results of operations for MontBleu and Tropicana Evansville and for the three and six months ended June 30, 2020 include results of operations for Isle of Capri Kansas City, Lady Luck Vicksburg, Eldorado Resort Casino Shreveport, MontBleu, Tropicana Evansville and discontinued operations of Harrah's Reno and Bally's Atlantic City. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company's auditors and do not conform to GAAP.

(g)                   

Excludes results of operations from divestitures as detailed in (f) and includes results of operations of William Hill US prior to the acquisition and from discontinued operations for the periods presented. Such presentation does not conform to GAAP or the Securities and Exchange Commission rules for pro forma presentation; however, we believe that the additional financial information will be helpful to investors in comparing current results with results of prior periods. This is non-GAAP data and should not be considered a substitute for data prepared in accordance with GAAP, but should be viewed in addition to the results of operations reported by the Company.

(h)                   

Pre-acquisition CEC represents results of operations for Former Caesars prior to the Merger. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company's auditors and, for the 2020 periods, do not conform to GAAP.

(i)                    

Excludes results of operations from divestitures as detailed in (f) and includes results of operations of William Hill US prior to the acquisition and of Former Caesars prior to the Merger, including discontinued operations, for the relevant period. Such presentation does not conform to GAAP or the Securities and Exchange Commission rules for pro forma presentation; however, we believe that the additional financial information will be helpful to investors in comparing current results with results of prior periods. This is non-GAAP data and should not be considered a substitute for data prepared in accordance with GAAP, but should be viewed in addition to the results of operations reported by the Company.

 

SOURCE Caesars Entertainment, Inc.

For further information: Investor Relations: Brian Agnew, bagnew@caesars.com; Charise Crumbley, ccrumbley@caesars.com, 800-318-0047 OR Media Relations: Kate Whiteley, kwhiteley@caesars.com