Caesars Entertainment, Inc. is a geographically diversified gaming and hospitality company.
The company’s primary source of revenue is generated by its gaming operations, which includes retail and online sports betting and online gaming. Additionally, the company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to the company’s properties.
As of December 31, 2024, the company owned, leased or managed an aggregate of 53 domestic...
Caesars Entertainment, Inc. is a geographically diversified gaming and hospitality company.
The company’s primary source of revenue is generated by its gaming operations, which includes retail and online sports betting and online gaming. Additionally, the company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to the company’s properties.
As of December 31, 2024, the company owned, leased or managed an aggregate of 53 domestic properties in 18 states. The company also operated and conducted sports wagering across 32 jurisdictions in North America, 26 of which offer online sports betting, and operated iGaming in five jurisdictions in North America. The company operates the Caesars Sportsbook app, the Caesars Racebook app, the Caesars Palace Online Casino app and the new Horseshoe Online Casino app, which initially launched in October 2024. The company expects to continue to grow its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and iGaming. In addition, the company has other properties in North America that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. The company leases certain real property assets from third parties, including GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc. (‘GLPI’) and VICI Properties L.P., a Delaware limited partnership (‘VICI’).
In 2019, the company entered into an exclusive sports entertainment partnership with the NFL, making the company the first ever ‘Official Casino Sponsor’ in the history of the league. These relationships, along with providers of online services, search engines, social media, directories and other websites and e-commerce businesses direct consumers to the company’s offerings.
Business Operations
The company’s consolidated business is composed of complementary businesses that reinforce, cross-promote, and build upon each other: casino, which includes the company’s retail and online sports betting and iGaming, food and beverage, hotel, casino management or branding, entertainment, retail and other business operations.
Casino Operations
The company’s casino operations generate revenues from various slot machines; table games, including poker; sports betting from the company’s retail and online sportsbooks; iGaming; and other games, such as keno, all of which comprised approximately 56% of the company’s total net revenues in 2024. Slot revenues generate the majority of the company’s casino revenues.
Retail and Online Sports Betting and iGaming
The company operates and conducts sports wagering across 32 jurisdictions in North America, 26 of which offer online sports betting, and operates iGaming in five jurisdictions in North America as of December 31, 2024. The company offers hundreds of online casino games, including slots, table games, live dealer and video poker; and the company expects to increase its product offerings as iGaming is legalized in additional states. The company continues to leverage the World Series of Poker (‘WSOP’) brand within the United States with the licensing agreement that the company entered into concurrently with the sale of WSOP brand on October 29, 2024.
The company’s Caesars Sportsbook app operates on its owned and integrated technology platform the company has labeled Liberty (‘Liberty’). The app offers extensive pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays. In addition to the Caesars Sportsbook app, the company partnered with NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc. and operates the Caesars Racebook app in 22 states. The Caesars Racebook app provides access for pari-mutuel wagering at over 300 racetracks around the world, as well as livestreaming of races. Additionally, the company launched its Caesars Palace Online Casino app in 2023 and initially launched the new Horseshoe Online Casino app in October 2024. Wagers placed can earn credits towards the Caesars Rewards loyalty program or points which can be redeemed for free wagering credits. No customers under 21 years old are allowed to wager on any of the company’s Caesars Sportsbook, Caesars Racebook and iGaming mobile apps. Growth in the Caesars Digital segment continues to be realized with the strategic expansion into new states as jurisdictions legalize retail and online sports betting, iGaming and online horse race wagering.
Sports Brand Partnerships — Caesars Sportsbook has partnerships with the NFL, NBA, NHL, MLB, and several individual teams. The company has continued to create new partnerships among professional sports teams and entered into a 20-year exclusive naming-rights partnership branding the Caesars Superdome in New Orleans in 2021. The company’s strategy includes developing local and national partnerships that align the company’s sportsbooks, casinos, resorts and brands with sports fans. The company has high-profile exclusive sports entertainment partnerships with the NFL, making Caesars the first-ever ‘Official Casino Sponsor’ in the history of the league. This historic partnership combines the NFL’s legendary events with the company’s properties to bring unique experiences to the company’s patrons. This includes exclusive rights to use NFL trademarks to promote the company’s properties and enabling Caesars to host exclusive special events and experiences.
Food and Beverage Operations
The company’s food and beverage operations generate revenues from its dining venues, bars, nightclubs, and lounges located throughout the company’s casinos and represented approximately 15% of the company’s total net revenues in 2024. Many of the company’s properties include several dining options, ranging from upscale dining experiences to moderately-priced restaurants, some of which offer pickup or in-room delivery options.
Hotel Operations
Hotel operations generate revenues from hotel stays at the company’s properties in its approximately 45,600 guest rooms and suites and represented approximately 18% of the company’s total net revenues in 2024. The company’s properties operate at various price and service points, allowing the company to host a variety of casino guests, who are visiting the company’s properties for gaming and other casino entertainment options, and non-casino guests who are visiting the company’s properties for other purposes, such as vacation travel or conventions.
Management and Branding Arrangements
The company earns revenue from fees paid for the management of other hotels and casinos in North America. Managed properties represent Caesars-branded properties where the company provides certain staffing and management services under management agreements. In addition, the company authorize the use of certain brands and marks of Caesars Entertainment, Inc. from which the company earns revenue from fees received based on the arrangements.
Entertainment and Other Non-Gaming Operations
The company provides a variety of retail and entertainment offerings at the company’s properties. The company operates various entertainment venues across the United States, including the Colosseum at Caesars Palace Las Vegas and PH Live at Planet Hollywood Resort & Casino. These award-winning entertainment venues host or have announced plans to host, prominent headliners, such as Garth Brooks, The Killers, Rod Stewart, Jerry Seinfeld, Kelly Clarkson, Shania Twain, Scorpions and Blake Shelton.
On December 12, 2024, the company sold the LINQ Promenade, which is an open-air dining, entertainment, and retail development located between The LINQ Hotel & Casino and Flamingo Las Vegas. The retail stores offer guests a wide range of options from high-end brands and accessories to souvenirs and decorative items. The company continues to operate the High Roller, a 550-foot observation wheel, and Fly LINQ, the first and only zipline on the Las Vegas Strip located between the LINQ Hotel & Casino and Flamingo Las Vegas.
CAESARS FORUM is a 550,000 square-foot conference center located at the center of the Las Vegas Strip. CAESARS FORUM can accommodate more than 10,000 participants and features more than 300,000 square feet of flexible meeting space, the two largest pillarless ballrooms in the world, a LEED silver-rated FORUM Plaza, and the first 100,000 square-foot outdoor meeting and event space in Las Vegas.
Intellectual Property
The company owns or has the right to use proprietary rights to a number of trademarks that the company considers, along with the associated name recognition, to be valuable to the company’s business, including Eldorado, Silver Legacy, Isle, Lady Luck, Tropicana, Circus Circus, Caesars, Flamingo, Harrah’s, Horseshoe, Paris, Planet Hollywood, Caesars Rewards, Caesars Sportsbook, and William Hill.
As of December 31, 2024, the company’s Caesars Sportsbook app was powered by its Liberty platform. The Liberty platform resulted in a significant upgrade to the company’s user interface and significant product upgrades, including numerous pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays. The company’s Liberty platform also integrates customers with the Caesars Rewards loyalty program. In addition, the company and NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., have launched the Caesars Racebook app in 22 jurisdictions. The Caesars Racebook app provides access for pari-mutuel wagering at over 300 racetracks around the world. Wagers placed can earn credits towards the Caesars Rewards loyalty program.
Seasonality
Business at the company’s regional properties outside of Las Vegas is subject to seasonality, including seasonality based on the weather in the region in which they operate and the travel habits of visitors.
Gaming Licenses and Governmental Regulations
Caesars maintains a comprehensive risk-based Bank Secrecy Act (‘BSA’) and Anti-Money Laundering (‘AML’) program. It includes strong governance and effective internal controls and procedures to comply with applicable BSA requirements, regulatory guidance, and any related laws, and to take measures to prevent its affiliated casinos from being used for money laundering or other criminal activity.
History
The company was founded in 1937. It was formerly known as Eldorado Resorts, Inc. and changed its name to Caesars Entertainment, Inc. in 2020.