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in 2014, Isle of Capri Casinos, Inc.
−Removed: (“Isle” or “Isle of Capri”) in 2017 and Tropicana Entertainment, Inc.
−Removed: On July 20, 2020, we completed the merger with Caesars Entertainment Corporation (“Former Caesars”) pursuant to which Former Caesars became our wholly-owned subsidiary (the “Merger”) and we changed the Company’s ticker symbol on the NASDAQ Stock Market from “ERI” to “CZR”.
−Removed: On April 22, 2021, we completed the acquisition of William Hill PLC (the “William Hill Acquisition”).
−Removed: Our primary source of revenue is generated by casino properties’ gaming operations, retail and online sports betting, as well as online gaming, and we utilize our hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to our properties.
−Removed: We lease certain real property assets from third parties, including GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc.
−Removed: (“GLPI”) and VICI Properties L.P., a Delaware limited partnership (“VICI”).
+Added: in 2017 and Tropicana Entertainment, Inc.
+Added: in 2018 and a merger with Caesars Entertainment Corporation (“Former Caesars”) on July 20, 2020, pursuant to which Former Caesars became our wholly-owned subsidiary (the “Merger”) and our ticker symbol on the NASDAQ Stock Market changed from “ERI” to “CZR”.
+Added: In addition, on April 22, 2021, we completed the acquisition of William Hill PLC (the “William Hill Acquisition”).
+Added: Our primary source of revenue is generated by casino properties’ gaming operations, including retail and online sports betting, as well as online gaming, and we utilize our hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to our properties.
As of December 31, 2022, we own, lease or manage an aggregate of 51 domestic properties in 16 states with approximately 52,800 slot machines, video lottery terminals and e-tables, approximately 2,800 table games and approximately 47,200 hotel rooms.
−Removed: We also operate and conduct sports wagering across 21 states and domestic jurisdictions, 14 of which are mobile for sports betting, and operate regulated online real money gaming in five states.
−Removed: We continue to expand into additional markets as jurisdictions legalize forms of retail and online sports betting.
+Added: We also operate and conduct sports wagering across 28 jurisdictions in North America, 20 of which are mobile for sports betting, and operate regulated online real money gaming in six jurisdictions in North America.
+Added: We continue to expand into additional markets as jurisdictions legalize forms of retail and online gaming and sports betting.
In addition, we have other domestic and international properties that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties.
+Added: We lease certain real property assets from third parties, including GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc.
+Added: (“GLPI”) and VICI Properties L.P., a Delaware limited partnership (“VICI”).
See Item 2, “Properties,” for more information about our properties.
Significant Transactions in 2022
−Removed: On September 30, 2020, the Company announced that it had reached an agreement with William Hill PLC on the terms of a recommended cash acquisition pursuant to which the Company would acquire the entire issued and to be issued share capital (other than shares owned by the Company or held in treasury) of William Hill PLC, in an all-cash transaction.
−Removed: On April 22, 2021, the Company completed the acquisition of William Hill PLC for £2.9 billion, or approximately $3.9 billion .
−Removed: In connection with the William Hill Acquisition, on April 22, 2021, a newly formed subsidiary of the Company (the “Bridge Facility Borrower”) entered into a Credit Agreement (the “Bridge Credit Agreement”) with certain lenders party thereto and Deutsche Bank AG, London Branch, as administrative agent and collateral agent, pursuant to which the lenders party thereto provided the Debt Financing (as defined below).
−Removed: The Bridge Credit Agreement provides for (a) a 540-day £1.0 billion asset sale bridge facility, (b) a 60-day £503 million cash confirmation bridge facility and (c) a 540-day £116 million revolving credit facility (collectively, the “Debt Financing”).
−Removed: The proceeds of the bridge loan facilities provided under the Bridge Credit Agreement were used (i) to pay a portion of the cash consideration for the acquisition and (ii) to pay fees and expenses related to the acquisition and related transactions.
−Removed: The proceeds of the revolving credit facility under the Bridge Credit Agreement may be used for working capital and general corporate purposes.
−Removed: The £1.5 billion Interim Facilities Agreement (the “Interim Facilities Agreement”) entered into on October 6, 2020 with Deutsche Bank AG, London Branch and JPMorgan Chase Bank, N.A., and amended on December 11, 2020, was terminated upon the execution of the Bridge Credit Agreement.
−Removed: On May 12, 2021, we repaid the £503 million cash confirmation bridge facility.
−Removed: On June 14, 2021, the Company drew down the full £116 million from the revolving credit facility and the proceeds, in addition to excess Company cash, were used to make a partial repayment of the asset sale bridge facility in the amount of £700 million.
−Removed: Outstanding borrowings under the Bridge Credit Agreement are expected to be repaid upon the sale of William Hill’s non-U.S.
−Removed: operations including the UK and international online divisions and the retail betting shops (collectively, “William Hill International”), all of which are held for
−Removed: sale as of the date of the closing of the William Hill Acquisition and reflected within discontinued operations.
−Removed: Certain investments acquired have been excluded from the held for sale asset group.
−Removed: On September 8, 2021, the Company entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion.
−Removed: After repayment of the outstanding debt under the Bridge Credit Agreement, described above, the Company expects to receive approximately £835 million, or $1.2 billion, subject to any permitted leakage, which is customary for sale transactions in the UK.
−Removed: In order to manage the risk of changes in the GBP denominated sales price and expected proceeds, the Company has entered into foreign exchange forward contracts.
−Removed: The sale is subject to satisfaction of customary conditions, including receipt of the approval of shareholders of 888 Holdings Plc and regulatory approvals, and is expected to close in the second quarter of 2022.
−Removed: On April 6, 2021, the Company consummated the sale of the equity interests of MontBleu Casino Resort & Spa (“MontBleu”) to Bally’s Corporation for $15 million, subject to a customary working capital adjustment, resulting in a gain of less than $1 million.
−Removed: The purchase price for MontBleu is due no later than the first anniversary of the consummation of the transaction.
−Removed: MontBleu was within the Regional segment.
−Removed: On June 3, 2021, the Company consummated the sale of the real property and equity interests of Tropicana Evansville (“Evansville”) to GLPI and Bally’s Corporation (formerly “Twin River” or Twin River Worldwide Holdings, Inc.), respectively, for $480 million, resulting in a gain of $12 million.
−Removed: Evansville was within the Regional segment.
−Removed: On September 3, 2021, the Company consummated the sale of Caesars Southern Indiana to the Eastern Band of Cherokee Indians (“EBCI”) for $250 million, subject to a customary working capital adjustment, resulting in a gain of $12 million.
−Removed: In connection with the transaction, the Company’s annual base rent payments to VICI Properties under the Regional Master Lease (as defined below) were reduced by $33 million.
−Removed: Additionally, the Company and EBCI extended their existing relationship by entering into a 10-year brand license agreement, with cancellation rights in exchange for a termination fee at the buyer’s discretion following the fifth anniversary of the agreement, for the continued use of the Caesars brand and Caesars Rewards loyalty program at Caesars Southern Indiana.
−Removed: Caesars Southern Indiana was previously reported within the Regional segment and subsequent to the sale, as a result of the license agreement relating to the continued use of the Caesars brand and Caesars Rewards loyalty program at Caesars Southern Indiana, is reported within the Managed and Branded segment.
−Removed: On November 1, 2021, the Company and VICI consummated the sale of Harrah’s Louisiana Downs Casino, Racing & Entertainment (“Harrah’s Louisiana Downs”) to Rubico Acquisition Corp.
−Removed: for $22 million, subject to a customary working capital adjustment.
−Removed: The proceeds from the sale were split between the Company and VICI.
−Removed: The annual base rent payments under the Regional Lease between Caesars and VICI remain unchanged.
−Removed: On August 26, 2021, the Company increased its ownership interest in CBAC Borrower, LLC (“Horseshoe Baltimore”), a property which it also manages, to approximately 75.8%.
−Removed: Caesars was subsequently determined to have a controlling financial interest in Horseshoe Baltimore and we began to consolidate the results of operations of the property following our change in ownership.
−Removed: Our previously held investment was remeasured as of the date of our change in ownership and the Company recognized a gain of $40 million during the year ended December 31, 2021.
−Removed: Management fees received prior to the consolidation event have been presented within our Managed and Branded segment.
−Removed: Following the increase in ownership, the operations of Horseshoe Baltimore are presented within the Regional segment.
−Removed: On December 1, 2020, the Company entered into an agreement to sell the operations of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) to CQ Holding Company, Inc.
−Removed: The transaction has received regulatory approvals and is expected to close in the first quarter of 2022, subject to other customary closing conditions.
+Added: On April 22, 2021, we completed the acquisition of William Hill PLC for £2.9 billion, or approximately $3.9 billion with the intent to divest William Hill PLC’s non-U.S.
+Added: operations, which included the United Kingdom and international online divisions and the retail betting shops (collectively, “William Hill International”).
+Added: We entered into an agreement to sell William Hill International to 888 Holdings Plc for approximately £2.2 billion which, on April 7, 2022, we amended for a revised enterprise value of approximately £2.0 billion.
+Added: The amended agreement reflected a £250 million reduction in consideration payable at closing and up to £100 million of deferred consideration to be paid to Caesars, subject to 888 Holdings Plc meeting certain 2023 financial targets.
+Added: During the year ended December 31, 2022, we recorded impairments to assets held for sale of $503 million within discontinued operations based on the revised and final sales prices.
+Added: On July 1, 2022, we completed the sale of William Hill International to 888 Holdings Plc and outstanding borrowings under the Bridge Credit Agreement, between the Company and certain lenders party thereto and Deutsche Bank AG, London Branch as administrative agent and collateral agent, were immediately repaid.
+Added: After the repayment of the Bridge Credit Agreement, other permitted leakage, and the settlement of related forward contracts, we received net proceeds of $730 million.
+Added: Including open market repurchases and repayments, we utilized all $730 million to reduce our outstanding debt.
+Added: On May 5, 2022, we consummated the sale of the equity interests of Belle of Baton Rouge Casino & Hotel (“Baton Rouge”) to CQ Holding Company, Inc., subject to customary closing conditions, resulting in a loss of $3 million.
+Added: Baton Rouge was within the Regional segment.
Developments related to COVID-19
−Removed: In January 2020, an outbreak of a new strain of coronavirus (“COVID-19”) was identified and spread throughout much of the world, including the U.S.
−Removed: All of the Company’s casino properties were temporarily closed for the period from mid-March 2020 through mid-May 2020 due to orders issued by various government agencies and tribal bodies as part of certain precautionary measures intended to help slow the spread of COVID-19.
−Removed: During the year ended December 31, 2021, most of our properties experienced positive trends as restrictions on maximum capacities and amenities available were eased.
−Removed: Following temporary furloughs and salary reductions during 2020, the Company has emphasized a focus on labor efficiencies as operations resumed.
−Removed: As properties began to reopen during the year ended December 31, 2020, certain capacity restrictions, mask mandates, sanitation guidelines, and the federal COVID-19 vaccine and testing emergency temporary standard were adhered to as required by governmental or tribal orders, directives, and guidelines.
−Removed: The Company experienced positive operating trends in 2021, with a continued focus on operational efficiencies.
−Removed: Although we have experienced a decline in net income, Adjusted EBITDA and Adjusted EBITDA margins for the year ended December 31, 2021 exceeded pre-pandemic levels experienced in 2019 within our Las Vegas and Regional segments.
−Removed: However, certain revenue streams, such as convention and entertainment revenues, continued to be negatively impacted due to capacity restrictions in the first half of 2021.
−Removed: Future effects of COVID-19 from further outbreaks, including new variants, mask mandates or other restrictions are uncertain and could result in additional closures such as the temporary closure of Caesars Windsor from January 5, 2022 through January 31, 2022.
−Removed: Extensive closure periods impacting many of our properties would have a material adverse effect on future results of operations.
+Added: Despite the resurgence of the COVID-19 Omicron variant at the beginning of the year, operations at many of our properties experienced positive trends during much of the year ended December 31, 2022, including higher hotel occupancy, particularly in Las Vegas, and increased gaming and food and beverage volumes.
+Added: The reduction in mandates and restrictions, combined with pent up consumer demand and supplemental discretionary spend from governmental stimulus, resulted in strong results across our properties during 2021.
+Added: Future variants, mandates or restrictions imposed by various regulatory bodies are uncertain and could have a significant impact on our future operations.
Business Operations
−Removed: Our consolidated business is composed of five complementary businesses that reinforce, cross-promote, and build upon each other:
−Removed: casino, which includes our online sports betting and iGaming, food and beverage, hotel, casino management services, retail and entertainment and other business operations.
+Added: Our consolidated business is composed of complementary businesses that reinforce, cross-promote, and build upon each other:
+Added: casino, which includes our online sports betting and iGaming, food and beverage, hotel, casino management services, entertainment, retail and other business operations.
Casino Operations
−Removed: Our casino operations generate revenues from approximately 55,700 slot machines and 2,900 table games, including poker, as well as other games such as keno, and race and online sportsbooks, all of which comprised approximately 61% of our total net revenues in 2021.
+Added: Our casino operations generate revenues from approximately 52,800 slot machines, 2,800 table games, including poker, sports betting from our retail and online sportsbooks, iGaming and other games such as keno, all of which comprised approximately 55% of our total net revenues in 2022.
Slot revenues generate the majority of our casino revenues.
Online Sports Betting and iGaming
−Removed: We previously entered into a 25-year agreement with William Hill PLC’s U.S.
−Removed: subsidiary, William Hill U.S.
−Removed: (“William Hill US” and together with William Hill PLC, “William Hill”), which became effective January 29, 2019, and granted to William Hill the right to conduct betting activities, including operating sportsbooks, in retail channels and under certain skins for online channels with respect to our current and future properties and conduct certain real money online gaming activities.
−Removed: On April 22, 2021, we consummated our previously announced acquisition of William Hill PLC in an all-cash transaction.
−Removed: Prior to the transaction, we accounted for our investment in William Hill PLC as an investment in equity securities we accounted for our investment in William Hill US as an equity method investment.
−Removed: Prior to the acquisition, William Hill operated 37 sportsbooks at our properties in eight states.
−Removed: Subsequent to the William Hill Acquisition, we operate and conduct sports wagering across 21 U.S.
−Removed: states and domestic jurisdictions as of December 31, 2021.
−Removed: Additionally, we operate regulated online real money gaming businesses in five states and continue to leverage the World Series of Poker (“WSOP”) brand, and license the WSOP trademarks for a variety of products and services.
−Removed: Players in markets such as New Jersey can play hundreds of casino games including slots, table games, and video poker and we expect to similarly increase product offerings in Pennsylvania, Michigan and additional states as iGaming is legalized.
−Removed: Extensive usage of digital platforms, continued legalization in additional states, and growing bettor demand are driving the market for online sports betting platforms in the United States and the William Hill Acquisition positioned us to address this growing market.
+Added: As a result of our acquisition of William Hill PLC on April 22, 2021, we significantly expanded our online sports betting and iGaming presence.
+Added: We operate and conduct sports wagering across 28 jurisdictions in North America as of December 31, 2022.
+Added: Additionally, we operate regulated online real money gaming businesses in six jurisdictions in North America and continue to leverage the World Series of Poker (“WSOP”) brand, and license the WSOP trademarks for a variety of products and services.
+Added: We offer hundreds of online casino games including slots, table games, live dealer and video poker and we expect to increase our product offerings as iGaming is legalized in additional states.
+Added: Extensive usage of digital platforms, continued legalization in additional jurisdictions, and growing bettor demand are driving the market for online sports betting platforms in the United States and the William Hill Acquisition positioned us to address this growing market.
On August 2, 2021, we launched our Caesars Sportsbook app on our owned and integrated technology platform we have labeled Liberty (“Liberty”).
−Removed: We have launched a significant marketing campaign with distinguished actors, athletes and media personalities promoting the launch of the Caesars Sportsbook app.
+Added: We launched a significant marketing campaign with distinguished actors, athletes and media personalities promoting the launch of the Caesars Sportsbook app.
The app offers extensive pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays.
Caesars Sportsbook has partnerships with the NFL, NBA, NHL, MLB, and several individual teams, while being the exclusive odds provider for ESPN and CBS Sports.
−Removed: We continue to create new partnerships among collegiate and professional sports teams including the exclusive naming-rights partnership that rebranded the Caesars Superdome.
−Removed: Growth in the Caesars Digital segment continues to be realized with the expansion into new states as jurisdictions legalize retail and online sports betting.
+Added: We have continued to create new partnerships among professional sports teams and, in 2021, entered into a 20-year exclusive naming-rights partnership branding the Caesars Superdome in New Orleans.
+Added: In addition to the Caesars Sportsbook app, the Company and NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., launched the Caesars Racebook app.
+Added: The Caesars Racebook app operates in eight states and provides access for pari-mutuel wagering at over 300 racetracks around the world as well as livestreaming of races.
+Added: Wagers placed can earn credits towards the Caesars Rewards loyalty program or points which can be redeemed for free wagering credits.
+Added: 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 and online horse race wagering.
Sports Brand Partnerships — Our strategy includes developing local and national partnerships that align our sportsbooks, casinos, resorts and brands with sports fans.
−Removed: In 2019, we announced high-profile exclusive sports entertainment partnerships with the NFL, making Caesars the first-ever “Official Casino Sponsor” in the history of the league.
+Added: We have 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 our properties to bring unique experiences to Caesars’ patrons.
−Removed: This includes exclusive rights to use NFL trademarks to promote our properties, also enabling Caesars to host exclusive special events and experiences.
−Removed: Caesars will continue to host brand activations at prominent, high-profile NFL events, including the NFL Draft, NFL playoffs, and the Super Bowl during this multi-year partnership.
+Added: This includes exclusive rights to use NFL trademarks to promote our properties and enabling Caesars to host exclusive special events and experiences.
+Added: Caesars expects to continue to host brand activations at prominent, high-profile NFL events, including the NFL Draft, NFL playoffs, and the Super Bowl during this multi-year partnership.
Food and Beverage Operations
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Management and Branding Arrangements
−Removed: We earn revenue from fees paid for the management of four domestic casinos.
−Removed: Managed properties represent Caesars-branded properties where we provide staffing and management services under management agreements.
−Removed: In addition, we authorize the use of certain brands and marks of Caesars Entertainment, Inc.
−Removed: We earn revenue from brand license fees received based on the arrangements.
+Added: We earn revenue from fees paid for the management of domestic and international hotels and casinos.
+Added: Managed properties represent Caesars-branded properties where we provide certain staffing and management services under management agreements.
+Added: In addition, we authorize the use of certain brands and marks of Caesars Entertainment, Inc from which we earn revenue from fees received based on the arrangements.
Entertainment and Other Non-Gaming Operations
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We operate various entertainment venues across the United States, including the Colosseum at Caesars Palace and Zappos Theater at Planet Hollywood.
−Removed: These award-winning entertainment venues host or have announced plans to host, prominent headliners, such as Adele, John Legend, Sting, Donny Osmond and Keith Urban.
+Added: These award-winning entertainment venues host or have announced plans to host, prominent headliners, such as Garth Brooks, Sting, Keith Urban and Miranda Lambert.
The LINQ Promenade is an open-air dining, entertainment, and retail development located between The LINQ Hotel & Casino and Flamingo Las Vegas, which features The High Roller, a 550-foot observation wheel, and Fly LINQ, the first and only zipline on the Las Vegas Strip.
The retail stores offer guests a wide range of options from high-end brands and accessories to souvenirs and decorative items.
−Removed: CAESARS FORUM is a 550,000 square-foot conference center located at the center of the Las Vegas Strip.
−Removed: CAESARS FORUM features 300,000 square feet of flexible meeting space, the two largest pillarless ballrooms in the world, LEED silver-rating, and FORUM Plaza, the first 100,000 square-foot outdoor meeting and event space in Las Vegas.
−Removed: Though currently available for use with no restrictions, COVID-19 related restrictions limited our ability to utilize the convention center and meeting space at full capacity during the first half of 2021.
+Added: CAESARS FORUM is a 550,000 square-foot state-of-the-art conference center located at the center of the Las Vegas Strip.
+Added: 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.
Market Activities
−Removed: COVID-19 and Related Impacts — The extent of the ongoing and future effects of COVID-19 on our business and the casino resort industry and economy generally remains uncertain.
−Removed: While we experienced positive operating trends in 2021, we continued to see a prolonged impact of COVID-19 on the economy, our industry and our Company, with increased challenges arising from labor shortages, supply chain challenges, increasing costs of goods and services, inflation and rising interest rates, among other impacts.
−Removed: The continuing impact of COVID-19 and such related challenges on our business will depend on future developments, including but not limited to, the duration and severity of the outbreak or new variants, restrictions on operations imposed by governmental authorities, the potential for authorities reimposing stay at home orders, international and domestic travel restrictions or additional restrictions in response to continued developments with COVID-19, the Company’s ability to adapt to evolving operating procedures and maintain adequate staffing in response to increased consumer demand and discretionary spending, the efficacy and acceptance of vaccines in response to any potential new variants, and the Company’s ability to adjust its cost structures for the duration of the outbreak’s effect on our operations.
−Removed: We also expect that our business and the casino resort industry and economy generally will continue to be impacted by shortages of labor, supply chain challenges, increasing costs of goods and services, inflation and rising interest rates and that such impacts may intensify.
+Added: Economic Factors Impacting Discretionary Spending — Gaming and other leisure activities we offer represent discretionary expenditures which may be sensitive to economic downturns.
+Added: The resurgence of the Omicron variant of COVID-19 continued to impact the beginning of the year, however, many of our properties experienced positive trends during much of the year ended December 31, 2022 including higher hotel occupancy and rates, particularly in Las Vegas, and increased gaming and food and beverage volumes coupled with improved product mix.
+Added: During 2021, mandates and restrictions on maximum capacities and amenities available were eased, discretionary consumer spending was supplemented via governmental stimulus, and pent-up consumer demand from the prolonged impact of COVID-19 resulted in strong results across our properties.
+Added: We continue to monitor the effects of recent inflation and the possible implications on certain customers most affected by lower discretionary income.
+Added: Although we have seen periods of reduced visitation from those customers, visitation from customers who are not as affected by inflation remains steady or has slightly improved.
+Added: In addition, our leases with VICI are impacted by inflation as they are subject to annual escalators based on the Consumer Price Index (“CPI”).
+Added: We are also continuing to monitor rising interest rates which have a direct impact on certain of our debt instruments, in addition to an effect on consumer spending.
+Added: We evaluate projected changes in interest rates when entering into borrowing arrangements and manage our mix of fixed versus variable debt.
+Added: We continue to manage the prolonged impact of COVID-19 on the economy, our industry and our Company, with challenges arising at times from labor shortages, supply chain disruptions, increased costs of goods and services, among other impacts.
+Added: Further discussion of the effects of these trends are described throughout this Form 10-K.
+Added: The extent and duration of these trends is uncertain and may intensify.
Online Betting and Gaming — Online betting and gaming is a rapidly developing sector of the e-commerce industry and we believe the digital segment of the global betting and gaming industry will continue to grow in popularity and consumer confidence.
−Removed: The market for online betting platforms is being driven by increased use of digital processes and global, growing bettor demand.
−Removed: We anticipate that the United States market will begin to have a strong and steady uptake in active wagers as
−Removed: state-by-state legislation in the United States continues to evolve in response to recent legislation resulting in new opportunities in the United States sports betting market.
+Added: The market for online betting platforms is being driven by the increased use of digital processes and global, growing bettor demand.
+Added: We anticipate that the United States market will begin to have a strong and steady uptake in active
+Added: wagers as state-by-state legislation in the United States continues to evolve resulting in new opportunities in the United States sports betting market.
The extent and future effects of online betting and gaming on our casino properties is uncertain but we expect that our online betting and gaming offering will be complementary to our brick-and-mortar casino business.
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In response to changing trends, Las Vegas operators have been focused on expanding their non-gaming offerings, including upgrades to hotel rooms, new food and beverage offerings, and new entertainment offerings.
−Removed: There have also been proposals for other large scale non-gaming development projects in Las Vegas by various other developers.
+Added: There have also been proposals for other large scale gaming and non-gaming development projects in Las Vegas by various other developers.
Our Las Vegas Strip hotels and casinos also compete, in part, with each other.
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Internet gaming and sports betting also create additional competition for our brick-and-mortar operations.
−Removed: We face significant competition in our online sports betting and iGaming businesses in jurisdictions where we currently operate.
−Removed: Although we have experienced recent success in obtaining approval for sports betting and iGaming licenses in new jurisdictions, new state launches require significant upfront investment.
−Removed: Our investment into new markets is executed through promotional incentives, marketing and advertising spend to establish ourselves as an industry leader.
+Added: We face significant competition in our online sports betting, online horse racing wagering and iGaming businesses in jurisdictions where we currently operate and those jurisdictions in which we wish to expand.
+Added: Although we have experienced recent success in obtaining approval for sports betting and iGaming licenses in new jurisdictions, new state launches may require significant upfront investment and may not be successful.
Resources Material to Business
Rewards Programs
−Removed: We believe Caesars Rewards, with a network of more than 60 million people, enables us to compete more effectively and capture a larger share of our customers’ entertainment spending when they travel among regions versus that of a standalone property and engage in online wagering and gaming, which is core to our cross-market strategy.
−Removed: Members who have joined Caesars Rewards can earn Reward Credits for qualifying gaming activity, including sports betting, online gaming and wagering, and qualifying hotel, dining and retail spending at all Caesars-affiliated properties in the United States, Canada and Dubai.
−Removed: Members can also earn additional Reward Credits when they use their Caesars Rewards VISA credit card or make a purchase through a Caesars Rewards partner.
−Removed: Members can redeem their earned Reward Credits with Caesars for hotel amenities, retail and online casino free play and other items such as merchandise, gift cards, and travel.
−Removed: Caesars Rewards is structured in tiers (designated as Gold, Platinum, Diamond or Seven Stars), each with increasing member benefits and privileges.
−Removed: Members are provided promotional offers based on their Tier Level, their engagement with Caesars-affiliated properties, aspects of their retail and online casino gaming play, and their preferred spending choices outside of gaming.
+Added: We believe Caesars Rewards, with a network of more than 60 million people, enables us to compete more effectively and capture a larger share of our customers’ entertainment spending when they travel among regions or engage in online wagering and gaming versus that of a standalone property, which is core to our cross-market strategy.
+Added: Caesars Rewards members earn Reward Credits for qualifying gaming activities, including sports betting, online gaming and wagering in the Caesars Sportsbook and Caesars Racebook apps.
+Added: Members also earn Reward Credits for qualifying hotel, dining and retail spending at all Caesars Entertainment destinations in the United States and Canada.
+Added: Additionally, Reward Credits are earned when members use their Caesars Rewards VISA credit card or make a purchase through a Caesars Rewards partner.
+Added: Members can redeem their earned Reward Credits for those same experiences.
+Added: Caesars Rewards is a tier based loyalty program (designated as Gold, Platinum, Diamond, Diamond Plus, Diamond Elite or Seven Stars), each with increasing benefits and privileges.
+Added: Members are provided promotional offers based on their tier level, their retail and gaming engagement at Caesars Entertainment destinations, and their preferred spending choices outside of gaming.
Member information is also used in connection with various marketing promotions, including campaigns involving direct mail, email, our websites, mobile devices, social media, and interactive slot machines.
Intellectual Property and Resources
−Removed: We use a variety of trade names, service marks, trademarks, patents and copyrights in our operations and believe that we have all the licenses necessary to conduct our continuing operations.
+Added: We use a variety of trade names, service marks, trademarks, patents and copyrights in our operations and believe that we have the rights necessary to conduct our continuing operations.
The development of intellectual property is part of our overall business strategy.
We regard our intellectual property to be an important element of our success.
−Removed: We have registered several service marks, trademarks, patents and copyrights with the United States Patent and Trademark Office or otherwise acquired the licenses to use those which are material to conduct our business.
−Removed: We also own patents relating to unique casino games.
−Removed: While our business as a whole is not substantially dependent on any one patent, trademark, copyright, we seek to establish and maintain our proprietary rights in our business operations and technology through the use of patents, trademarks, copyrights, and trade secret laws.
−Removed: We file applications for and obtain patents, trademarks, and copyrights in the United States and foreign countries where we believe filing for such protection is appropriate, including United States and foreign patent applications covering certain proprietary technology of Caesars Enterprise Services, LLC (“CES”).
+Added: We file applications for and obtain patents, trademarks and copyrights in the United States and foreign countries where we believe filing for such protection is appropriate.
+Added: While our business as a whole is not substantially dependent on any one patent, trademark, or copyright, we seek to establish and maintain our proprietary rights in our business operations and technology through the use of patents, trademarks, copyrights, and trade secret laws.
We also seek to maintain our trade secrets and confidential information by nondisclosure policies and through the use of appropriate confidentiality agreements.
−Removed: CES’ United States patents have varying expiration dates.
+Added: Our United States patents have varying expiration dates.
We have not applied for the registration of all of our trademarks, copyrights, proprietary technology, or other intellectual property rights, as the case may be, and may not be successful in obtaining all intellectual property rights for which we have applied.
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In addition, others may independently develop substantially equivalent intellectual property.
−Removed: We own or have the right to use proprietary rights to a number of trademarks that we consider, along with the associated name recognition, to be valuable to our business, including Eldorado, Silver Legacy, Isle, Lady Luck, Tropicana, Circus Circus, Caesars, Flamingo, Harrah’s, Horseshoe, Paris, Caesars Rewards, Caesars Sportsbook, William Hill, WSOP, and a license for the Planet Hollywood trademark used in connection with the Planet Hollywood in Las Vegas.
−Removed: Our Caesars Sportsbook and iGaming app is powered by our Liberty platform.
−Removed: We currently operate the Liberty platform in 14 mobile sports betting states.
+Added: We own or have the right to use proprietary rights to a number of trademarks that we consider, along with the associated name recognition, to be valuable to our business, including Eldorado, Silver Legacy, Isle, Lady Luck, Tropicana, Circus Circus, Caesars, Flamingo, Harrah’s, Horseshoe, Paris, Planet Hollywood, Caesars Rewards, Caesars Sportsbook, William Hill and WSOP.
+Added: As of December 31, 2022, our Caesars Sportsbook app is powered by our Liberty platform in 20 mobile sports betting jurisdictions.
The Liberty platform resulted in a significant upgrade to our user interface and significant product upgrades including numerous pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays.
Our Liberty platform also integrates customers with the Caesars Rewards loyalty program.
+Added: We continue to use legacy sportsbook and iGaming platforms in certain states.
+Added: In addition to the Caesars Sportsbook app, we and NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., launched the Caesars Racebook app.
+Added: The Caesars Racebook app provides access for pari-mutuel wagering at over 300 racetracks around the world.
+Added: Wagers placed can earn credits towards the Caesars Rewards loyalty program.
Industry Overview
See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” See also Exhibit 99.1, “Gaming Overview,” to this Annual Report on Form 10-K, which is incorporated herein by reference.
−Removed: We believe that business at our regional properties outside of Las Vegas is subject to seasonality, including seasonality based on the weather in the markets in which they operate and the travel habits of visitors.
−Removed: Business in our properties can also fluctuate due to specific holidays or other significant events, such as Easter (particularly when the holiday falls in a different quarter than the prior year), the timing of the WSOP tournament (with respect to our Las Vegas properties), city-wide conventions, a large sporting event or a concert, or visits by our premium players.
+Added: We believe that business at our 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.
+Added: Business in our properties can also fluctuate due to specific holidays or other significant events, particularly when a holiday falls in a different quarter than the prior year, the timing of the WSOP tournament (with respect to our Las Vegas properties), city-wide conventions, large sporting events or concerts, or visits by our premium players.
We also believe that any seasonality, holiday, or other significant event may affect our various properties or regions differently.
−Removed: We may also experience seasonality with retail and online sports betting which coincides with certain sporting events, as well as seasons of professional and collegiate basketball and football.
+Added: We may also experience seasonality with retail and online sports betting which coincides with certain sporting events, as well as seasons of professional sports teams.
Gaming Licenses and Governmental Regulations
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The Internal Revenue Service requires operators of casinos and online sports betting apps located in the United States to file information returns for U.S.
−Removed: citizens, including names and addresses of winners for keno, bingo, slot machine and retail and online sports betting winnings in excess of stipulated amounts.
−Removed: The Internal Revenue Service also requires operators to withhold taxes on some keno, bingo, slot machine and retail and online sports betting winnings of nonresident aliens.
+Added: citizens, including names and addresses of winners for certain table games, keno, bingo, slot machine and retail and online sports betting winnings in excess of stipulated amounts.
+Added: The Internal Revenue Service also requires operators to withhold taxes on some table games, keno, bingo, slot machine and retail and online sports betting winnings of nonresident aliens.
We are unable to predict the extent to which these requirements, if extended, might impede or otherwise adversely affect operations of, and/or income from, other games.
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Although we have incurred and expect to incur costs related to various environmental matters such as investigations, remediation, and management of hazardous materials or conditions known or discovered to exist at our properties, those costs have not had, and are not expected to have, a material adverse effect on our financial condition, results of operations or cash flow.
+Added: However, such matters in the future could have a material adverse effect on our business.
Climate Change
−Removed: There has been an increasing focus of international, national, state, regional and local regulatory bodies on greenhouse gas (“GHG”), including carbon dioxide and methane, emissions, and climate change issues.
+Added: There has been an increasing focus of international, national, state, regional and local regulatory bodies on greenhouse gas (“GHG”), including carbon emissions, and climate change issues.
The United States is a member of the Paris Agreement, a climate accord reached at the Conference of the Parties (“COP 21”) in Paris, that set many new goals, and many related policies are still emerging.
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Atlantic City Food & Beverage and Hotel Employees 2,700 UNITE HERE, Local 54 May 31, 2026
−Removed: Las Vegas Bartenders 1,300 Bartenders Union, Local 165 May 31, 2023
Las Vegas Dealers 2,000 United Auto Workers September 30, 2023
−Removed: Team Member Engagement, Compensation, Benefits, Development, Safety and Wellbeing
+Added: Las Vegas Teamsters 1,200 Teamsters, Local 986 March 31, 2024
+Added: Las Vegas Bartenders 1,100 Bartenders Union, Local 165 May 31, 2023
+Added: Hiring and Development
+Added: We aim to support Team Members throughout their career with Caesars.
+Added: We’re committed to providing opportunities to help Team Members achieve their professional goals.
+Added: We maintain a wide range of channels for diverse recruiting, including outreach to academic institutions and nonprofits that help us source diverse candidates.
+Added: Our leadership receives training on our inclusive and equitable talent management recruitment and retention processes.
+Added: Additionally, to support hiring initiatives across the enterprise, we maintain a recruiting website that includes information describing our culture, benefits and diversity initiatives.
+Added: The website highlights our commitment to corporate social responsibility (“CSR”) diversity, equity and inclusion (“DEI”), and we welcome candidates from all backgrounds.
We strive to inspire our Team Members through our mission, vision and values, and our Code of Commitment (described below).
−Removed: To evaluate our Team Member experience and our retention efforts, we monitor a number of employee measures, such as turnover rates and Team Member satisfaction.
+Added: To evaluate our Team Member experience and our retention efforts, we monitor a number of Team Member measures, such as turnover rates and Team Member satisfaction.
In 2021, we implemented new Team Member experience surveys to help us further understand the drivers of engagement and areas where we can improve.
−Removed: These surveys will be completed on a regular basis alongside additional surveys targeted at specific events within a Team Member cycle, including new hires, anniversary milestones and exit inquiries.
+Added: These surveys are completed on a regular basis alongside additional surveys targeted at specific events within a Team Member cycle, including new hires, anniversary milestones and exit inquiries.
Our compensation and benefits programs are designed to attract, retain and motivate our Team Members.
In addition to competitive salaries and wages, we provide a variety of short-term, long-term and incentive-based compensation programs to reward performance relative to key metrics relevant to our business.
−Removed: We offer comprehensive benefit options including, but not limited to, retirement savings plans, health insurance coverage (including medical, mental health, dental, vision and pharmacy), parental leave, educational assistance, training opportunities and company-paid life insurance.
+Added: We offer comprehensive benefit options including, but not limited to, retirement savings plans, health insurance coverage (including medical, mental health, dental, vision and pharmacy), parental leave, educational assistance, training opportunities, company-paid life insurance and an employee assistance program.
We place utmost importance on creating a safe workplace for our Team Members, embedding procedures so that all our Team Members have the awareness, knowledge and tools to make safe working a habit.
−Removed: We also have maintained a wellness program to help our Team Members improve their health and wellbeing.
−Removed: This program has demonstrated improved health metrics for participating employees and their covered family members helping reduce the cost of healthcare for Team Members and for the Company.
−Removed: Effective in 2022, we consolidated our group health plans and made significant enhancements to our offerings and wellness program including a wide range of affordable options, mental health initiatives and expanded onsite and virtual clinics across the US.
+Added: We also maintain a wellness program to help our Team Members improve their health and wellbeing.
+Added: This program has demonstrated improved health metrics for participating Team Members and their covered family members helping reduce the cost of healthcare for Team Members and for the Company.
+Added: Effective in 2022, we consolidated our group health plans and made significant enhancements to our offerings and wellness program including a wide range of affordable options, mental health initiatives and expanded onsite and virtual primary care clinics across the US.
Diversity, Equity and Inclusion
We embrace diversity and aim to create an inclusive working environment that celebrates all our Team Members as individuals.
−Removed: Our diversity, equity and inclusion (“DEI”) framework identifies five pillars of activity:
+Added: Our diversity, equity and inclusion framework identifies five pillars of activity:
advocacy, Team Members, suppliers, communities and guests for a holistic approach to embedding DEI in everything we do.
−Removed: We publish our DEI data in our annual Corporate Social Responsibility (“CSR”) report (described below).
−Removed: Currently, 45% of leadership roles in the Company are held by women and 43% are held by people of color, excluding the recent acquisition of William Hill.
−Removed: In addition, we set our new goals around gender and racial diversity with a target of 50% of leadership roles to be held by women and 50% of leadership roles to be held by people of color by 2025.
−Removed: We also commit to increase the representation of people of color in senior leadership by 50%.
−Removed: Furthermore, in 2021 we became the first gaming company named as a “Best Place to Work for Disability Inclusion” in the 2021 Disability Equality Index.
+Added: We publish our DEI data in our annual CSR report (described below).
+Added: We set targets to increase the representation of women and people of color in leadership roles (supervisory and above).
+Added: Our 2025 goals outlined 50% of management roles to be held by women in both the mid-level and senior leadership populations, and 50% of leadership roles to be held by people of color.
+Added: We also committed to increase the representation of people of color in senior leadership roles by 50%.
+Added: As of year-end, 45% of mid-level roles and 30% of senior leadership roles in the Company are held by women.
+Added: Additionally, 43% of leadership roles are held by people of color and the representation of people of color in senior leadership positions has increased by 106%.
Corporate Social Responsibility
−Removed: Caesars’ Board of Directors (the “Board”) and senior executives view CSR as an integral element in the way we do business, in the belief that being a good corporate citizen helps protect the company against risk, contributes to improved performance and helps foster positive relationships with all those with whom we connect.
+Added: Caesars’ Board of Directors (the “Board”) and senior executives view CSR as an integral element in the way we do business, with the belief that being a good corporate citizen helps protect the Company against risk, contributes to improved performance and helps foster positive relationships with all those with whom we connect.
The Board and our executive management are committed to being an industry leader in CSR (which includes diversity, equity and inclusion, social impact, and environmental sustainability).
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CSR Committee of the Board
−Removed: Following the Merger in July 2020, Caesars’ Board formed a CSR committee that defines the duties and responsibilities of the Board in supporting delivery of our corporate purpose and CSR strategy as well as CSR-related aspects of corporate governance such as Board diversity.
+Added: Caesars’ Board has a CSR committee that defines the duties and responsibilities of the Board in supporting delivery of our corporate purpose and CSR strategy as well as CSR-related aspects of corporate governance such as Board diversity.
Code of Commitment
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PEOPLE PLANET PLAY establishes multi-year targets in key areas of impact, including science-based greenhouse gas emissions-reduction, formally approved by the Science Based Targets Initiative (“SBTi”), aligning with global best practices on climate change action.
−Removed: We plan to complete a stakeholder analysis and comprehensive double materiality assessment in 2022, reflecting the latest sustainability and social trends, transparency demands and our business strategy that will also align with the investor community’s Environment, Social and Governance requirements.
−Removed: Following our stakeholder analysis and materiality assessment, we plan to revise our strategic goals under the PEOPLE PLANET PLAY framework, with the expectation that we will commit to additional multi-year targets beyond those we continue to advance.
+Added: In early 2022, we conducted a comprehensive CSR assessment to evaluate our assumptions.
+Added: We also used the assessment period to review our business transformations following the COVID-19 pandemic, along with expectations related to social justice and CSR.
+Added: With the help of an external specialist, our assessment gathered input from internal and external stakeholders, reviewed multiple industry and environmental, social and governance (“ESG”) disclosures, standards and frameworks and yielded 21 material topics.
+Added: This process allowed us to reassess the role our business plays in society, the way we impact people and the environment and the needs of our stakeholders.
+Added: Our materiality assessment is available on our website at www.investor.caesars.com within the ESG resource hub on our Corporate Social Responsibility page.
Responsible Gaming
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Caesars also maintains an Amended and Restated Gaming Compliance Plan (the “Plan”), which is approved by various gaming regulators.
−Removed: The Plan is designed to oversee procedures to enhance the likelihood that no activities of the Company or any Affiliate will impugn the reputation and integrity of Caesars.
−Removed: The Plan and also establishes a Compliance Committee that assists the Company in implementing its strict policy that its business be conducted with honesty and integrity, and in accordance with high moral, legal and ethical standards.
−Removed: Caesars’ Assistant General Counsel & SVP – Regulatory & Compliance serves as the Compliance Officer as defined by the Plan.
+Added: The Plan is designed to implement procedures to enhance the likelihood that no activities of the Company or any affiliate of the Company will impugn the reputation and integrity of Caesars.
+Added: The Plan also establishes a Compliance Committee that assists the Company in implementing its strict policy that its business be conducted with honesty and integrity, and in accordance with high moral, legal and ethical standards.
+Added: Caesars’ Senior Vice President & Assistant General Counsel – Regulatory & Compliance serves as the Compliance Officer as defined by the Plan.
Environmental Stewardship
−Removed: We take a proactive approach to environmental sustainability through our CodeGreen strategy established by Former Caesars in 2007, consistently improving our performance across energy and GHG emissions efficiencies, reduction of water consumption and increasing waste diversion from landfills.
+Added: We take a proactive approach to environmental sustainability through our CodeGreen strategy established in 2007, striving to improve our performance across energy and GHG emissions efficiencies, reduction of water consumption and increasing diversion of waste from landfills.
Caesars recognizes the impact climate change can play both on our business and the guests we serve.
Identifying, assessing, and managing the risks and opportunities therefore plays a vital role in our long-term strategic thinking on climate and water, and how we approach our CSR goals.
−Removed: Former Caesars adopted Science Based Targets (“SBTs”) as part of its strategy to reduce environmental impact.
−Removed: These targets, approved to be in line with well below 2
−Removed: degrees Celsius per SBTi are (i) reducing absolute Scope 1 and 2 GHG emissions by 35% by 2025, and 100% by 2050 from a 2011 base-year and (ii) having 60% of suppliers by spend institute science-based GHG reduction targets for their operations by 2023.
−Removed: In 2022, we expect to establish a new baseline to reaffirm GHG emission reduction goals as a combined company.
−Removed: For 2020, following the Merger, we modeled our GHG emissions data to create an estimate for 2018 and prior years back to 2011.
−Removed: This enabled us to compare our progress against our SBTs using actual data from 2019 and 2020 against a modeled 2011 base year.
+Added: We adopted Science Based Targets (“SBTs”) as part of our strategy to reduce our environmental impact.
+Added: These targets, approved to be in line with well below 2 degrees Celsius per SBTi, are (i) reducing absolute Scope 1 and 2 GHG emissions by 35% by 2025, and 100% by 2050, from a 2011 base-year and (ii) having 60% of suppliers by spend institute science-based GHG reduction targets for their operations by 2023.
+Added: In 2023, we expect to establish a new baseline to reaffirm GHG emission reduction goals as a combined company, while increasing our ambition to meet a 1.5-degree reduction target.
+Added: We modeled our GHG emissions data to create an estimate for 2018 and prior years back to 2011.
+Added: This enabled us to compare our progress against our SBTs using actual data against a modeled 2011 base year.
Between 2011 and 2021, Caesars estimated a reduction in absolute Scopes 1 and 2 GHG emissions of 33.9%.
−Removed: We recognize that 2020 was an atypical year with property closures and business interruptions resulting from COVID-19 that had a material impact on our results.
Caesars is pursuing renewable energy sources and low-carbon options, including on site solar developments.
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We voluntarily participate in the CDP (formerly the Carbon Disclosure Project), an international nonprofit that runs a global disclosure system for investors, companies, and regions to manage their environmental impacts.
−Removed: In 2021, Caesars scored an A for water security and a B for climate change for our 2020 performance and earned a spot on the Supplier Engagement Leaderboard from CDP.
−Removed: Just 2% of companies assessed by CDP make the A List and only 8% make the Supplier Engagement Leaderboard.
+Added: In 2022, Caesars achieved A-List status for both climate change and water security and in 2021 earned a spot on the Supplier Engagement Leaderboard from CDP.
+Added: Less than 3% of companies assessed by CDP in 2022 made the A List for either climate change or water security.
We are engaged in extensive waste reduction efforts across our facilities, including recycling, food donation, and manure composting.
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Community Investment
−Removed: Caesars contributes extensively to our local communities to help them develop and prosper, through funding community projects, employee volunteering and cash donations from the Caesars Foundation, a private foundation funded from our operating income.
+Added: Caesars contributes to our local communities to help them develop and prosper, through funding community projects, Team Member volunteering and cash donations from the Caesars Foundation, a private foundation funded from our operating income.
In 2022, the Caesars Foundation contributed $3.3 million to communities across the United States.
−Removed: The Foundation also continued to support significant national relationships that support diversity, equity and inclusion.
−Removed: In addition, we donated $3.1 million generated from parking fees at Las Vegas properties to nine local nonprofit organizations.
+Added: The Caesars Foundation also continued to support significant national relationships that support diversity, equity and inclusion.
During 2022, our Team Members volunteered over 75,000 hours through the HERO program.
Many of our community partners are long-term collaborations.
−Removed: For example, we have many years of partnership with Meals on Wheels America to combat the issues of senior hunger and isolation.
−Removed: We also partner with Clean the World to reduce waste from soap bars and plastics from our hotel operations, and Boys and Girls Club of America to support the mission of enabling young people to reach their full potential as productive, caring, responsible citizens.
−Removed: We host national Economic Equity Tours through live webinars and on-line resources for thousands of women of color owned small businesses, and diverse non-profits.
−Removed: Expert-led webinars provided resources in the areas of financial empowerment, nonprofit organization development, and entrepreneurship.
−Removed: In Spring of 2022, we will host a DEI Summit, in alignment with our nonprofit and corporate partners, to support the advancement of inclusion and advocacy and promotion and support of DEI.
+Added: For example, in 2022 we celebrated the 20 th anniversary of our partnership with Meal on Wheels America working together to combat the issues of senior hunger and isolation.
+Added: We also implemented an expanded partnership with Boys and Girls Club of America supported by a $500,000 grant from the Caesars Foundation to support the mission of enabling young people to reach their full potential as productive, caring, responsible citizens.
+Added: We seek to encourage DEI dialogue in our communities as part of our advocacy approach to raise awareness.
+Added: In 2022, we hosted a DEI Summit bringing together corporate and nonprofit partners and suppliers in supporting and promoting efforts to advance DEI initiatives.
+Added: The Summit included several educational sessions, keynotes and panel discussions led by notable DEI leaders and practitioners, as well as a panel discussion involving diverse suppliers.
Available Information
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Specifically, forward-looking statements may include, among others, statements concerning:
−Removed: • the impact of COVID-19 on our business and financial condition;
• projections of future results of operations or financial condition;
−Removed: • expectations regarding our business and results of operations of our existing casino properties and prospects for future development;
+Added: • expectations regarding our business and results of operations of our existing casino properties and online betting and gaming activities and prospects for future development;
• expectations regarding trends that will affect our markets and the gaming industry generally, including expansion of internet betting and gaming, and the impact of those trends on our business and results of operations;
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• expectations regarding availability of capital resources;
−Removed: • our ability to consummate the announced dispositions of William Hill International and Belle of Baton Rouge;
−Removed: • our intention to pursue development opportunities and additional acquisitions and divestitures;
+Added: • our intention to pursue development opportunities and additional acquisitions and divestitures, and;
• the impact of regulation on our business and our ability to receive and maintain necessary approvals for our existing properties and future projects and operation of online sportsbook, poker and gaming.
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Some of the contingencies and uncertainties to which any forward-looking statement contained herein are subject include, but are not limited to, the following:
−Removed: • the extent and duration of the impact of COVID-19, inflation, supply chain challenges and labor shortages on the Company’s business, financial results and liquidity;
• our ability to adapt to the very competitive environments in which we operate, including the online market;
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• our ability to protect our intellectual property rights;
+Added: • the extent and duration of the impact of COVID-19, inflation, supply chain challenges and labor shortages on the Company’s business, financial results and liquidity;
• the effect of war, terrorist activity, acts of violence, natural disasters, public health emergencies and other catastrophic events;
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.