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Our ticker symbol on the NASDAQ Stock Market is “CZR.”
−Removed: Our primary source of revenue is generated by our gaming operations, which includes retail and online sports betting and online gaming.
+Added: Our primary source of revenue is generated by our gaming operations, which includes our casino properties, retail and online sports betting and online gaming.
Additionally, we utilize our hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to our properties.
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We also operate and conduct sports wagering across 34 jurisdictions in North America, 27 of which offer online sports betting, and operate iGaming in five jurisdictions in North America.
−Removed: We currently operate 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.
+Added: We currently operate the Caesars Sportsbook app, the Caesars Racebook app, the Caesars Palace Online Casino app and the Horseshoe Online Casino app.
We expect to continue to grow our operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and iGaming.
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(“GLPI”) and VICI Properties L.P., a Delaware limited partnership (“VICI”).
−Removed: See Item 2, “Properties,” for more information about our properties.
+Added: “Properties,” for more information about our properties.
Business Operations
Our consolidated business is composed of complementary businesses that reinforce, cross-promote, and build upon each other:
−Removed: casino, which includes our retail and online sports betting and iGaming, food and beverage, hotel, casino management or branding, entertainment, retail and other business operations.
+Added: casino, which includes our casino properties, retail and online sports betting and iGaming, food and beverage, hotel, casino management or branding, entertainment, retail and other business operations.
Casino Operations
−Removed: Our casino operations generate revenues from approximately 51,400 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 56% of our total net revenues in 2024.
+Added: Our casino operations generate revenues from approximately 51,400 slot machines, 2,700 table games, including poker, sports betting from our retail and online sportsbooks, iGaming and other games such as keno, all of which represented approximately 58% of our total net revenues in 2025.
Slot revenues generate the majority of our casino revenues.
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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.
−Removed: We continue to leverage the World Series of Poker (“WSOP”) brand within the United States with the licensing agreement that we entered into concurrently with the sale of WSOP brand on October 29, 2024.
+Added: We continue to leverage the World Series of Poker (“WSOP”) brand within the United States with the licensing agreement that we entered into concurrently with the sale of the WSOP brand on October 29, 2024.
Our Caesars Sportsbook app operates on our owned and integrated technology platform we have labeled Liberty (“Liberty”).
The app offers extensive pre-match and live markets, extensive odds and flexible limits, player props, and same-game parlays.
−Removed: In addition to the Caesars Sportsbook app, we partnered with NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc.
−Removed: and operate the Caesars Racebook app in 22 states.
+Added: In addition to the Caesars Sportsbook app, we have a partnership with NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., and operate 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.
−Removed: Additionally, we launched our Caesars Palace Online Casino app in 2023 and initially launched the new Horseshoe Online Casino app in October 2024.
+Added: Additionally, we launched our Caesars Palace Online Casino app in 2023 and our Horseshoe Online Casino app in 2024.
+Added: In 2025, we added the Caesars Racebook wagering interface to the Caesars Sportsbook app and launched a universal digital wallet to access funds and Caesars Rewards in one wallet.
+Added: These functions are currently available in several states with plans to extend to more jurisdictions in the future.
Wagers placed can earn credits towards the Caesars Rewards loyalty program or points which can be redeemed for free wagering credits.
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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.
−Removed: Sports Brand Partnerships — Caesars Sportsbook has partnerships with the NFL, NBA, NHL, MLB, and several individual teams.
−Removed: We have 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.
−Removed: Our strategy includes developing local and national partnerships that align our sportsbooks, casinos, resorts and brands with sports fans.
−Removed: 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.
−Removed: This historic partnership combines the NFL’s legendary events with our properties to bring unique experiences to our patrons.
−Removed: This includes exclusive rights to use NFL trademarks to promote our properties and enabling Caesars to host exclusive special events and experiences.
Food and Beverage Operations
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We operate various entertainment venues across the United States, including the Colosseum at Caesars Palace Las Vegas and PH Live at Planet Hollywood Resort & Casino.
−Removed: 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.
−Removed: On December 12, 2024, we sold the LINQ Promenade, which is an open-air dining, entertainment, and retail development located between The LINQ Hotel & Casino and Flamingo Las Vegas.
−Removed: The retail stores offer guests a wide range of options from high-end brands and accessories to souvenirs and decorative items.
+Added: These award-winning entertainment venues host or have announced plans to host prominent headliners such as Rod Stewart, Jerry Seinfeld, Kelly Clarkson, Def Leppard, Dolly Parton, Jennifer Lopez and Blake Shelton.
+Added: On December 12, 2024, we sold the LINQ Promenade, which was an open-air dining, entertainment, and retail development located between The LINQ Hotel & Casino and Flamingo Las Vegas.
We continue 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 state-of-the-art conference center located at the center of the Las Vegas Strip.
−Removed: 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.
+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-Gold-Certified FORUM Plaza, and the first 100,000 square-foot outdoor meeting and event space in Las Vegas.
Market Activities
Economic Factors Impacting Discretionary Spending — Gaming and other leisure activities we offer represent discretionary expenditures which may be sensitive to economic downturns which impacts the behavior among the components of our customer mix differently.
−Removed: We continue to monitor the effects of recent inflation and the possible implications on certain customers most affected by lower discretionary income.
−Removed: 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 monitor the effects of current and recent trends, including inflation, interest rates, global hostilities, trade tension and related actions, such as the imposition of tariffs between the United States and other countries, and the associated effects, if any,
+Added: on travel, visitation, our customers, and our operations.
+Added: For example, our leases with VICI are impacted by inflation as they are subject to annual escalators based on the Consumer Price Index (“CPI”).
We are also continuing to monitor interest rates which have a direct impact on certain of our debt instruments, in addition to an effect on consumer spending.
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There has been increased competition from openings of newly developed casinos and plans of development in certain regions, including new tribal expansions throughout the United States.
−Removed: In Las Vegas, our largest jurisdiction, there have been openings and proposals for other large scale gaming and non-gaming development projects by various other developers and local casino operators.
+Added: In Las Vegas, our largest jurisdiction, there have been openings, projects in development, and proposals for other large scale gaming and non-gaming development projects by various other developers and local casino operators.
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.
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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.
−Removed: We continue to face new forms of competition with the advancement of other mobile sports betting, daily fantasy sports, sweepstakes betting products and other products by operators in similar jurisdictions in which we operate, as well as operators which are unregulated and operate outside of the United States.
+Added: We continue to face new forms of competition with the advancement of other mobile sports betting, daily fantasy sports, sweepstakes betting products, sports event trading as derivative products in prediction markets regulated by the Commodity Futures Trading Commissions and other products by operators in similar jurisdictions in which we operate, as well as operators which are unregulated and operate outside of the United States.
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.
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We regard our intellectual property to be an important element of our success.
−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.
+Added: We file applications for patents, trademarks and copyrights in the United States and foreign countries where we believe filing for such protection is appropriate.
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.
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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, and William Hill.
−Removed: As of December 31, 2024, our Caesars Sportsbook app is powered by our Liberty platform.
+Added: Our Caesars Sportsbook app is powered by our Liberty platform.
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.
−Removed: Our Liberty platform also integrates customers with the Caesars Rewards loyalty program.
+Added: Our Liberty platform also powers our Caesars Palace Online Casino and Horseshoe Online Casino iGaming applications.
+Added: Our Liberty platform integrates customers with the Caesars Rewards loyalty program along with a universal digital wallet to access funds and Caesars Rewards in one wallet.
In addition, we and NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., have launched the Caesars Racebook app in 22 jurisdictions.
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Industry Overview
−Removed: See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” See also Exhibit 99.1, “Gaming and Regulatory Overview,” to this Annual Report on Form 10-K, which is incorporated herein by reference.
+Added: “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” See also Exhibit 99.1, “Gaming and Regulatory Overview,” to this Annual Report on Form 10-K, which is incorporated herein by reference.
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.
−Removed: 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.
+Added: Business in our properties can also fluctuate
+Added: due to specific holidays, particularly when a holiday falls in a different quarter than the prior year, or other significant events such as 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.
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We embrace the unique and dynamic perspectives of our workforce and are committed to providing a workplace where every individual feels valued and empowered to be their best.
−Removed: We are concluding our five-year workforce diversity goals established in 2020, continue to comply with demographic requirements as outlined by various regulators.
Corporate Social Responsibility
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The Board and our executive management are committed to being an industry leader in CSR.
−Removed: In 2024, the Board and our leadership continued to engage with our CEO-level external CSR Advisory Board composed of experts representing inclusion, social impact, sustainability, business strategy, academia and investors, and used their guidance to confirm our CSR priorities.
−Removed: These priorities are reflected in our 15th annual CSR report, published in 2024 in accordance with Global Reporting Initiative Standards.
+Added: In 2025, our leadership continued to advance CSR priorities focused on inclusion, social impact, sustainability, and responsible business practices.
+Added: These priorities are reflected in our 2024 CSR Report, published in 2025 in accordance with Global Reporting Initiative Standards.
CSR Committee of the Board
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PEOPLE PLANET PLAY Strategy
−Removed: Our PEOPLE PLANET PLAY strategy defines how we meet the obligations of our Code of Commitment.
−Removed: PEOPLE PLANET PLAY establishes multi-year targets in key areas of impact, including science-based greenhouse gas emissions-reduction goals aligning with global best practices on climate change action.
−Removed: In 2022, we conducted a comprehensive CSR assessment to evaluate our assumptions.
−Removed: 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.
−Removed: Our materiality assessment is available on our website at www.investor.caesars.com within the ESG resource hub on our Corporate Social Responsibility page.
−Removed: We are in the process of reviewing and updating our materiality assessment.
+Added: Our PEOPLE PLANET PLAY strategy guides how we fulfill our Code of Commitment, including multi-year targets such as science-based greenhouse gas reduction goals aligned with global best practices.
+Added: In 2022, we conducted a double materiality assessment with external support, followed by a desktop review in 2024 to integrate materiality and CSR risk assessments for annual review.
+Added: This process evaluates our impacts on the economy, society, the environment, and the influence of CSR topics on our business.
+Added: It identified 15 material topics aligned with our PEOPLE PLANET PLAY strategy.
+Added: Details are available at https://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 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 is designed to implement procedures to enhance the likelihood that no activities of the Company or any
+Added: affiliate of the Company will impugn the reputation and integrity of Caesars.
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.
−Removed: Caesars’ Senior Vice President & Assistant General Counsel – Regulatory & Compliance serves as the Compliance Officer as defined by the Plan.
+Added: Caesars’ Chief Legal Officer and Senior Vice President & Assistant General Counsel – Regulatory & Compliance administer the Compliance Plan.
Environmental Stewardship
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Our goals are based in science as part of our strategy to reduce our environmental impact.
−Removed: In 2024, we updated our Scope 1 and 2 GHG emission reduction goals to align with a 1.5-degree Celsius limit to global warming, measured against a 2019 base year.
−Removed: Our goals were established using an absolute contraction approach and align with published guidance from the Intergovernmental Panel on Climate Change.
−Removed: We also reaffirmed our publicly stated goal to become carbon neutral by 2050 with interim absolute GHG emission reduction goal of 46.2% by 2030 measured against a 2019 base year.
+Added: Caesars remains committed to engaging in long-term initiatives to identify, assess and manage the risks and opportunities associated with climate change and continues to align our Scope 1 and 2 emission reduction goals with a 1.5-degree pathway and our Scope 3 emission reduction goal with a 2-degree pathway recommended by the Intergovernmental Panel on Climate Change.
We have updated our inventory management plan to allow for ongoing management and reporting of Scope 1 and 2 emissions in accordance with industry standards and we have updated and restated our energy and GHG emissions data dating back to 2019.
+Added: We have an interim Scope 1 and 2 emission reduction goal of 46.2% by 2030 against a 2019 baseline with a long-term goal of becoming carbon neutral by 2050.
Between 2019 and 2024, Caesars delivered a reduction in absolute Scopes 1 and 2 GHG emissions of 20%.
−Removed: In 2024 we also set an absolute reduction target for Scope 3 emissions of 37.5% by 2035 against a 2022 baseline.
+Added: We also have an absolute reduction target for Scope 3 emissions of 37.5% by 2035 against a 2022 baseline.
+Added: In 2024, we achieved a 16% reduction against our baseline.
To achieve our goals, we have taken initiatives such as pursuing renewable energy sources and low-carbon options, including on-site solar developments.
−Removed: For example, we have contracts to purchase energy from solar covered parking canopies completed at two Atlantic City properties, we installed solar covered parking at Harrah’s Pompano Beach and the Harrah’s Atlantic City convention center solar rooftop project is expected to be completed by the end of 2025.
−Removed: We also entered into long-term purchase power agreements for solar energy in Nevada from an on-site rooftop development at our Caesars Forum that is expected to go online by the end of 2025 as well as an off-site, utility-scale project.
+Added: For example, we have contracts to purchase energy from solar covered parking canopies completed at two Atlantic City properties, we installed solar covered parking at Harrah’s Pompano Beach and the Harrah’s Atlantic City convention center solar rooftop project is expected to be completed in 2026.
+Added: We also entered into a long-term purchase power agreement for solar energy in Nevada from an off-site utility-scale project.
Our long-term goals include a continued focus on energy efficiency and conservation as well as evaluating additional renewable energy supply opportunities for each of our properties.
−Removed: 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 2024, Caesars scored a B for both water security and for climate change.
We are engaged in extensive waste reduction efforts across our facilities, including recycling, food donation, and manure composting.
In 2024, we estimated our total waste diversion from landfills at 41%.
+Added: Additionally, we reduced water consumption per square foot by 5% in 2024 against a 2019 base year.
Community Investment
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In 2025, the Caesars Foundation contributed $3.6 million to communities across the United States.
−Removed: During 2024, our Team Members, including Team Members through our tribal partnerships volunteered over 93,000 hours through the HERO program.
+Added: During 2025, our Team Members, including Team Members through our tribal partnerships volunteered approximately 78,000 hours through the HERO program.
Available Information
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We make our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and all amendments to these reports, available free of charge on our corporate website ( www.caesars.com/corporate ) as soon as reasonably practicable after such reports are filed with, or furnished to, the SEC.
−Removed: In addition, our Code of Ethics and Business
−Removed: Conduct and charters of the Audit Committee, Compensation Committee, Corporate Social Responsibility Committee, and the Nominating and Corporate Governance Committee are available on our website.
+Added: In addition, our Code of Ethics and Business Conduct and charters of the Audit Committee, Compensation Committee, Corporate Social Responsibility Committee, and the Nominating and Corporate Governance Committee are available on our website.
We will provide reasonable quantities of electronic or paper copies of filings free of charge upon request.
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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.