LAS
VEGAS and RENO,
Nev., Aug. 2, 2022 /PRNewswire/ -- Caesars
Entertainment, Inc., (NASDAQ: CZR) ("Caesars," "CZR," "CEI" or "the
Company") today reported operating results for the second quarter
ended June 30, 2022.
Second Quarter 2022 and Recent Highlights:
- GAAP net revenues of $2.8 billion
versus $2.5 billion for the
comparable prior-year period.
- GAAP net loss of $123 million
compared to net income of $71 million
for the comparable prior-year period.
- Same-store Adjusted EBITDA of $978
million versus $1.0 billion
for the comparable prior-year period.
-
- Same-store Adjusted EBITDA, excluding our Caesars Digital
segment, of $1.05 billion versus
$1.01 billion for the comparable
prior-year period.
- Caesars Digital same-store Adjusted EBITDA of $(69) million versus $2
million for the comparable prior-year period.
- As of July 2022 the company has
repaid approximately $770 million of
outstanding debt on a year-to-date basis, including a $630 million repayment of the Caesars Resort
Collection Term B-1 Loan and $100
million of open market repurchases of our outstanding
notes.
Tom Reeg, Chief Executive Officer
of Caesars Entertainment, Inc., commented, "Our second quarter
results reflect a consolidated EBITDA record for our brick and
mortar properties led by an all-time quarterly EBITDA record in
Las Vegas and continued strength
in our regional markets when compared to 2019. Operating results in
our digital segment improved dramatically versus the first quarter
and we are optimistic regarding trends in this segment for the
balance of the year."
Second Quarter 2022 Financial Results Summary and Segment
Information
After considering the effects of our recent acquisitions and
planned or completed divestitures, the following tables present
adjustments to net revenues, net income (loss) and adjusted EBITDA
as reported, in order to reflect a same-store basis:
Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
(In
millions)
|
2022
|
|
2022
Adj.(a)
|
|
Adj.
2022
Total
|
|
2021
|
|
2021
Adj.(a)
|
|
Adj.
2021
Total
|
|
%
Change
|
Las Vegas
|
$
1,142
|
|
$
—
|
|
$
1,142
|
|
$
855
|
|
$
—
|
|
$
855
|
|
33.6 %
|
Regional
|
1,455
|
|
(1)
|
|
1,454
|
|
1,490
|
|
26
|
|
1,516
|
|
(4.1) %
|
Caesars
Digital
|
152
|
|
—
|
|
152
|
|
86
|
|
31
|
|
117
|
|
29.9 %
|
Managed and
Branded
|
74
|
|
—
|
|
74
|
|
66
|
|
(10)
|
|
56
|
|
32.1 %
|
Corporate and
Other
|
(2)
|
|
—
|
|
(2)
|
|
5
|
|
—
|
|
5
|
|
*
|
Caesars
|
$
2,821
|
|
$
(1)
|
|
$
2,820
|
|
$
2,502
|
|
$
47
|
|
$
2,549
|
|
10.6 %
|
Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
(In
millions)
|
2022
|
|
2022
Adj.(a)
|
|
Adj.
2022
Total
|
|
2021
|
|
2021
Adj.(a)
|
|
Adj.
2021
Total
|
|
%
Change
|
Las Vegas
|
$
2,056
|
|
$
—
|
|
$
2,056
|
|
$
1,352
|
|
$
—
|
|
$
1,352
|
|
52.1 %
|
Regional
|
2,818
|
|
(5)
|
|
2,813
|
|
2,681
|
|
32
|
|
2,713
|
|
3.7 %
|
Caesars
Digital
|
99
|
|
—
|
|
99
|
|
125
|
|
135
|
|
260
|
|
(61.9) %
|
Managed and
Branded
|
140
|
|
—
|
|
140
|
|
127
|
|
(20)
|
|
107
|
|
30.8 %
|
Corporate and
Other
|
—
|
|
—
|
|
—
|
|
9
|
|
—
|
|
9
|
|
(100.0) %
|
Caesars
|
$
5,113
|
|
$
(5)
|
|
$
5,108
|
|
$
4,294
|
|
$
147
|
|
$
4,441
|
|
15.0 %
|
Net Income
(Loss)
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
(In
millions)
|
2022
|
|
2022
Adj.(a)
|
|
Adj.
2022
Total
|
|
2021
|
|
2021
Adj.(a)
|
|
Adj.
2021
Total
|
|
%
Change
|
Las Vegas
|
$
313
|
|
$
—
|
|
$
313
|
|
$
184
|
|
$
—
|
|
$
184
|
|
70.1 %
|
Regional
|
145
|
|
2
|
|
147
|
|
251
|
|
(14)
|
|
237
|
|
(38.0) %
|
Caesars
Digital
|
(116)
|
|
—
|
|
(116)
|
|
(22)
|
|
(22)
|
|
(44)
|
|
163.6 %
|
Managed and
Branded
|
(132)
|
|
—
|
|
(132)
|
|
(13)
|
|
34
|
|
21
|
|
*
|
Corporate and
Other
|
(333)
|
|
—
|
|
(333)
|
|
(329)
|
|
—
|
|
(329)
|
|
1.2 %
|
Caesars
|
$
(123)
|
|
$
2
|
|
$
(121)
|
|
$
71
|
|
$
(2)
|
|
$
69
|
|
*
|
Net Income
(Loss)
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
(In
millions)
|
2022
|
|
2022
Adj.(a)
|
|
Adj.
2022
Total
|
|
2021
|
|
2021
Adj.(a)
|
|
Adj.
2021
Total
|
|
%
Change
|
Las Vegas
|
$
481
|
|
$
—
|
|
$
481
|
|
$
117
|
|
$
—
|
|
$
117
|
|
*
|
Regional
|
269
|
|
2
|
|
271
|
|
316
|
|
(30)
|
|
286
|
|
(5.2) %
|
Caesars
Digital
|
(692)
|
|
—
|
|
(692)
|
|
(30)
|
|
(33)
|
|
(63)
|
|
*
|
Managed and
Branded
|
(343)
|
|
—
|
|
(343)
|
|
2
|
|
38
|
|
40
|
|
*
|
Corporate and
Other
|
(518)
|
|
—
|
|
(518)
|
|
(757)
|
|
—
|
|
(757)
|
|
(31.6) %
|
Caesars
|
$
(803)
|
|
$
2
|
|
$
(801)
|
|
$
(352)
|
|
$
(25)
|
|
$
(377)
|
|
112.5 %
|
Adjusted EBITDA
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
(In
millions)
|
2022
|
|
2022
Adj.(a)
|
|
Adj.
2022
Total
|
|
2021
|
|
2021
Adj.(a)
|
|
Adj.
2021
Total
|
|
%
Change
|
Las Vegas
|
$
547
|
|
$
—
|
|
$
547
|
|
$
423
|
|
$
—
|
|
$
423
|
|
29.3 %
|
Regional
|
513
|
|
—
|
|
513
|
|
602
|
|
2
|
|
604
|
|
(15.1) %
|
Caesars
Digital
|
(69)
|
|
—
|
|
(69)
|
|
(5)
|
|
7
|
|
2
|
|
*
|
Managed and
Branded
|
22
|
|
—
|
|
22
|
|
26
|
|
(2)
|
|
24
|
|
(8.3) %
|
Corporate and
Other
|
(35)
|
|
—
|
|
(35)
|
|
(42)
|
|
—
|
|
(42)
|
|
(16.7) %
|
Caesars
|
$
978
|
|
$
—
|
|
$
978
|
|
$
1,004
|
|
$
7
|
|
$
1,011
|
|
(3.3) %
|
Adjusted EBITDA
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
(In
millions)
|
2022
|
|
2022
Adj.(a)
|
|
Adj.
2022
Total
|
|
2021
|
|
2021
Adj.(a)
|
|
Adj.
2021
Total
|
|
%
Change
|
Las Vegas
|
$
947
|
|
$
—
|
|
$
947
|
|
$
585
|
|
$
—
|
|
$
585
|
|
61.9 %
|
Regional
|
972
|
|
—
|
|
972
|
|
995
|
|
(4)
|
|
991
|
|
(1.9) %
|
Caesars
Digital
|
(623)
|
|
—
|
|
(623)
|
|
(7)
|
|
—
|
|
(7)
|
|
*
|
Managed and
Branded
|
42
|
|
—
|
|
42
|
|
47
|
|
(3)
|
|
44
|
|
(4.5) %
|
Corporate and
Other
|
(64)
|
|
—
|
|
(64)
|
|
(81)
|
|
—
|
|
(81)
|
|
(21.0) %
|
Caesars
|
$
1,274
|
|
$
—
|
|
$
1,274
|
|
$
1,539
|
|
$
(7)
|
|
$
1,532
|
|
(16.8) %
|
____________________
|
*
|
Not
meaningful
|
(a)
|
Adjustment for
pre-consolidation, pre-acquisition, and pre-disposition results of
operations on a net basis reflecting (i) addition of results of
operations for Horseshoe Baltimore for periods prior to the
consolidation resulting from the Company's increase in its
ownership interest on
August 26, 2021 and William Hill prior to its acquisition on April
22, 2021, for the three and six months ended June 30, 2021 and (ii)
subtraction
of results of operations for MontBleu, Evansville, Belle of Baton
Rouge and discontinued operations of Caesars Southern Indiana,
Harrah's
Louisiana Downs and Caesars UK group prior to divestiture, for the
relevant periods. Such figures are based on unaudited internal
financial
statements and have not been reviewed by the Company's auditors for
the periods presented. The additional financial information is
included
to enable the comparison of current results with results of prior
periods.
|
(b)
|
Adjusted EBITDA is
not a GAAP measurement and is presented solely as a supplemental
disclosure because the Company believes it is a
widely used measure of operating performance in the gaming
industry. See "Reconciliation of GAAP Measures to Non-GAAP
Measures" below
for a definition of Adjusted EBITDA and a quantitative
reconciliation of Adjusted EBITDA to net income (loss), which the
Company believes is
the most comparable financial measure calculated in accordance with
GAAP.
|
Balance Sheet and Liquidity
As of June 30, 2022, Caesars had $14.2 billion in aggregate principal amount of
debt outstanding. Total cash and cash equivalents were $997 million, excluding restricted cash of
$355 million.
(In
millions)
|
June 30,
2022
|
|
December 31,
2021
|
Cash and cash
equivalents
|
$
997
|
|
$
1,070
|
|
|
|
|
Bank debt and
loans
|
$
6,935
|
|
$
6,972
|
Notes
|
7,210
|
|
7,300
|
Other long-term
debt
|
49
|
|
51
|
Total outstanding
indebtedness
|
$
14,194
|
|
$
14,323
|
|
|
|
|
Net debt
|
$
13,197
|
|
$
13,253
|
As of June 30, 2022, our cash on hand and revolving
borrowing capacity was as follows:
(In
millions)
|
|
June 30,
2022
|
Cash and cash
equivalents
|
|
$
997
|
Revolver capacity
(a)
|
|
2,180
|
Revolver capacity
committed to letters of credit
|
|
(77)
|
Available revolver
capacity committed as regulatory requirement
|
|
(48)
|
Total
|
|
$
3,052
|
___________________
|
(a)
|
Revolver capacity
includes $1,145 million under our CEI Revolving Credit Facility,
as
amended, maturing in July 2025, $1,025 million under our CRC
Revolving Credit
Facility, maturing in December 2022 and $10 million under our
Baltimore Revolving
Credit Facility, as amended, maturing in July 2023.
|
"We successfully closed the William Hill non-US sale on
July 1st and have applied
$730 million in net proceeds to debt
reduction as of July 22nd.
We continue to invest in our brick & mortar and digital
platforms across the U.S. using ample free cash flow," said
Bret Yunker, Chief Financial
Officer.
Reconciliation of GAAP Measures to Non-GAAP Measures
Adjusted EBITDA (described below), a non-GAAP financial measure,
has been presented as a supplemental disclosure because it is a
widely used measure of performance and basis for valuation of
companies in our industry and we believe that this non-GAAP
supplemental information will be helpful in understanding our
ongoing operating results. Management has historically used
Adjusted EBITDA when evaluating operating performance because we
believe that the inclusion or exclusion of certain recurring and
non-recurring items is necessary to provide a full understanding of
our core operating results and as a means to evaluate
period-to-period results. Adjusted EBITDA represents net income
(loss) before interest income or interest expense, net of interest
capitalized, (benefit) provision for income taxes, (gain) loss on
investments and marketable securities, depreciation and
amortization, stock-based compensation, impairment charges,
transaction expenses, severance expense, selling costs associated
with the divestitures of properties, equity in income (loss) of
unconsolidated affiliates, (gain) loss on the sale or disposal of
property and equipment, (gain) loss related to divestitures,
changes in the fair value of certain derivatives and certain
non-recurring expenses such as sign-on and retention bonuses,
business optimization expenses and transformation expenses, certain
litigation awards and settlements, contract exit or termination
costs, and certain regulatory settlements. Adjusted EBITDA also
excludes the expense associated with certain of our leases as these
transactions were accounted for as financing obligations and the
associated expense is included in interest expense. Adjusted EBITDA
is not a measure of performance or liquidity calculated in
accordance with GAAP. It is unaudited and should not be considered
an alternative to, or more meaningful than, net income (loss) as an
indicator of our operating performance. Uses of cash flows that are
not reflected in Adjusted EBITDA include capital expenditures,
interest payments, income taxes, debt principal repayments,
payments under our leases with affiliates of GLPI and VICI
Properties, Inc. and certain regulatory gaming assessments, which
can be significant. As a result, Adjusted EBITDA should not be
considered as a measure of our liquidity. Other companies that
provide EBITDA information may calculate Adjusted EBITDA
differently than we do. The definition of Adjusted EBITDA may not
be the same as the definitions used in any of our debt
agreements.
Conference Call Information
The Company will host a conference call to discuss its results
on August 2, 2022 at 2 p.m. Pacific Time, 5
p.m. Eastern Time. Participants may register for the call
approximately 15 minutes before the call start time by visiting the
following website at
https://register.vevent.com/register/BI9e66543641b7483eb67c4bbd6c25fe38.
Once registered, participants will receive an email with the
dial-in number and unique PIN number to access the live event. The
call will also be accessible on the Investor Relations section of
Caesars Entertainment's website at
https://investor.caesars.com.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest
casino-entertainment company in the US and one of the world's most
diversified casino-entertainment providers. Since its beginning in
Reno, NV, in 1937, Caesars
Entertainment, Inc. has grown through development of new resorts,
expansions and acquisitions. Caesars Entertainment, Inc.'s resorts
operate primarily under the Caesars®, Harrah's®, Horseshoe®, and
Eldorado® brand names. Caesars Entertainment, Inc. offers
diversified gaming, entertainment and hospitality amenities,
one-of-a-kind destinations, and a full suite of mobile and online
gaming and sports betting experiences. All tied to its
industry-leading Caesars Rewards loyalty program, the company
focuses on building value with its guests through a unique
combination of impeccable service, operational excellence and
technology leadership. Caesars is committed to its employees,
suppliers, communities and the environment through its PEOPLE
PLANET PLAY framework. Know When To Stop Before You Start.®
Gambling Problem? Call 1-800-522-4700. For more information, please
visit www.caesars.com/corporate.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include statements regarding
our strategies, objectives and plans for future development or
acquisitions of properties or operations, as well as expectations,
future operating results and other information that is not
historical information. When used in this press release, the terms
or phrases such as "anticipates," "believes," "projects," "plans,"
"intends," "expects," "might," "may," "estimates," "could,"
"should," "would," "will likely continue," and variations of such
words or similar expressions are intended to identify
forward-looking statements. Although our expectations, beliefs and
projections are expressed in good faith and with what we believe is
a reasonable basis, there can be no assurance that these
expectations, beliefs and projections will be realized. There are a
number of risks and uncertainties that could cause our actual
results to differ materially from those expressed in the
forward-looking statements which are included elsewhere in this
press release. These risks and uncertainties include: (a) the
effects of COVID-19, inflation, increased fuel prices, supply chain
shortages, labor shortages and other economic and market
conditions, including changes in consumer discretionary spending
from such factors, on our business, financial results and
liquidity; (b) our ability to successfully operate our digital
betting and iGaming platform and expand its user base; (c) risks
associated with our leverage and our ability to reduce our
leverage; (d) the effects of competition, including new competition
in certain of our markets, on our business and results of
operations; and (e) additional factors discussed in the sections
entitled "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in the Company's
most recent Annual Reports on Form 10-K and Quarterly Report on
Form 10-Q as filed with the Securities and Exchange Commission.
Other unknown or unpredictable factors may also cause actual
results to differ materially from those projected by the
forward-looking statements.
In light of these and other risks, uncertainties and
assumptions, the forward-looking events discussed in this press
release might not occur. These forward-looking statements speak
only as of the date of this press release, even if subsequently
made available on our website or otherwise, and we do not intend to
update publicly any forward-looking statement to reflect events or
circumstances that occur after the date on which the statement is
made, except as may be required by law.
Source: Caesars Entertainment, Inc.; CZR
CAESARS
ENTERTAINMENT, INC.
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
(In millions,
except per share data)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
REVENUES:
|
|
|
|
|
|
|
|
Casino and pari-mutuel
commissions
|
$
1,549
|
|
$
1,571
|
|
$
2,841
|
|
$
2,798
|
Food and
beverage
|
422
|
|
281
|
|
761
|
|
450
|
Hotel
|
519
|
|
396
|
|
902
|
|
611
|
Other
|
331
|
|
254
|
|
609
|
|
435
|
Net
revenues
|
2,821
|
|
2,502
|
|
5,113
|
|
4,294
|
EXPENSES:
|
|
|
|
|
|
|
|
Casino and pari-mutuel
commissions
|
825
|
|
694
|
|
1,889
|
|
1,281
|
Food and
beverage
|
242
|
|
166
|
|
444
|
|
274
|
Hotel
|
134
|
|
106
|
|
249
|
|
187
|
Other
|
105
|
|
79
|
|
193
|
|
148
|
General and
administrative
|
517
|
|
418
|
|
1,016
|
|
798
|
Corporate
|
76
|
|
76
|
|
145
|
|
142
|
Depreciation and
amortization
|
306
|
|
301
|
|
606
|
|
566
|
Transaction and other
operating costs, net
|
14
|
|
72
|
|
(21)
|
|
92
|
Total operating
expenses
|
2,219
|
|
1,912
|
|
4,521
|
|
3,488
|
Operating
income
|
602
|
|
590
|
|
592
|
|
806
|
OTHER
EXPENSE:
|
|
|
|
|
|
|
|
Interest expense,
net
|
(559)
|
|
(576)
|
|
(1,111)
|
|
(1,155)
|
Loss on extinguishment
of debt
|
—
|
|
(23)
|
|
—
|
|
(23)
|
Other income
(loss)
|
45
|
|
110
|
|
49
|
|
(23)
|
Total other
expense
|
(514)
|
|
(489)
|
|
(1,062)
|
|
(1,201)
|
Income (loss) from
continuing operations before income taxes
|
88
|
|
101
|
|
(470)
|
|
(395)
|
Benefit (provision) for
income taxes
|
(52)
|
|
1
|
|
55
|
|
77
|
Net income (loss) from
continuing operations, net of income taxes
|
36
|
|
102
|
|
(415)
|
|
(318)
|
Discontinued
operations, net of income taxes
|
(157)
|
|
(30)
|
|
(386)
|
|
(34)
|
Net income
(loss)
|
(121)
|
|
72
|
|
(801)
|
|
(352)
|
Net income
attributable to noncontrolling interests
|
(2)
|
|
(1)
|
|
(2)
|
|
—
|
Net income (loss)
attributable to Caesars
|
$
(123)
|
|
$
71
|
|
$
(803)
|
|
$
(352)
|
|
|
|
|
|
|
|
|
Net income (loss)
per share - basic and diluted:
|
|
|
|
|
|
|
|
Basic income (loss)
per share from continuing operations
|
$
0.16
|
|
$
0.48
|
|
$
(1.95)
|
|
$
(1.52)
|
Basic loss per share
from discontinued operations
|
(0.73)
|
|
(0.14)
|
|
(1.80)
|
|
(0.16)
|
Basic income (loss)
per share
|
$
(0.57)
|
|
$
0.34
|
|
$
(3.75)
|
|
$
(1.68)
|
Diluted income (loss)
per share from continuing operations
|
$
0.16
|
|
$
0.48
|
|
$
(1.95)
|
|
$
(1.52)
|
Diluted loss per share
from discontinued operations
|
(0.73)
|
|
(0.14)
|
|
(1.80)
|
|
(0.16)
|
Diluted income (loss)
per share
|
$
(0.57)
|
|
$
0.34
|
|
$
(3.75)
|
|
$
(1.68)
|
Weighted average basic
shares outstanding
|
214
|
|
209
|
|
214
|
|
209
|
Weighted average
diluted shares outstanding
|
215
|
|
211
|
|
214
|
|
209
|
CAESARS
ENTERTAINMENT, INC.
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED
EBITDA
(UNAUDITED)
|
|
|
Three Months Ended
June 30,
|
(In
millions)
|
2022
|
|
2021
|
Net income (loss)
attributable to Caesars
|
$
(123)
|
|
$
71
|
Net income attributable
to noncontrolling interests
|
2
|
|
1
|
Discontinued
operations, net of income taxes
|
157
|
|
30
|
(Benefit) provision for
income taxes
|
52
|
|
(1)
|
Other income
(a)
|
(45)
|
|
(110)
|
Loss on extinguishment
of debt
|
—
|
|
23
|
Interest expense,
net
|
559
|
|
576
|
Depreciation and
amortization
|
306
|
|
301
|
Transaction and other
operating costs, net (b)
|
14
|
|
72
|
Stock-based
compensation expense
|
26
|
|
20
|
Other items
(c)
|
30
|
|
21
|
Adjusted
EBITDA
|
978
|
|
1,004
|
Pre-consolidation,
pre-acquisition, and pre-disposition EBITDA, net
(d)
|
—
|
|
7
|
Total Adjusted
EBITDA
|
$
978
|
|
$
1,011
|
|
Six Months Ended
June 30,
|
(In
millions)
|
2022
|
|
2021
|
Net loss attributable
to Caesars
|
$
(803)
|
|
$
(352)
|
Net income attributable
to noncontrolling interests
|
2
|
|
—
|
Discontinued
operations, net of income taxes
|
386
|
|
34
|
Benefit for income
taxes
|
(55)
|
|
(77)
|
Other (income) loss
(a)
|
(49)
|
|
23
|
Loss on extinguishment
of debt
|
—
|
|
23
|
Interest expense,
net
|
1,111
|
|
1,155
|
Depreciation and
amortization
|
606
|
|
566
|
Transaction and other
operating costs, net (b)
|
(21)
|
|
92
|
Stock-based
compensation expense
|
51
|
|
43
|
Other items
(c)
|
46
|
|
32
|
Adjusted
EBITDA
|
1,274
|
|
1,539
|
Pre-consolidation,
pre-acquisition, and pre-disposition EBITDA, net
(d)
|
—
|
|
(7)
|
Total Adjusted
EBITDA
|
$
1,274
|
|
$
1,532
|
____________________
|
(a)
|
Other income for the
three and six months ended June 30, 2022 primarily represents
the net change in fair value of investments
held by the Company, foreign exchange forward contracts, and the
changes in the disputed claims liability related to the
bankruptcy
of Caesars Entertainment Corporation prior to the merger in 2020
(the "Merger"). Other (income) loss for the three and six
months
ended June 30, 2021 primarily represents a gain on the change
in fair value of investments offset by a loss on the change in
fair
value of the derivative liability related to the 5% Convertible
Notes.
|
(b)
|
Transaction and
other operating costs, net for the three and six months ended
June 30, 2022 primarily represents a gain resulting
from insurance proceeds received in excess of the respective
carrying value of the assets damaged at Lake Charles by
Hurricane
Laura partially offset by various contract or license termination
exit costs. Transaction and other operating costs, net for the
three
and six months ended June 30, 2021 primarily represents costs
related to the acquisition of William Hill and the Merger,
various
contract or license termination exit costs, professional services,
other acquisition costs and severance costs.
|
(c)
|
Other items
primarily represent certain consulting and legal fees, rent for
non-operating assets, relocation expenses, retention
bonuses, and business optimization expenses.
|
(d)
|
Results of
operations for Horseshoe Baltimore for periods prior to the
consolidation resulting from the Company's increase in its
ownership interest on August 26, 2021 and William Hill prior to its
acquisition on April 22, 2021 are added to Adjusted EBITDA.
The results of operations for MontBleu, Evansville, and Belle of
Baton Rouge prior to divestiture are subtracted from Adjusted
EBITDA. Such figures are based on unaudited internal financial
statements and have not been reviewed by the Company's
auditors for the periods presented. The additional financial
information is included to enable the comparison of current
results
with results of prior periods.
|
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SOURCE Caesars Entertainment, Inc.