Caesars Entertainment, Inc. (NASDAQ: CZR)

Caesars Entertainment, Inc. operates as a geographically diversified gaming and hospitality company, with a history dating back to 1973 when the Carano family opened the Eldorado Hotel Casino in Reno, Nevada. The company has grown significantly through a series of acquisitions, including MTR Gaming Group, Isle of Capri Casinos, Tropicana Entertainment, Caesars Entertainment Corporation, and William Hill PLC. Caesars Entertainment operates in the gaming and hospitality industry, offering a range of services including casino gaming, hotels, food and beverage, entertainment, and online sports betting and iGaming.

The company generates revenue primarily through its gaming operations, which include casino properties, retail and online sports betting, and online gaming. Additionally, Caesars Entertainment utilizes its hotels, restaurants, bars, entertainment, racing, retail shops, and other services to attract customers to its properties. As of December 31, 2025, Caesars Entertainment owns, leases, or manages an aggregate of 52 domestic properties in 18 states and operates sports wagering across 34 jurisdictions in North America. The company's primary products and services include the Caesars Sportsbook app, the Caesars Racebook app, the Caesars Palace Online Casino app, and the Horseshoe Online Casino app. These offerings cater to a diverse customer base seeking gaming and entertainment experiences.

• Casino Operations: This segment generates revenues from approximately 51,400 slot machines, 2,700 table games, including poker, sports betting from retail and online sportsbooks, iGaming, and other games such as keno. Slot revenues generate the majority of the casino revenues, and this segment represented approximately 58% of the company's total net revenues in 2025.

• Retail and Online Sports Betting and iGaming: Caesars Entertainment operates and conducts sports wagering across 34 jurisdictions in North America, with 27 offering online sports betting, and operates iGaming in five jurisdictions in North America as of December 31, 2025. The company offers hundreds of online casino games including slots, table games, live dealer, and video poker. The Caesars Sportsbook app operates on the Liberty platform, offering extensive pre-match and live markets, extensive odds, flexible limits, player props, and same-game parlays. The company also operates the Caesars Racebook app in 22 states, providing access for pari-mutuel wagering at over 300 racetracks around the world. Additionally, Caesars Entertainment has launched the Caesars Palace Online Casino app and the Horseshoe Online Casino app.

• Food and Beverage Operations: This segment generates revenues from dining venues, bars, nightclubs, and lounges located throughout the casinos and represented approximately 15% of the company's total net revenues in 2025. The properties include several dining options, ranging from upscale dining experiences to moderately-priced restaurants, some of which offer pickup or in-room delivery options.

• Hotel Operations: This segment generates revenues from hotel stays at the properties, with approximately 45,600 guest rooms and suites, and represented approximately 17% of the company's total net revenues in 2025. The properties operate at various price and service points, catering to both casino guests and non-casino guests.

• Management and Branding Arrangements: Caesars Entertainment earns revenue from fees paid for the management of other hotels and casinos in North America. Managed properties represent Caesars-branded properties where the company provides certain staffing and management services under management agreements. Additionally, the company earns revenue from fees received for authorizing the use of certain brands and marks of Caesars Entertainment, Inc.

• Entertainment and Other Non-Gaming Operations: The company provides a variety of retail and entertainment offerings at its properties. Caesars Entertainment operates various entertainment venues across the United States, including the Colosseum at Caesars Palace Las Vegas and PH Live at Planet Hollywood Resort & Casino. These venues host prominent headliners such as Rod Stewart, Jerry Seinfeld, Kelly Clarkson, Def Leppard, Dolly Parton, Jennifer Lopez, and Blake Shelton.

Caesars Entertainment operates in a highly competitive industry, facing competition from other casino facilities, legalized gaming from casinos located on Native American tribal lands, and other non-gaming resorts and vacation areas. The company's competitive advantages include its extensive portfolio of properties, strong brand recognition, and the Caesars Rewards loyalty program, which enables the company to capture a larger share of customers' entertainment spending. The Caesars Rewards program is structured by member tier level and value, allowing members to access a full range of benefits across the company's portfolio of destinations as they progress through tier levels. The program is designed to cultivate a gratifying and frictionless relationship with customers, motivating members to enhance both their frequency of visits and expenditures.

The company's general customer base includes both casino guests and non-casino guests who visit the properties for various purposes, such as vacation travel or conventions. The Caesars Rewards loyalty program is a key driver of customer engagement and retention, offering members the ability to earn and redeem Reward Credits for qualifying gaming activities, hotel stays, dining, and retail spending. The program also includes a universal digital wallet to access funds and Caesars Rewards in one wallet, further enhancing the customer experience.