Caesars Entertainment, Inc. CZR
We are a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, we grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020, and William Hill PLC in 2021. Our ticker symbol on the NASDAQ Stock Market is "CZR."
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.49B | $11.24B | $11.53B | $10.82B | $9.57B | $3.63B | $2.53B | $2.06B | $1.48B | $900.5M |
| SG&A | $1.93B | $1.92B | $2.01B | $2.07B | $1.78B | $902.0M | $503.0M | $381.0M | $241.0M | $130.7M |
| Total operating expenses | $9.63B | $8.94B | $9.06B | $9.08B | $8.11B | $4.01B | $2.12B | $1.75B | $1.31B | $801.7M |
| Operating income | $1.86B | $2.30B | $2.47B | $1.74B | $1.46B | -$383.0M | $410.0M | $310.0M | $94.8M | $88.7M |
| Interest expense | $2.33B | $2.44B | $2.39B | $2.30B | $2.32B | $1.21B | $286.0M | $172.0M | $99.8M | $50.9M |
| Pre-tax income | -$448.0M | -$124.0M | -$60.0M | -$565.0M | -$1.27B | -$1.61B | $125.0M | $135.0M | -$43.4M | $37.6M |
| Income tax | $11.0M | $87.0M | $888.0M | $41.0M | $283.0M | $132.0M | $44.0M | $40.0M | $116.8M | $13.1M |
| Net income | -$437.0M | -$211.0M | $828.0M | -$910.0M | -$1.02B | -$1.76B | $81.0M | $95.0M | $73.4M | $24.5M |
| EPS, basic | -2.42 | -1.29 | 3.65 | -4.19 | -4.83 | -13.50 | 1.04 | 1.23 | 1.09 | 0.52 |
| EPS, diluted | -2.42 | -1.29 | 3.64 | -4.19 | -4.83 | -13.50 | 1.03 | 1.22 | 1.08 | 0.51 |
| Shares, diluted (wtd. avg.) | $208.0M | $215.0M | $216.0M | $214.0M | $211.0M | $130.0M | $79.0M | $78.0M | $68.1M | $47.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $887.0M | $866.0M | $1.00B | $1.04B | $1.07B | $1.78B | $206.0M | $231.0M | $134.6M | $61.0M |
| Short-term investments | — | — | — | — | — | — | $34.6M | $17.0M | $17.6M | — |
| Receivables | $476.0M | $470.0M | $608.0M | $611.0M | $472.0M | $342.0M | $54.0M | $60.2M | $45.8M | $14.7M |
| Inventory | $43.0M | $45.0M | $46.0M | $59.0M | $42.0M | $44.0M | $18.0M | $20.6M | $16.9M | $11.1M |
| Total current assets | $1.80B | $1.75B | $2.04B | $2.10B | $5.96B | $6.06B | $605.0M | $573.2M | $251.0M | $101.8M |
| Property, plant and equipment | — | — | — | — | — | $14.33B | $2.62B | $2.88B | $1.50B | $612.3M |
| Goodwill | $10.44B | $10.60B | $10.99B | $11.00B | $11.08B | $9.86B | $910.0M | $1.01B | $747.1M | $66.8M |
| Other intangibles | $3.98B | $4.13B | $4.52B | $4.71B | $4.92B | $4.28B | $1.11B | $1.36B | $996.8M | $487.5M |
| Total assets | $31.64B | $32.59B | $33.37B | $33.53B | $38.03B | $36.38B | $5.64B | $5.91B | $3.55B | $1.29B |
| Accounts payable | $297.0M | $296.0M | $408.0M | $314.0M | $254.0M | $167.0M | $62.0M | $58.5M | $34.8M | $21.6M |
| Short-term debt | $114.0M | $109.0M | $65.0M | $108.0M | $70.0M | $67.0M | $246.0M | $462.0K | $615.0K | $4.5M |
| Total current liabilities | $2.25B | $2.27B | $2.69B | $2.67B | $5.30B | $2.51B | $688.0M | $402.2M | $223.8M | $102.0M |
| Long-term debt | $11.67B | $12.03B | $12.22B | $12.66B | $13.72B | $14.07B | $2.33B | $3.26B | $2.19B | $795.9M |
| Total liabilities | $27.95B | $28.21B | $28.65B | $29.78B | $33.49B | $31.35B | $4.52B | $4.88B | $2.60B | $995.6M |
| Retained earnings | -$3.30B | -$2.80B | -$2.52B | -$3.31B | -$2.41B | -$1.39B | $366.0M | $290.2M | $195.0M | $124.6M |
| Total equity | $3.50B | $4.16B | $4.72B | $3.75B | $4.54B | $5.03B | $1.12B | $1.03B | $942.0M | $296.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.30B | $1.07B | $1.81B | $993.0M | $1.20B | -$561.0M | $313.0M | $323.0M | $129.9M | $95.4M |
| Depreciation and amortisation | $1.42B | $1.32B | $1.26B | $1.21B | $1.13B | $583.0M | $222.0M | $157.0M | — | — |
| Capital expenditure | $805.0M | $1.30B | $1.26B | $952.0M | $520.0M | $164.0M | $171.0M | $147.0M | $83.2M | $43.2M |
| Investing cash flow | -$571.0M | -$704.0M | -$1.26B | -$768.0M | -$1.45B | -$6.10B | $369.0M | -$1.27B | -$1.40B | -$41.8M |
| Financing cash flow | -$763.0M | -$498.0M | -$713.0M | -$1.28B | -$1.14B | $10.64B | -$712.0M | $1.04B | $1.35B | -$73.7M |
| Buybacks | $229.0M | $191.0M | $0 | $0 | — | $0 | $0 | $9.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-174058.
Others in SIC 7011
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MAR | MARRIOTT INTERNATIONAL INC /MD/ | $87.75B | 35.4x | 4.3% |
| HLT | Hilton Worldwide Holdings Inc. | $70.04B | 50.8x | 7.7% |
| LVS | LAS VEGAS SANDS CORP | $28.74B | 18.9x | 15.2% |
| H | Hyatt Hotels Corp | $15.64B | — | 6.8% |
| MGM | MGM Resorts International | $10.37B | 54.2x | 1.7% |
| WYNN | WYNN RESORTS LTD | $9.43B | 29.2x | 0.1% |
| BYD | BOYD GAMING CORP | $5.67B | 3.5x | 4.1% |
| WH | WYNDHAM HOTELS & RESORTS, INC. | $5.33B | 28.7x | 1.8% |