$CZR

Eclair Holdings Co

CIK:0001590895|SEC Filings

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
NET REVENUES:
Net revenues	$ 2,993	$ 2,907	$ 5,863	$ 5,701
OPERATING EXPENSES:
General and administrative	521	477	1,025	960
Corporate	94	84	182	166
Depreciation and amortization	355	364	702	721
Transaction and other costs, net	16	34	20	36
Total operating expenses	2,480	2,381	4,850	4,687
Operating income	513	526	1,013	1,014
OTHER EXPENSE:
Interest expense, net	(573)	(579)	(1,142)	(1,153)
Other income	7	1	5	0
Total other expense	(566)	(578)	(1,137)	(1,153)
Loss before income taxes	(53)	(52)	(124)	(139)
Benefit (provision) for income taxes	12	(13)	0	(24)
Net loss	(41)	(65)	(124)	(163)
Net income attributable to noncontrolling interests	(21)	(17)	(36)	(34)
Net loss attributable to Caesars	$ (62)	$ (82)	$ (160)	$ (197)
Net loss attributable to Caesars per share - basic and diluted:
Basic loss per share (in dollars per share)	$ (0.30)	$ (0.39)	$ (0.78)	$ (0.93)
Diluted loss per share (in dollars per share)	$ (0.30)	$ (0.39)	$ (0.78)	$ (0.93)
Weighted average basic shares outstanding (in shares)	204	209	204	210
Weighted average diluted shares outstanding (in shares)	204	209	204	210
Casino
NET REVENUES:
Net revenues	$ 1,759	$ 1,668	$ 3,425	$ 3,262
OPERATING EXPENSES:
Cost of goods and services	955	887	1,857	1,748
Food and beverage
NET REVENUES:
Net revenues	426	428	850	863
OPERATING EXPENSES:
Cost of goods and services	281	275	555	550
Hotel
NET REVENUES:
Net revenues	495	509	982	991
OPERATING EXPENSES:
Cost of goods and services	163	155	319	306
Other
NET REVENUES:
Net revenues	313	302	606	585
OPERATING EXPENSES:
Cost of goods and services	$ 95	$ 105	$ 190	$ 200

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (124)	$ (163)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	702	721
Amortization of deferred financing costs and discounts	88	89
Provision for credit losses	24	23
Non-cash lease amortization	14	12
(Gain) loss on investments	(4)	1
Stock-based compensation expense	47	50
(Gain) loss on sale or disposal of property and equipment	(8)	3
Deferred income taxes	0	24
Other non-cash adjustments to net loss	7	1
Change in operating assets and liabilities:
Accounts receivable	(24)	(37)
Prepaid expenses and other assets	(88)	(47)
Income taxes receivable and payable, net	(11)	(58)
Accounts payable, accrued expenses and other liabilities	52	61
Net cash provided by operating activities	675	680
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(335)	(453)
Cash paid for asset acquisitions	(98)	0
Proceeds from sale of property and equipment	20	3
Proceeds from sale of investments	2	1
Investments in unconsolidated affiliate	(2)	(3)
Distributions from unconsolidated affiliate	0	23
Other	2	(5)
Net cash used in investing activities	(411)	(434)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	885	590
Repayments of long-term debt and revolving credit facilities	(983)	(612)
Repurchase of common stock	0	(100)
Financing obligation payments	(19)	(8)
Distributions to noncontrolling interest owners	(41)	(30)
Taxes paid related to net share settlement of equity awards	(13)	(16)
Net cash used in financing activities	(171)	(176)
Increase in cash, cash equivalents and restricted cash	93	70
Cash, cash equivalents and restricted cash, beginning of period	984	1,016
Cash, cash equivalents and restricted cash, end of period	1,077	1,086
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:
Cash and cash equivalents	965	982
Restricted cash	96	85
Restricted and escrow cash included in other long-term assets, net	16	19
Total cash, cash equivalents and restricted cash	1,077	1,086
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt	368	405
Cash interest paid for rent related to GLPI and VICI Leases	686	672
Cash interest paid for other financing obligations	5	0
Income taxes paid, net	11	58
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	103	126
Deferred consideration amount	10	0
Right-of-use asset obtained in exchange for lease liability	$ 203	$ 0

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 965	$ 887
Restricted cash	96	85
Accounts receivable, net	485	476
Inventories	49	43
Prepayments and other current assets	382	312
Total current assets	1,977	1,803
Investments in and advances to unconsolidated affiliates	124	133
Property and equipment, net	14,125	14,358
Goodwill	10,441	10,441
Intangible assets other than goodwill	3,959	3,985
Deferred tax asset	68	67
Other long-term assets, net	1,048	852
Total assets	31,742	31,639
CURRENT LIABILITIES:
Accounts payable	290	297
Accrued interest	222	224
Accrued other liabilities	1,696	1,618
Current portion of long-term debt	114	114
Total current liabilities	2,322	2,253
Long-term financing obligations	13,157	13,096
Long-term debt	11,585	11,670
Deferred tax liability	57	58
Other long-term liabilities	1,069	876
Total liabilities	28,190	27,953
Commitments and contingencies (Note 5)
STOCKHOLDERS’ EQUITY:
Caesars stockholders’ equity	3,375	3,504
Noncontrolling interests	177	182
Total stockholders’ equity	3,552	3,686
Total liabilities and stockholders’ equity	$ 31,742	$ 31,639