Caesars Entertainment, Inc.

good day and thank you for standing by welcome to the caesar's entertainment inc 2023 second quarter earnings conference call at this time all participants are in a list only mode as a reminder to ask a question please press star 1 1 on your telephone and wait for your name to be announced to withdraw your question please press star 1 1 again please be advised that today's conference is being recorded i would not like to hand the conference over to your speaker today Brian Agnew, Senior Vice President of Corporate Finance, Treasury, and Investor Relations.

Thank you, Josh, and good afternoon to everyone on the call. Welcome to our conference call to discuss our second quarter 2023 earnings. This afternoon, we issued a press release announcing our financial results for the period ended June 30, 2023. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com. Joining me on the call today are Tom Rigg, our Chief Executive Officer, Anthony Carano, our President and Chief Operating Officer, Brett Yunker, our Chief Financial Officer, and Eric Heschen, President, Caesars Sports and Online Gaming. Before I turn the call over to Anthony, I would like to remind you that during today's conference call, we may make forward-looking statements about the company's performance. These forward-looking statements are not guarantees of future performance, and therefore, one should not place undue reliance on them. Forward-looking statements are also subject to the inherent risks and uncertainties that could cause actual results to differ materially from those expressed. For additional information concerning factors that could cause actual results to differ from those discussed in our forward-looking statements, you should refer to the cautionary statements contained in our press release as well as the risk factors contained in the company's filings with the Securities and Exchange Commission. Caesars Entertainment undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after today's call. Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure discussed and the reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure can be found on the company's website at investor.caesars.com by selecting the press release regarding today's 2023 second quarter financial results. I will now turn the call over to Anthony Carano.

Thank you, Brian, and good afternoon to everyone on the call. We delivered another strong quarter with consolidated EBITDA exceeding $1 billion. Operating trends within our property portfolio remain strong. Despite a tough year-over-year comparison driven by a single large convention event, our Las Vegas segment delivered its second-best Q2 adjusted EBITDA of $512 million. Our regional portfolio delivered $508 million in adjusted EBITDA down slightly to last year. And finally, our digital segment reported $11 million of adjusted EBITDA, the segment's first quarter of profitability since we rebranded to Caesar Sportsbook in Q3 of 21. Underlying demand trends in Las Vegas remained strong during Q2, with occupancy growth of 100 basis points to 97.6%. Total Las Vegas segment revenues were down 1% as a result of exceptional performance last year in our group segments. Excluding real rent payments, Las Vegas generated $523 million of adjusted EBITDA with a margin of 46.3%. Las Vegas continues to benefit from strong leisure and casino guest demand, the return of international guests, an exciting events calendar, and the continued strength of the group and convention segment in 23. While our group and convention segment EBITDA in Las Vegas was down year over year in the second quarter, PACE for the remainder of 23 points to another record EBITDA year for the segment. In our regional segment, revenues were up slightly and adjusted EBITDA declined 1% to $508 million. We were excited to open two new temporary facilities this quarter in Danville, Virginia and Columbus, Nebraska. Both properties opened to strong customer demand. While we face new competition in a few markets during the quarter, customer demand trends remain stable and similar to prior quarters. Our capital projects continue to deliver solid returns. Lake Charles and Pompano delivered strong quarters and early returns in Danville and Columbus are exceeding planned. We are excited to finish work on the Harris Hoosier Park expansion this fall and continue to make progress on the permanent facilities in Danville and Columbus. Work in New Orleans is progressing nicely, and we continue to target a late 24 opening. Construction has started on the Versailles Tower rebrand in Las Vegas, which is expected to be completed by spring of 24. And finally, we recently opened a new show in Atlantic City called The Hook, which was accompanied by the opening of Super Freako Atlantic City as well. We have solid momentum heading into the second half of the year as we continue to deliver strong returns on Project CapEx, drive profitability in our digital segment, and remain focused on operational excellence in our property portfolio. I want to thank all of our team members for their hard work in the first half of 23. Our success is a direct result of their dedication our team members have and their commitment to delivering exceptional guest experiences every day. With that, I will now turn the call over to Eric Hession for some insights on the second quarter in our digital segment.