Caesars Entertainment, Inc.

Hello, and welcome to Caesar Entertainment's 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand has been raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. It is now my pleasure to introduce Senior Vice President, Corporate Finance, Treasury, and Investor Relations, Brian Agnew.

Well, thanks, Andrew, and good afternoon to everyone on the call. Welcome to our conference call to discuss our third quarter 2024 earnings. This afternoon, we issued a press release announcing our financial results for the period ending September 30th, 2024. A copy of the press release is available in the Investor Relations section of our website. www.investor.caesars.com Before I turn the call over to Anthony, I would like to remind you that during today's conference call, we may make certain forward-looking statements under safe harbor federal securities laws, and these statements may or may not come true. Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Reg G. Please visit our press releases located on our investor relations website for a reconciliation of the differences between each non-GAAP financial measure and the comparable gap financial measure. I will now turn the call over to Anthony.

Thank you, Brian, and good afternoon to everyone on the call. Our third quarter delivered same-store consolidated net revenues of $2.9 billion and adjusted EBITDA of $1 billion. Results were driven by record non-gaming performance in Las Vegas and an all-time quarterly EBITDA record in our digital segment. Offset by new competition, construction disruption, and tough year-over-year comparisons in our regional segment. Consolidated EBITDA margins of 35% for the quarter were flat to the prior year. In Las Vegas, our team delivered same-store net revenue of $1 billion and adjusted EBITDA of $472 million, down 2% versus last year. Las Vegas segment results were driven by another record performance in hotel and F&B cash revenue, driven by strong ADRs, and occupancy of 97.1%. Our group and convention segment continues to deliver strong operating results, and pace into 2025 has recently accelerated. Las Vegas segment EBITDA margins of 44.4% were roughly flat year over year, driven by lower same-store operating expenses, a testament to our focus on driving efficiencies. Looking forward, we remain optimistic regarding operating trends as we look to the fourth quarter and into next year, driven by strong occupancy and ADR trends. In our regional segment, adjusted EBITDA for the quarter was 498 million, down 13% year over year. This quarter was met with tough comparisons to the prior year, especially in Reno, competitive pressures in certain markets, and peak construction disruption in New Orleans. On October 22nd, we celebrated the ribbon-cutting ceremony for Caesars New Orleans, a $435 million capital project. The completely renovated and rebranded property added a new 340-room hotel, remodeled casino floor, and several high-profile F&B outlets for many of our celebrity chef partners, including Emeril, Nina Compton, Bobby Flay, and Nobu. Additionally, we are looking forward to the opening of our permanent facility in Danville, Virginia in December. The openings in Danville and New Orleans will complete the elevated capex cycle for the company as we now turn to harvesting the investment we made in these flagship destinations. Our team members continue to deliver exceptional guest experiences as a result of their continued hard work and dedication. I want to thank all of our team members for their contributions to our strong results. With that, I will now turn the call over to Eric for some detail on the third quarter results in our Caesars Digital segment.