Caesars Entertainment, Inc.

Good day and thank you for standing by. Welcome to the Caesars Entertainment Inc. 2024 fourth quarter and four year earnings conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Brian Agnew, Senior Vice President of Corporate Finance, Treasury, and Investor Relations. Please go ahead.

Thank you, Tanya, and good afternoon to everyone on the call. Welcome to our conference call to discuss our fourth quarter and full year 2024 earnings. This afternoon, we issued a press release announcing the financial results for the period ended December 31st, 2024. As usual, 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 Riege, our Chief Executive Officer, Anthony Carano, our President and Chief Operating Officer, Brett Yonker, our Chief Financial Officer, Eric Heschen, President Caesar Sports and Online Gaming, and Cherise Crumbly in Investor Relations. 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 release located in our Investor Relations section of our website for a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure. I will now turn the call over to Anthony.

Thank you, Brian, and good evening to everyone on the call. During our fourth quarter, regional performance improved sequentially as we opened our Caesars New Orleans expansion in October and Caesars Virginia in December. In Las Vegas, we posted roughly flat year-over-year results despite a tough comparison versus last year's inaugural Las Vegas Grand Prix F1 race. Excluding customer-friendly outcomes in our digital segment in October and December, consolidated EBITDA in Q4 would have been flat year over year. For the full year of 2024, the company delivered consolidated same-store results of $11.2 billion in net revenues and $3.7 billion in EBITDA, delivering an EBITDA margin of 33.2%. Moving to our segments and starting with Las Vegas, same-store net revenues during Q4 were $1.1 billion and adjusted EBITDA was $478 million, down 1% versus last year. We were pleased with results in Las Vegas, especially when compared against the inaugural F1 race held in 2023. Margins in Las Vegas were 44.4%, in line with expectations. Occupancy for the full quarter was 96%, down slightly the last year against F1 comp. Our group business delivered another great performance, representing 16% of occupied room nights, And recent investments in our Las Vegas room product and gaming offerings have delivered some of the strongest returns in our Las Vegas portfolio's history, driven by strong cash ADRs and increased gross gaming revenues. Turning to our regional segment in Q4, net revenues declined 1%, and adjusted EBITDA declined 5%, an improvement sequentially in the rate of EBITDA decline versus the second and third quarters in 24. During the quarter, we finished the complete remodel of Caesars New Orleans on October 22 and opened the permanent facility in Danville, Virginia on December 17. Results in our regional segment were driven by continued competitive pressures in certain markets, offset partially by contributions of the two new facilities we opened later in the quarter, with both new properties exhibiting strong early results. We are excited to capture a full year of results from both New Orleans and Danville in 2025. 2024 was the conclusion of an intensive capital investment cycle that began at the close of merger in July of 2020. We completed several large capex projects that will have meaningful contributions in 2025 and beyond, and we are cycling through competitive pressures in our regional segment that are becoming less negative. Our investments in our property portfolio are evident and our properties have never looked better. We expect that the returns on our investments and continued strength in both brick and mortar properties and Caesars Digital will produce a dramatic increase in free cash flow in 2025 and 2026. Finally, I want to thank our team members for continuing to execute at the highest level and delivering on our commitment to exceptional family style service. With that, I'll now turn the call over to Eric for some detail on our Caesars digital segment.