Caesars Entertainment, Inc.

Good day and thank you for standing by. Welcome to the Caesars Entertainment first quarter 2025 earnings 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'll need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 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, Liz, and good afternoon to everyone on the call. Welcome to our conference call to discuss our first quarter 2025 earnings. This afternoon, we issued a press release announcing our financial results for the period ended March 31st, 2025. A copy of the press release is available in the investor relations section of our website, at investor.caesars.com, along with a supplementary earnings presentation that management will reference during their comments today on the call. Joining me on the call today are Tom Riege, our CEO, Anthony Carano, our President and Chief Operating Officer, Brett Yunker, our Chief Financial Officer, Eric Heschen, President of Caesars Sports and Online Gaming, and Charisse Crumbly, 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 Regulation 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 GAAP financial measure. With that, I will turn the call over to Anthony.

Thank you, Brian, and good afternoon to everyone on the call. We had a good start to 2025 as first quarter consolidated net revenues of $2.8 billion increased 2% and total adjusted EBITDA of $884 million increased 4% year over year. Despite a tough comparison in Las Vegas against the Super Bowl last year and weather disruptions regionally, combined with one less operating day this year compared to last year, Our results reflect stable trends within the brick-and-mortar segments and continued strong growth in digital, despite poor hold during March Madness. Starting Las Vegas, same-store adjusted EBITDA of $433 million was essentially flat versus the prior year and was the third-best Q1 Las Vegas performance on record. During the quarter, our Las Vegas team did an excellent job navigating through a tough Super Bowl comparison to deliver exceptional results. Occupancy and cash ADR were both down slightly. Slots and ETG volumes grew year over year. Convention room nights were 20% of our mix, and the Forum Convention Center delivered a Q1 EBITDA record. Same-store operating expenses were down 3% year over year, a testament to the strong operating discipline of our teams in Las Vegas. Las Vegas EBITDA margins were 43.2%, up 50 basis points year over year. New capital projects in Las Vegas continue to drive better than expected returns, especially recent hotel remodels like the Versailles and Coliseum Towers, and F&B projects at both the Flamingo and Planet Hollywood. While we recognize the tremendous uncertainty surrounding the economic impact of potential policy change in the US, we remain encouraged regarding the forward outlook of Las Vegas. We continue to experience solid occupancy trends driven by both leisure and the group and convention customer. Now turning to our regional segment, we delivered $440 million of adjusted EBITDA for the quarter, up 2% versus last year. The regional segment experienced a significant improvement in trend versus the last three quarters of 24, driven by stable same-store trends and the contribution from New Orleans and Danville for a full quarter, all despite the negative effect on the quarter from weather disruptions across the portfolio and the extra day last year. The New Orleans and Danville projects completed our elevated CapEx cycle over the last few years. Both properties are off to a great start and we look forward to harvesting this cash flow for years to come. We are committed to providing the best experience to our guests as evidenced by the significant amount of CapEx invested into our properties over the last four years. I want to thank all of our team members for their hard work so far in 2025. Our strong results reflect their dedication to delivering exceptional guest service. With that, I will now turn the call over to Eric for some insights on the first quarter performance in our digital segment.