Caesars Entertainment, Inc.

Good day and thank you for standing by. Welcome to the Caesars Entertainment Inc. 2025 Second Quarter 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 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, Kevin, and good afternoon to everyone on the call. Welcome to our conference call to discuss our second quarter 2025 earnings. This afternoon, we issued a press release announcing our financial results for the period ended June 30, 2025. 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 Yunker, our Chief Financial Officer, Eric Heschen, President Cesar's Sports and Online Gaming, and Cherise 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. Also, I just wanted to make mention, our Q2 investor presentation has been posted to our website, and I did just look, and our 10Q has now been posted as well. I'm going to pass the call over to Anthony.

Thank you, Brian, and good afternoon to everyone on the call. We delivered second quarter consolidated net revenues of $2.9 billion and adjusted EBITDA of $955 million. During the second quarter, our digital segment delivered its best quarter ever, producing $80 million of adjusted EBITDA, and our digital momentum continues to build toward the financial goals we originally laid out in 2021. Our Las Vegas segment posted solid results in the face of softer market demand in our hospitality vertical, but we remain encouraged by forward group pays in Q4 and the first half of 26. Regional revenues were up year over year, driven by the addition of two new properties and same-store GGR growth resulting from strategic reinvestment in our Caesars Rewards customer database. Starting in our Las Vegas segment, we reported same-store adjusted EBITDA of $469 million. Results were driven by 97% occupancy versus 99% last year, and essentially flat rates. Our gaming vertical faced a difficult comparison to last year, which drove lower year-over-year table games volume and hold. During the quarter, the group room night mix was 15%, and the segment is on track to deliver a record EBITDA year in 25 due to our strong Q4 booking pace. Recent CapEx investments at Flamingo in Las Vegas, including a brand new pool experience, Pinkies by Lisa Vanderpump, Gordon Ramsay Burger, and Havana 57 are generating strong returns. During the second quarter and into July, World Series of Poker hosted another very successful event and remains the largest poker tournament in the world with over $500 million in prizes. Turning to our regional segment, we reported adjusted EBITDA of $439 million. Tom will add additional insights during his remarks but our regional segment was negatively impacted by several one-time items during the quarter. Excluding these negative one-time items, Q2 adjusted EBITDA would have been flat year over year. During the quarter, Danville and New Orleans generated strong returns, and we have strategically reinvested in our Caesars Rewards database, which drove higher gaming revenues during the period. Early results from our strategic customer reinvestments are promising, driven by strong rated play trends in the quarter. We will continue to refine our marketing approach as we remain focused on harvesting strong returns on these investments. In addition to our strategic customer reinvestment, we have made additional investments in new slot capital that is driving higher year-over-year gaming revenues. On July 1st, we rebranded Harvey's Lake Tahoe to Caesars Republic Lake Tahoe. We received encouraging guest feedback during the opening weekend and during Celebrity Golf, regarding the new elevated property amenities. Lake Tahoe experienced significant construction disruption during the second quarter as a result of rooms being offline. We'll start construction of phase two in Tahoe in the fall and complete the project by the summer of 2026. I want to thank all of our team members for their hard work during this first half of 2025. The hard work, resilience, and unwavering dedication to exceptional guest service have been the driving force behind our accomplishments this year. With that, I'll now turn the call over to Eric for some insights in digital.