Caesars Entertainment, Inc.

Thank you for standing by and welcome to Caesars Entertainment Inc.' 's fourth quarter and full year 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 1-1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Brian Agnew, Senior Vice President, Corporate Finance, Treasury, and Investor Relations. Please go ahead, sir.

Thank you, Jonathan, and good afternoon to everyone on the call. Welcome to our conference call to discuss our fourth quarter 2025 earnings. This afternoon, we issued a press release announcing our financial results for the period ended December 31st, 2025. A copy of the press release and our investor presentation are both available in the investor relations section of our website at investor.caesars.com. Joining me on the call today are Tom Riege, our CEO, Anthony Carano, our President and Chief Operating Officer, Brett Yonker, our CFO, Eric Heschen, President of Caesar Sports and Online, and Cherise Crumbly from Investor Relations. Before I pass the call 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 Investorations 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 Carano.

Anthony Carano Thank you, Brian, and good afternoon to everyone on the call. Caesars delivered solid results in 2025, with full-year same-store enterprise net revenues increasing $266 million, or 2% year-over-year. These strong results were driven by the diversity of our portfolio, our omnichannel focus, and the delivery of unique experiences for our guests. Turning to the fourth quarter, results were in line with our expectations. Our diversified portfolio delivered fourth quarter consolidated net revenues of $2.9 billion, up 4% year-over-year, and adjusted EBITDA of $901 million, up 2% year-over-year. During the fourth quarter, our digital segment delivered an all-time quarterly EBITDA record of $85 million, despite experiencing poor hold in October. Our Las Vegas segment delivered a quarterly sequential improvement in occupancy and rate trends, as expected, leading to a 6% EBITDA decline in Q4 and improvement versus Q3. And finally, our regional revenues were up 4% year-over-year, driven by continued strong returns in our Danville and New Orleans and the benefit from strategic reinvestment in our Caesars Rewards customer database. Regional EBITDA declined slightly and was negatively impacted by poor winter weather in December. Absent the weather impact, regional EBITDA would have grown year over year. Starting in our Las Vegas segment, we reported same-store adjusted EBITDA at $447 million versus $477 million last year. Segment results were driven by 92% occupancy versus 96.5% last year and an ADR decrease of 5%. During the fourth quarter, we benefited from a strong event calendar, which produced a record F1 event for Caesars, a strong New Year's Eve, and 17% group and convention room night mix during the quarter. We continued to elevate the customer experience in Las Vegas during the quarter with the addition of two new presidential villas at the top of the Coliseum Tower, as well as 29 new Sky Villas at the top of the Octavius Tower, both at Caesars Palace. I'm excited to say feedback from our VIP guests on this product has been very strong. These recent investments into our flagship Caesars Palace asset, including a fully remodeled Palace Court slots area, helped the property set the all-time record for slot volume in 2025. We also remain excited about additional upcoming CapEx projects in Las Vegas, including a new Omnia Day Club by Tao at Caesars Palace, a complete remodel of the Augustus Tower at Caesars Palace, a full renovation of Palace Court, our high-limit table games area and salons, the rebrand of the Cromwell to the Vanderpump Hotel, and the recently announced Project 10 by Luke Combs that will occupy the vacant Margaritaville space at the Flamingo, just to name a few. These projects continue our commitment to reinvest in our assets while providing our guests with unique experiences. As we look ahead to the outlook for Las Vegas, we continue to see trends improving sequentially throughout the year, driven by stabilizing leisure trends and a strong group and convention calendar. In our regional segment, we reported adjusted EBITDA of $407 million, down slightly the last year. Absent the negative winter weather in December, EBITDA would have grown in Q4 on a year-over-year basis. results from our strategic customer reinvestments remain promising, driven by strong rated play trends in the quarter. As we mentioned last quarter, we will continue to refine our marketing approach as we remain focused on delivering strong returns on these investments. As we look ahead to 2026 in our regional segment, we expect to benefit from a strong group mix in Reno, the transition of Windsor from a managed to an owned property in March, the completion of our 200 million Tahoe Master Plan renovation this summer, hosting of select property events around the World Cup, and continued return on investment on recent changes in marketing. And finally, we're looking forward to the opening of our newest managed property, Harris, Oklahoma, which is expected to open on April 9th. I want to thank all of our team members for their hard work during 2025. Their dedication to exceptional guest service has been the driving force behind our accomplishments this year. And with that, I'll now turn the call over to Eric for some insights into the fourth quarter performance of our digital segment.