“Adjusted EBITDA represents, as applicable, net income (loss) before interest income and interest expense net of interest capitalized, (benefit) provision for income taxes, depreciation and amortization, stock-based compensation expense, (gain) loss on extingu…”10-Q · Jul 28, 2026 ↗
Caesars Entertainment, Inc.
CZR
Market read
Caesars Entertainment, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
- Revenue increased 2.7% versus the comparable filing period.
- Cash declined 17.0M versus the comparable period.
- Adjusted EBITDA margin remained flat despite higher net revenues, with the filing attributing the result primarily to increased labor costs and gaming taxes.
Invalidation: The isolated read changes if CZR's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
- Revenue increased 2.7% versus the comparable filing period.
- Cash declined 17.0M versus the comparable period.
- Adjusted EBITDA margin remained flat despite higher net revenues, with the filing attributing the result primarily to increased labor costs and gaming taxes.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
No qualifying supportive evidence was identified.
- Operating margin changed -4.3 percentage points in the latest annual period.
- Net margin changed -1.9 percentage points in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
- EV/sales is 23% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 9, 2026
29.67Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“Adjusted EBITDA margin remained relatively flat for the three and six months ended June 30, 2026, despite the increased net revenues primarily due to increased labor costs and gaming taxes.”10-Q · Jul 28, 2026 ↗
“Adjusted EBITDA margin remained relatively flat for the three and six months ended June 30, 2026, despite the increased net revenues primarily due to increased labor costs and gaming taxes.”10-Q · Jul 28, 2026 ↗
“Adjusted EBITDA represents, as applicable, net income (loss) before interest income and interest expense net of interest capitalized, (benefit) provision for income taxes, depreciation and amortization, stock-based compensation expense, (gain) loss on extingu…”10-Q · Jul 28, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.5× · EV/sales 1.5×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:00 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for CZR. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-28 against the comparable filing from 2025-04-29.
What improved
- Revenue increased 2.7% versus the comparable filing period.
What weakened
- Cash declined 17.0M versus the comparable period.
Filing receipts
“Other income (expenses) Other income (expenses) were as follows: Three Months Ended March 31, Percent Change (Dollars in millions) 2026 2025 Variance Interest expense, net $ (569) $ (574) $ 5 0.9 % Other loss (2) (1) (1) (100.0) % Provision for income taxes (12) (11) (1) (9.1) % Interest expense, net decreased for the three months ended March 31, 2026, as compared to the same prior year period, primarily due to a reduction in outstanding debt and lower variable rate interest expense.”
“Net income (loss), Adjusted EBITDA and Adjusted EBITDA margin declined slightly for the three months ended March 31, 2026, as compared to the same prior year period, primarily due to increased labor costs and gaming taxes.”
“% Provision for income taxes (12) (11) (1) (9.1) % Interest expense, net decreased for the three months ended March 31, 2026, as compared to the same prior year period, primarily due to a reduction in outstanding debt and lower variable rate interest expense.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind CZR
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
VICIVICI Properties Inc.distributorApr 28, 2026 ▾
“We lease 18 casinos from VICI Properties L.P., a Delaware limited partnership (“VICI”), pursuant to a regional lease, a Las Vegas lease and a Joliet lease (the “VICI Leases”).”
VICIVICI Properties Inc.partnerFeb 17, 2026 ▾
“We lease certain real property assets from third parties, including GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc.”
Depended on by
GLPIGaming and Leisure Properties, Inc.partnerApr 23, 2026 ▾
“37 Master Leases Boyd Master Lease Caesars Amended and Restated Master Lease Operator Boyd Caesars Properties Belterra Casino Resort Florence, IN Tropicana Atlantic City Atlantic City, NJ Ameristar Kansas City Kansas City, MO Tropicana Laughlin Laughlin, NV A…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
CZR is currently a Leader in the organic co-movement group Resorts & Casinos. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for CZR; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.