Caesars Entertainment Inc

CZR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Caesars and Penn: Increasing Our Cost of Equity to Account for Relative Elevated Debt Leverage

Dan Wasiolek

Dec 23, 2025

Debt levels have remained elevated for several casino operators. Caesars' and Penn's 2024 debt/adjusted EBITDA ratios were 6.7 times and 8.7 times, respectively, and interest coverage has been limited. Caesars and Penn reported EBIT/interest coverage ratios of 0.9 and 0.2, respectively, in 2024.

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Caesars Entertainment Inc

Caesars and Penn: Increasing Our Cost of Equity to Account for Relative Elevated Debt Leverage

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