Caesars Entertainment Corporation (NASDAQ:CZR) Q4 2018 Earnings Conference Call Transcript
Feb 21, 2019 • 05:45 pm ET
Hello, and welcome to today's webcast. My name is Sarah, and I will be your event specialist. All lines have been placed on mute to prevent any background noise. Please note that today's webcast is being recorded. (Operator Instructions)
It is now my pleasure to turn today's program over to Steven Rubis, Vice President of Investor Relations for Caesars Entertainment Corporation. Mr. Rubis, the floor is yours.
Thank you, Sarah. Good afternoon, and welcome to the Caesars Entertainment Fourth Quarter 2018 Conference Call. Joining me today from Caesars Entertainment Corporation are; Mark Frissora, President and Chief Executive Officer; and Eric Hession, Chief Financial Officer.
A copy of the press release, earnings presentation slides and a replay of this conference call are available in the Investor Relations section of our website at caesars.com. Also, please note that prior to this call, we furnished a copy of the earnings release to the SEC in a Form 8-K and we will file our Form 10-K.
Before we get underway, I would like to remind you to reference slides two through four, which include forward-looking statements, Safe Harbor disclaimers and definitions of certain non-GAAP measures. Our comments today will include forward-looking statements as defined by the Private Securities Litigation Reform Act. Forward-looking statements reflect our expectations as of today's date and we have no obligation to update or revise them.
Actual results may differ materially from those projected in any forward-looking statement due to unanticipated hold fluctuations, weather or other unforeseen circumstances that we do not control. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.
In addition, Caesars Entertainment Operating Company, or CEOC, emerged from bankruptcy on October 6, 2017, and Caesars Entertainment Corporation completed its merger with Caesars Acquisition Company, or CAC, on that date. We also deconsolidated the results of the Horseshoe Baltimore in the third quarter of 2017, and closed on the acquisition of Centaur Holding in the third quarter of 2018.
Therefore, US GAAP results do not include CEOC for the first six days of Q4 2017, do not include Horseshoe Baltimore in Q4 2017, and do not include Centaur Holdings prior to the acquisition in Q3 2018 unless otherwise stated.
Enterprise-wide results include CEOC in the prior year, include Centaur Holdings in the current year post acquisition and exclude the Horseshoe Baltimore in both years unless otherwise stated. And enterprise-wide hold adjusted results reflect hold versus our expectations. You can find reconciliations of GAAP and non-GAAP figures starting on slide 26.
I will now turn the call over to Mark. Please turn to slide six.
Thank you, Steve, and I'll provide a high-level overview of our performance in the fourth quarter and full year of 2018, and then give a few updates on our business before turning the call over to Eric to discuss our results in greater detail.
First, I'd like to address the recent 13D filing from entities affiliated with Carl Icahn disclosing ownership of 9.78%