Exhibit 99.5

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

The following unaudited pro forma condensed combined financial information and notes thereto have been prepared by Caesars Entertainment, Inc. (“Caesars” or the “Company”) in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses,” in order to give effect to the Transaction (as defined herein).

The unaudited pro forma condensed combined financial information (“Unaudited Pro Forma Condensed Combined Financial Statements”) included herein present the unaudited pro forma condensed combined balance sheet (“Unaudited Pro Forma Condensed Combined Balance Sheet”) and the unaudited pro forma condensed combined statement of operations (“Unaudited Pro Forma Condensed Combined Statement of Operations”) based upon the consolidated audited historical financial statements of Caesars Entertainment, Inc. and William Hill PLC (“William Hill”), after giving effect to the acquisition of William Hill and related financing (collectively, the “Transaction”), and the adjustments described in the accompanying notes.

Basis for Historical Information

The Unaudited Pro Forma Condensed Combined Financial Statements are being presented for illustrative purposes only and is not necessarily indicative of what the combined company’s financial position, results of operations, balance sheet data or other financial information of Caesars would have been if the acquisition of William Hill had occurred as of the dates indicated. In addition, the Unaudited Pro Forma Condensed Combined Financial Statements do not purport to project the future financial position or operating results of the combined company. The pro forma adjustments are based on the preliminary assumptions and information available at the time of the preparation of this report. The unaudited pro forma adjustments are based on available information and assumptions that management believes are reasonable in order to give effect, on a pro forma basis, to the Transaction.

The Acquisition

On April 22, 2021, Caesars UK Bidco, a wholly-owned subsidiary of Caesars, completed its acquisition of William Hill pursuant to a court sanctioned scheme of arrangement (the “Acquisition”). Caesars acquired the entire issued and to be issued share capital (other than shares owned by the Company or held in treasury) of William Hill, in an all-cash transaction of approximately £2.9 billion or approximately $4.0 billion. Caesars plans to sell William Hill’s non-U.S. operations, including its United Kingdom (“U.K.”) and international online divisions and retail betting shops (collectively, the “Rest of World” or “RoW” as defined herein).

Prior to the Transaction, Caesars and William Hill entered into a 25 year agreement, which became effective in 2019, pursuant to which Caesars granted William Hill the right to operate Caesars’ sportsbooks, in retail channels and conduct real money online betting and gaming activities under certain skins for online channels with respect to Caesars’ properties. “Skins” referred to Caesars’ ability to grant to William Hill an online channel that allowed William Hill to operate online casino and sports gaming activities in reliance on, and utilizing the benefit of, any licenses granted to Caesars or its subsidiaries. Caesars received a 20% ownership interest in William Hill PLC’s U.S. subsidiary, William Hill U.S. Holdco (“William Hill U.S.”) and 13 million ordinary shares of William Hill PLC. Additionally, Caesars received a profit share from the operations of sports betting and other gaming activities associated with Caesars’ properties.

Caesars accounted for its investment in William Hill U.S. as an equity-method investment and in William Hill PLC as an investment in equity securities. The fair value of the William Hill U.S. and William Hill PLC shares received as of the date of issuance has been deferred and recognized as revenue on a straight-line basis over the 25-year agreement term. The Acquisition is accounted for in the Unaudited Pro Forma Condensed Combined Financial Statements and related notes using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”), with Caesars as the accounting acquirer of William Hill and applying the pro forma assumptions and adjustments described in the accompanying notes. As noted above, Caesars plans to sell RoW. As such, the Unaudited Pro Forma Condensed Combined Financial Statements reflect the expected RoW divestiture as assets and liabilities held for sale.

In connection with the acquisition of William Hill, on April 22, 2021, a newly formed subsidiary of Caesars, Caesars Cayman Finance Limited, entered into a Credit Agreement (the “Bridge Credit Agreement”) with certain lenders party thereto and Deutsche Bank AG, London Branch, as administrative agent and collateral agent, pursuant to which the lenders party thereto provided the debt financing. The Bridge Credit Agreement provides for (a) a 540-day £1.0 billion Asset Sale Bridge Facility, (b) a 60-day £502.6 million Cash Confirmation Bridge Facility and (c) a 540-day £116.0 million Revolving Credit Facility. The proceeds of the bridge loan facilities provided under the Bridge Credit Agreement were used (i) to pay a portion of the cash consideration for the Acquisition and (ii) to pay fees and expenses related to the Acquisition and related transactions. The Unaudited Pro Forma Condensed Combined Financial Statements also reflect the partial repayment of the Asset Sale Bridge Facility and the Cash Confirmation Bridge Facility in the amounts of £700.0 million and £502.6 million, respectively. The proceeds of the revolving credit facility under the Bridge Credit Agreement will be used for working capital and general corporate purposes. The Bridge Credit Agreement is included within William Hill’s non-U.S. operations, which is planned to be divested.

The Unaudited Pro Forma Condensed Combined Financial Statements are based on the audited historical consolidated financial statements of Caesars and the audited historical consolidated financial statements of William Hill, as adjusted to give effect to the Transaction. The Unaudited Pro Forma Condensed Combined Balance Sheet as of December 31, 2020 gives effect to the Transaction as if it had occurred on December 31, 2020. The Unaudited Pro Forma Condensed Combined Statement of Operations for the fiscal year ended December 31, 2020 gives effect to the Transaction as if it had occurred on January 1, 2020. Refer to Note 1 - Basis of Presentation for additional information.

The Unaudited Pro Forma Condensed Combined Financial Statements and related notes should be read in conjunction with the audited historical financial statements of Caesars and William Hill referenced below:

The unaudited pro forma adjustments represent management’s estimates based on information available as of the date of the Unaudited Pro Forma Condensed Combined Financial Statements. However, management believes that the assumptions provide a reasonable basis for presenting the significant effects of the Transaction as contemplated, and that the unaudited pro forma adjustments give appropriate effect to those assumptions and are properly applied in the Unaudited Pro Forma Condensed Combined Financial Statements. The Pro Forma Adjustments are intended to represent the necessary adjustments to account for the Transaction. The Unaudited Pro Forma Condensed Combined Financial Statements are presented for informational purposes only and are not necessarily indicative of the financial position or results that would have occurred had the Transaction been consummated as of the dates indicated, nor is it indicative of any future results. The Unaudited Pro Forma Condensed Combined Financial Statements do not give effect to the potential impact of current financial conditions, or any anticipated revenue enhancements, cost savings or operating synergies that may result from the Transaction.

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UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

As of December 31, 2020

(Dollars in Millions)

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See accompanying notes to unaudited pro forma condensed combined financial statements.

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UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2020

(in Millions, Except Per Share Data)

See accompanying notes to unaudited pro forma condensed combined financial statements.

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NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation

The Unaudited Pro Forma Condensed Combined Financial Statements present the pro forma effects of the Transaction. The Unaudited Pro Forma Condensed Combined Financial Statements are prepared in accordance with Article 11 of Regulation S-X, as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses.” The audited historical financial statements have been adjusted in the Unaudited Pro Forma Condensed Combined Financial Statements to give pro forma effect to Transaction Accounting Adjustments that reflect the accounting for the Transaction in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Unaudited Pro Forma Condensed Combined Balance Sheet as of December 31, 2020 was prepared using the historical audited consolidated balance sheet of Caesars and the audited historical consolidated statement of financial position for William Hill as of December 29, 2020 and gives effect to the Transaction as if it had occurred on December 31, 2020.

The Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended December 31, 2020 was prepared using the audited historical consolidated statement of operations for Caesars and the audited historical income statement for William Hill for the 52 weeks ended December 29, 2020 and gives effect to the Transaction as if it had occurred on January 1, 2020.

On the acquisition date, Caesars has determined that the William Hill RoW operations met the criteria to be classified as long-lived assets held for sale. As such, the Unaudited Pro Forma Condensed Combined Balance Sheet includes Transaction Accounting Adjustments to reflect the anticipated divestiture of the RoW operations as assets and liabilities held for sale. The Unaudited Pro Forma Condensed Combined Statement of Operations includes Transaction Accounting Adjustments to remove the revenues and expenses of RoW as the RoW operations will be accounted for as discontinued operations, which are excluded from the Unaudited Pro Forma Condensed Combined Statement of Operations. The Unaudited Pro Forma Condensed Combined Financial Statements do not give effect to any proceeds or gain/loss on sale from the planned divestiture of RoW.

The audited historical consolidated financial statements of Caesars are prepared in accordance with U.S. GAAP and are shown in U.S. dollars. The audited historical consolidated financial statements of William Hill are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), and are presented in British pound sterling (“GBP”), and translated into U.S. dollars (“USD”) for purposes of the Unaudited Pro Forma Condensed Combined Financial Statements. The revenue and expenses were translated using the historical average exchange rate for the year ended December 31, 2020, and the assets and liabilities were translated using the exchange rate as of the balance sheet date of December 31, 2020. See Note 2 - Adjustments to and Reclassifications of Historical William Hill Financial Information.

The Unaudited Pro Forma Condensed Combined Financial Statements have been prepared using the acquisition method of accounting in accordance with ASC 805, with Caesars treated as the accounting acquirer and William Hill as the accounting acquiree, and reflect the preliminary allocation of the purchase price to the acquired assets and liabilities based upon a preliminary estimate of fair values, using the assumptions set forth in the notes to the Unaudited Pro Forma Condensed Combined Financial Statements. Caesars has not completed the valuation analysis and calculations in sufficient detail necessary to arrive at the required estimates of the fair value of William Hill’s assets acquired or liabilities assumed, other than a preliminary estimate for certain intangible assets. Accordingly, apart from these assets, William Hill’s assets and liabilities are presented at their respective carrying amounts and should be treated as preliminary values. Any differences between the fair value of the consideration transferred and the fair value of the assets acquired and liabilities assumed will be recorded as goodwill. Accordingly, the purchase price allocation and related adjustments reflected in these Unaudited Pro Forma Condensed Combined Financial Statements are preliminary and subject to revision based on a final determination of fair values.

Note 2 - Adjustments to and Reclassifications of Historical William Hill Financial Information

William Hill’s historical financial information was derived from their audited historical consolidated financial statements described in the introduction and are presented under IFRS and converted from GBP to USD based on historical exchange rates. The historical audited consolidated income statement of William Hill for the 52 weeks ended December 29, 2020, was translated using the historical average exchange rate (1.2834 $/£). The historical audited consolidated statement of financial position as of December 29, 2020, was translated using the spot rate on December 31, 2020 (1.3663 $/£). Caesars considered the difference in William Hill’s fiscal year end and its impact on the adoption of new accounting standards and noted no material impacts.

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The historical balances reflect certain reclassifications of William Hill’s consolidated statement of financial position and consolidated income statement categories to conform to Caesars’ presentation and are summarized below:

William Hill’s Consolidated Statement of Financial Position Reclassifications:

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William Hill’s Consolidated Income Statement Reclassifications:

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Further review may identify additional reclassifications that could have a material impact on the Unaudited Pro Forma Condensed Combined Financial Statements of the combined company. At this time, Caesars is not aware of any other reclassifications that would have a material impact on the Unaudited Pro Forma Condensed Combined Financial Statements that are not reflected in the pro forma adjustments.

Note 3 - William Hill RoW Assets and Liabilities Held for Sale and RoW Divestiture

Caesars plans to sell William Hill’s non-U.S. operations, including its U.K. and international online divisions and retail betting shops. On the acquisition date, Caesars has determined that RoW met the criteria to be classified as long-lived assets held for sale under Accounting Standards Codification 360, Property, plant, and equipment. As such, the Unaudited Pro Forma Condensed Combined Financial Statements reflect the expected RoW divestiture as assets and liabilities held for sale and as discontinued operations. The Unaudited Pro Forma Condensed Combined Statement of Operations includes Transaction Accounting Adjustments to remove the revenues and expenses of RoW as the RoW operations will be accounted for as discontinued operations, which are excluded from the Unaudited Pro Forma Condensed Combined Statement of Operations. The Unaudited Pro Forma Condensed Combined Financial Statements reflect the expected assets and liabilities to be disposed of, but given separation is ongoing, amounts may change. The effects of any changes could, individually or in the aggregate, materially impact the Unaudited Pro Forma Condensed Combined Financial Statements.

These adjustments represent the reclassification of (i) historical assets of RoW to assets classified as held for sale and (ii) historical liabilities of RoW to liabilities related to assets held for sale as well as (iii) the elimination of historical operations for the RoW that is expected to be sold.

Note 4 - IFRS to U.S. GAAP Adjustments and Significant Accounting Policies

During the preparation of these Unaudited Pro Forma Condensed Combined Financial Statements, management performed a preliminary analysis of William Hill’s financial information to identify differences in accounting policies as compared to those of Caesars, including certain adjustments to conform the historical financial information of William Hill from IFRS to U.S. GAAP. IFRS differs in certain respects from U.S. GAAP. There were no material adjustments made to the Unaudited Pro Forma Condensed Combined Financial Statements to align with U.S. GAAP based on management’s preliminary assessment of differences between IFRS and U.S. GAAP.

The Unaudited Pro Forma Condensed Combined Financial Statements have been compiled using the significant accounting policies as set forth in the audited consolidated financial statements for the fiscal year ended December 31, 2020. Caesars has completed an initial assessment of William Hill’s accounting policies under IFRS compared to Caesars’ accounting policies under U.S. GAAP. As a result of that assessment, Caesars has not identified any material policy differences but, as the analysis is ongoing, Caesars may identify additional accounting policy differences that, when conformed, could have a material impact on the Unaudited Pro Forma Condensed Combined Financial Statements of the combined company. At this time, Caesars is not aware of any accounting policy differences that would have a material impact on the Unaudited Pro Forma Condensed Combined Financial Statements that are not reflected in the pro forma adjustments.

Note 5 - Calculation of Purchase Consideration

The total purchase consideration for the purpose of the Unaudited Pro Forma Condensed Combined Financial Statements is $4,012 million. Refer to the table below for the preliminary calculation of purchase consideration transferred:

Preliminary Purchase Price Accounting

The pro forma adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet are preliminary. The adjustment amounts are estimates of the fair value and useful lives of the assets acquired and liabilities assumed as of December 31, 2020. These adjustments have

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been prepared to illustrate the estimated effect of the Transaction. The allocation is dependent upon certain valuation and other studies that have not yet been completed. Accordingly, the preliminary purchase price allocation and related adjustments reflected are subject to further adjustment as additional information becomes available and as additional analyses and final valuations are completed. The noncontrolling interest acquired represents certain small minority interest holdings acquired as part of the acquisition of Mr. Green. Accordingly, the fair value of noncontrolling interest acquired is not yet complete and is dependent upon certain assumptions that have not yet been finalized. A contingent liability was assumed on William Hill’s historical financial information as of December 29, 2020 arising from a contractual liability held as part of a commercial agreement with a third party that triggered in the event of a change of control of William Hill. The Company has recorded an initial estimate of the contractual liability on the opening balance sheet. Accordingly, actual amounts to the consolidated financial statements may differ from those reflected in the Pro Forma Financial Statements.

The following table summarizes the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of William Hill:

Note 6 - Unaudited Pro Forma Condensed Combined Balance Sheet Pro Forma Adjustments

Transaction Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet:

The following summarizes the Transaction Accounting Adjustments to give effect as if the Transaction had been completed on December 31, 2020 for the purposes of the Unaudited Pro Forma Condensed Combined Balance Sheet:

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The preliminary identifiable intangible assets recognized in the Unaudited Pro Forma Condensed Combined Balance Sheet consist of the following:

The adjustment to reflect preliminary fair value estimates for intangible assets related to RoW that will be divested are reflected as Assets held for sale (refer to Note 6i). The preliminary fair value estimate for Brand and Technology were determined based on using the relief-from-royalty method, which applies an estimated royalty rate to forecasted future cash flows, discounted to present value. User relationships were determined using the cost approach.

The adjustment to reflect the resulting goodwill related to RoW that will be divested is reflected as Assets held for sale (refer to Note 6i).

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