Caesars Entertainment Net Loss More Than Doubles Despite Digital Growth
United States.- 29 October 2026 | www.zonadeazar.com Caesars Entertainment has reported its financial results for the third quarter of 2026, recording a net loss of US$123 million, compared with US$55 million during the corresponding period of 2025.
Despite the widening loss, the company generated US$2.94 billion in net revenue, representing year-on-year growth of 2.5%, primarily supported by its regional casino operations and the expansion of Caesars Digital.
Consolidated Adjusted EBITDA reached US$865 million, while the digital business achieved a 57.1% increase in this profitability measure.
Net Loss Increases by 123.6%
The results, published on 27 October, reveal a deterioration in the company’s bottom-line performance during the July-to-September period.
Key financial indicators included:
- Net revenue: US$2.94 billion, up 2.5%.
- Net loss attributable to Caesars: US$123 million, compared with US$55 million in 2025.
- Adjusted EBITDA: US$865 million, down 2.1%.
- Loss per share: US$0.61, compared with US$0.27 a year earlier.
The increase in losses occurred despite higher overall revenue.
The figures highlight significant differences between the performance of Caesars’ individual business segments.
Caesars Digital Adjusted EBITDA Rises 57.1%
The digital division was one of the quarter’s strongest performers.
Caesars Digital generated revenue of US$326 million, compared with US$311 million in the corresponding period of 2025.
This represented year-on-year growth of 4.8%.
Meanwhile, the segment’s Adjusted EBITDA increased from US$28 million to US$44 million, representing growth of 57.1%.
The figures demonstrate improved adjusted operating profitability across the company’s digital activities, including online sports betting and casino products.
Digital Division Also Returns to Net Profit
Alongside its Adjusted EBITDA growth, Caesars Digital reversed the net loss recorded during the third quarter of 2025.
The segment moved from a US$21 million loss to a net profit of US$4 million.
This US$25 million improvement represents progress in the division’s financial performance.
During the first nine months of 2026, Caesars Digital generated US$1.051 billion in revenue, up 6.3% year-on-year.
Its year-to-date Adjusted EBITDA reached US$181 million, compared with US$151 million a year earlier.
Regional Casino Revenue Grows 5.9%
Caesars’ regional operations recorded the strongest revenue growth among the group’s principal business segments.
During the third quarter, regional casinos generated US$1.627 billion, compared with US$1.536 billion in 2025.
This represented year-on-year growth of 5.9%.
Adjusted EBITDA reached US$524 million, an increase of 3.6%.
The segment’s net profit also improved, rising from US$56 million to US$66 million.
These results helped partially offset weaker performance in Las Vegas.
Las Vegas Revenue Declines
Caesars’ Las Vegas operations delivered weaker results during the quarter.
Net revenue declined by 2.3%, falling from US$952 million to US$930 million.
The reduction was more pronounced in terms of adjusted operating profitability.
Adjusted EBITDA fell by 9.5%, from US$379 million to US$343 million.
The segment’s net profit also decreased by 40.2%, falling from US$132 million to US$79 million.
These figures show that the Las Vegas business continues to face greater challenges than the company’s regional and digital divisions.
Managed and Branded Revenue Falls
The Managed and Branded segment, which includes certain managed operations and commercial agreements involving Caesars’ brands, also recorded a decline.
Revenue fell from US$73 million to US$58 million, a decrease of 20.5%.
Adjusted EBITDA declined from US$18 million to US$17 million.
Meanwhile, net profit fell from US$18 million to US$16 million.
The segment’s performance also contributed to the differences between the company’s 2025 and 2026 results.
Interest Expenses Remain Significant
A key factor behind the group’s consolidated results is the continuing burden of financing costs.
During the third quarter, Caesars reported US$570 million in net interest expenses, compared with US$576 million in the corresponding period of 2025.
Although this represented a slight decrease, the figure remains substantial.
Depreciation and amortisation expenses also increased, from US$352 million to US$366 million.
These costs help explain why the company recorded a consolidated net loss despite generating positive Adjusted EBITDA.
Total Debt Stands at US$11.659 Billion
As of 30 September 2026, Caesars Entertainment reported total outstanding debt of US$11.659 billion.
This represented a reduction from US$11.905 billion at the end of December 2025.
The company’s debt structure included:
- Bank debt and loans: US$5.820 billion.
- Notes: US$5.800 billion.
- Other long-term debt: US$39 million.
Caesars held US$864 million in cash and cash equivalents, excluding US$113 million in restricted cash.
Consequently, net debt stood at approximately US$10.795 billion.
Financial Performance During the First Nine Months
Between January and September 2026, Caesars Entertainment generated US$8.803 billion in revenue, representing growth of 2.7% compared with US$8.570 billion a year earlier.
However, the net loss attributable to the group reached US$283 million, compared with US$252 million during the first nine months of 2025.
Consolidated Adjusted EBITDA stood at US$2.672 billion, a year-on-year decline of 1.9%.
The figures indicate that the company continues to achieve moderate revenue growth while facing challenges in improving its consolidated bottom-line performance.
Merger With Fertitta Entertainment Remains Pending
The results were published as Caesars Entertainment continues its proposed merger with Fertitta Entertainment, announced on 28 May 2026.
The transaction is expected to result in Caesars being delisted from Nasdaq and becoming a privately held company once completed.
In light of the pending merger, Caesars decided not to hold an earnings conference call for the quarter.
Completion of the transaction remains subject to the relevant conditions and approvals.
Industry Impact and Next Steps
The third-quarter results reveal contrasting performances across Caesars Entertainment’s main business divisions.
While regional casinos and Caesars Digital delivered improvements, Las Vegas experienced declines in revenue and profitability.
The widening consolidated net loss demonstrates that higher revenue has yet to translate into stronger overall net financial results.
Over the coming months, the company will continue monitoring its operating performance while progressing with the proposed Fertitta Entertainment transaction.
Caesars Digital’s 57.1% increase in Adjusted EBITDA stands out as one of the quarter’s main positive developments, contrasting with the widening consolidated net loss of US$123 million.
Edited by: @fonta
