third quarter 2026
Filed Oct 27, 2026Caesars reported third-quarter net revenues of $2,940 million, up 2.5%, while net loss attributable to Caesars widened to $123 million and Consolidated Adjusted EBITDA declined 2.1% to $865 million.
Regional and Caesars Digital revenue and Adjusted EBITDA growth offset declines in Las Vegas and Managed and Branded revenue, but consolidated Adjusted EBITDA fell and the GAAP net loss attributable to Caesars widened.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, three months ended September 30, 2026GAAP | $2.94B | – | 2.5% |
| Casino revenue, three months ended September 30, 2026GAAP | $1.75B | – | – |
| Food and beverage revenue, three months ended September 30, 2026GAAP | $410M | – | – |
| Hotel revenue, three months ended September 30, 2026GAAP | $467M | – | – |
| Other revenue, three months ended September 30, 2026GAAP | $309M | – | – |
| Casino operating expenses, three months ended September 30, 2026GAAP | $966M | – | – |
| Food and beverage operating expenses, three months ended September 30, 2026GAAP | $272M | – | – |
| Hotel operating expenses, three months ended September 30, 2026GAAP | $161M | – | – |
| Other operating expenses, three months ended September 30, 2026GAAP | $97M | – | – |
| General and administrative expenses, three months ended September 30, 2026GAAP | $517M | – | – |
| Corporate expenses, three months ended September 30, 2026GAAP | $93M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $366M | – | – |
| Transaction and other costs, net, three months ended September 30, 2026GAAP | $11M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $2.48B | – | – |
| Operating income, three months ended September 30, 2026GAAP | $457M | – | – |
| Interest expense, net, three months ended September 30, 2026GAAP | −$570M | – | – |
| Loss on extinguishment of debt, three months ended September 30, 2026GAAP | — | – | – |
| Other income (loss), three months ended September 30, 2026GAAP | −$4M | – | – |
| Total other expense, three months ended September 30, 2026GAAP | −$574M | – | – |
| Loss before income taxes, three months ended September 30, 2026GAAP | −$117M | – | – |
| Benefit for income taxes, three months ended September 30, 2026GAAP | $10M | – | – |
| Net loss, three months ended September 30, 2026GAAP | −$107M | – | – |
| Net income attributable to noncontrolling interests, three months ended September 30, 2026GAAP | −$16M | – | – |
| Net loss attributable to Caesars, three months ended September 30, 2026GAAP | −$123M | – | (123.6)% |
| Basic loss per share, three months ended September 30, 2026GAAP | $(0.61) | – | – |
| Diluted loss per share, three months ended September 30, 2026GAAP | $(0.61) | – | – |
| Weighted average basic shares outstanding, three months ended September 30, 2026other | 204M | – | – |
| Weighted average diluted shares outstanding, three months ended September 30, 2026other | 204M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $865M | – | (2.1)% |
| Net revenues, nine months ended September 30, 2026GAAP | $8.80B | – | 2.7% |
| Casino revenue, nine months ended September 30, 2026GAAP | $5.18B | – | – |
| Food and beverage revenue, nine months ended September 30, 2026GAAP | $1.26B | – | – |
| Hotel revenue, nine months ended September 30, 2026GAAP | $1.45B | – | – |
| Other revenue, nine months ended September 30, 2026GAAP | $915M | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $7.33B | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $1.47B | – | – |
| Interest expense, net, nine months ended September 30, 2026GAAP | −$1.71B | – | – |
| Net loss attributable to Caesars, nine months ended September 30, 2026GAAP | −$283M | – | (12.3)% |
| Basic loss per share, nine months ended September 30, 2026GAAP | $(1.39) | – | – |
| Diluted loss per share, nine months ended September 30, 2026GAAP | $(1.39) | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $2.67B | – | (1.9)% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Las Vegas, three months ended September 30, 2026Adjusted EBITDA was $343 million, compared with $379 million for the comparable prior-year period. | $930M | – | (2.3)% |
| Regional, three months ended September 30, 2026Adjusted EBITDA was $524 million, compared with $506 million for the comparable prior-year period. | $1.63B | – | 5.9% |
| Caesars Digital, three months ended September 30, 2026Adjusted EBITDA was $44 million, compared with $28 million for the comparable prior-year period. | $326M | – | 4.8% |
| Managed and Branded, three months ended September 30, 2026Adjusted EBITDA was $17 million, compared with $18 million for the comparable prior-year period. | $58M | – | (20.5)% |
| Corporate and Other, three months ended September 30, 2026Adjusted EBITDA was $(63) million, compared with $(47) million for the comparable prior-year period. | −$1M | – | 66.7% |
| Las Vegas, nine months ended September 30, 2026Adjusted EBITDA was $1,179 million, compared with $1,281 million for the comparable prior-year period. | $2.95B | – | (2.0)% |
| Regional, nine months ended September 30, 2026Adjusted EBITDA was $1,447 million, compared with $1,385 million for the comparable prior-year period. | $4.63B | – | 6.1% |
| Caesars Digital, nine months ended September 30, 2026Adjusted EBITDA was $181 million, compared with $151 million for the comparable prior-year period. | $1.05B | – | 6.3% |
| Managed and Branded, nine months ended September 30, 2026Adjusted EBITDA was $46 million, compared with $51 million for the comparable prior-year period. | $181M | – | (15.4)% |
| Corporate and Other, nine months ended September 30, 2026Adjusted EBITDA was $(181) million, compared with $(145) million for the comparable prior-year period. | −$6M | – | – |
What drove it
- Regional net revenues increased 5.9% and Regional Adjusted EBITDA increased 3.6% in the third quarter.
- Caesars Digital net revenues increased 4.8% and Caesars Digital Adjusted EBITDA increased 57.1% in the third quarter.
- Casino revenue was $1,754 million in the third quarter, compared with $1,642 million in the comparable prior-year period.
- Las Vegas net revenues decreased 2.3% and Las Vegas Adjusted EBITDA decreased 9.5% in the third quarter.
Concerns
- Las Vegas net revenues were $930 million, down 2.3%, and Las Vegas Adjusted EBITDA was $343 million, down 9.5%.
- Consolidated Adjusted EBITDA was $865 million, down 2.1%.
- Net loss attributable to Caesars was $123 million, compared with a net loss attributable to Caesars of $55 million.
- Managed and Branded net revenues declined 20.5% to $58 million.
- Corporate and Other Adjusted EBITDA was $(63) million, compared with $(47) million.
- Caesars had $11.7 billion in aggregate principal amount of debt outstanding as of September 30, 2026.
What to watch
- The pending definitive agreement to be acquired by Fertitta Entertainment, Inc., announced on May 28, 2026.
- The company will not host a quarterly conference call because of the pending definitive agreement.
- Las Vegas revenue and Adjusted EBITDA trends.
- Regional and Caesars Digital revenue and Adjusted EBITDA trends.
- Leverage, cash balances, and available revolver capacity.
Balance sheet and cash flow
- Cash and cash equivalents were $864 million as of September 30, 2026, compared with $887 million as of December 31, 2025.
- Restricted cash was $113 million as of September 30, 2026.
- Total outstanding indebtedness was $11,659 million as of September 30, 2026, compared with $11,905 million as of December 31, 2025.
- Bank debt and loans were $5,820 million as of September 30, 2026, compared with $6,063 million as of December 31, 2025.
- Notes were $5,800 million as of September 30, 2026 and $5,800 million as of December 31, 2025.
- Other long-term debt was $39 million as of September 30, 2026, compared with $42 million as of December 31, 2025.
- Net debt was $10,795 million as of September 30, 2026, compared with $11,018 million as of December 31, 2025.
- Total cash on hand and borrowing capacity was $2,947 million as of September 30, 2026, including $2,250 million of CEI Revolving Credit Facility capacity and $25 million of CVA Revolving Credit Facility capacity.
Analysis
Caesars delivered third-quarter net revenues of $2,940 million, up 2.5% from $2,869 million. The revenue increase was led by Regional, where revenue rose 5.9% to $1,627 million, and Caesars Digital, where revenue increased 4.8% to $326 million. Casino revenue increased to $1,754 million from $1,642 million, while food and beverage revenue and hotel revenue declined to $410 million and $467 million, respectively.
The business mix remained uneven. Las Vegas revenue declined 2.3% to $930 million and Las Vegas Adjusted EBITDA declined 9.5% to $343 million. Regional Adjusted EBITDA increased 3.6% to $524 million, and Caesars Digital Adjusted EBITDA increased 57.1% to $44 million. These gains did not fully offset lower Las Vegas profitability, lower Managed and Branded results, and a larger Corporate and Other Adjusted EBITDA loss, leaving consolidated Adjusted EBITDA down 2.1% to $865 million.
GAAP profitability weakened. Operating income was $457 million compared with $513 million, while net loss attributable to Caesars widened to $123 million from $55 million. Interest expense, net was $(570) million, and depreciation and amortization was $366 million. For the nine months ended September 30, 2026, net revenues increased 2.7% to $8,803 million, but Adjusted EBITDA declined 1.9% to $2,672 million and net loss attributable to Caesars widened to $283 million.
Liquidity included $864 million of cash and cash equivalents and total cash on hand and borrowing capacity of $2,947 million as of September 30, 2026. Total outstanding indebtedness was $11,659 million and net debt was $10,795 million. The release provided no financial guidance, and Caesars said it will not host a quarterly conference call because of its pending definitive agreement to be acquired by Fertitta Entertainment, Inc. announced on May 28, 2026.
Not in the filing
stated, not guessed- Forward financial guidance
- Previous-period outlook for comparison
- Operating cash flow
- Free cash flow
- Capital expenditures
- Share repurchases
- Dividends
- Gross margin
- Reported tax rate
- Prior-quarter comparisons
- Named executive quotes
- Nine-month operating-expense line-item detail in key_metrics
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.