Caesars Q3 Loss Widens as Las Vegas Falls, Regional and Digital Rise

Caesars Entertainment reported operating results for the third quarter ended September 30, 2026, in a press release dated October 27, 2026. The company posted GAAP net revenues of $2,940 million, up 2.5% from $2,869 million in the comparable prior-year period, and a net loss attributable to Caesars of $123 million, compared with a net loss of $55 million. Consolidated Adjusted EBITDA was $865 million, down 2.1% from $884 million, and basic and diluted loss per share was $0.61, compared with $0.27 a year earlier.

The company presents Adjusted EBITDA as a supplemental non-GAAP disclosure because it is a widely used measure of operating performance in the gaming industry. The release includes a reconciliation of Adjusted EBITDA to net income (loss) attributable to Caesars.

Segment Results

Caesars’ Las Vegas segment recorded net revenues of $930 million, down 2.3% from $952 million, according to the company’s segment tables. Las Vegas Adjusted EBITDA fell 9.5% to $343 million from $379 million, and segment net income attributable to Caesars dropped 40.2% to $79 million from $132 million.

The Regional segment’s net revenues rose 5.9% to $1,627 million from $1,536 million. Regional Adjusted EBITDA increased 3.6% to $524 million from $506 million, and segment net income rose 17.9% to $66 million from $56 million.

Caesars Digital net revenues grew 4.8% to $326 million from $311 million. The segment’s Adjusted EBITDA climbed 57.1% to $44 million from $28 million, and Caesars Digital moved to net income of $4 million from a net loss of $21 million in the prior-year period.

Managed and Branded net revenues fell 20.5% to $58 million from $73 million, with Adjusted EBITDA down 5.6% to $17 million from $18 million and net income down 11.1% to $16 million from $18 million. Corporate and Other posted a net loss of $288 million, compared with $240 million a year earlier, and an Adjusted EBITDA loss of $63 million, compared with $47 million.

Statement of Operations

Casino revenue was $1,754 million, up from $1,642 million, according to the company’s condensed consolidated statement of operations. Food and beverage revenue declined to $410 million from $436 million, hotel revenue declined to $467 million from $485 million, and other revenue was $309 million, compared with $306 million.

Total operating expenses were $2,483 million, up from $2,356 million. Casino expense was $966 million, compared with $909 million; general and administrative expense was $517 million, compared with $483 million; corporate expense was $93 million, compared with $75 million; and depreciation and amortization was $366 million, compared with $352 million. Transaction and other costs, net were $11 million.

Operating income was $457 million, down from $513 million. Interest expense, net was $570 million, compared with $576 million a year earlier. Caesars recorded a $10 million benefit for income taxes and a net loss of $107 million before $16 million of net income attributable to noncontrolling interests. Weighted average basic shares outstanding were 204 million, compared with 207 million.

Balance Sheet and Liquidity

Caesars had $11.7 billion in aggregate principal amount of debt outstanding as of September 30, 2026. Total outstanding indebtedness was $11,659 million, down from $11,905 million at December 31, 2025, and consisted of $5,820 million in bank debt and loans, $5,800 million in notes and $39 million in other long-term debt.

Cash and cash equivalents were $864 million, excluding restricted cash of $113 million. Net debt, which the company defines as total outstanding indebtedness less cash and cash equivalents, was $10,795 million, compared with $11,018 million at December 31, 2025.

Total cash on hand and borrowing capacity stood at $2,947 million. That total combines the $864 million cash balance with $2,250 million of capacity under the CEI Revolving Credit Facility and $25 million under the CVA Revolving Credit Facility, less $96 million committed to letters of credit, $40 million committed to specific reserves and $56 million committed as a regulatory requirement.

Nine-Month Results

For the nine months ended September 30, 2026, net revenues were $8,803 million, up 2.7% from $8,570 million. Net loss attributable to Caesars was $283 million, compared with $252 million, and Adjusted EBITDA was $2,672 million, down 1.9% from $2,723 million.

Nine-month Regional net revenues rose 6.1% to $4,627 million, and Caesars Digital net revenues rose 6.3% to $1,051 million, while Las Vegas net revenues fell 2.0% to $2,950 million and Managed and Branded net revenues fell 15.4% to $181 million. Nine-month Adjusted EBITDA was $1,179 million in Las Vegas, down 8.0%; $1,447 million in Regional, up 4.5%; and $181 million in Caesars Digital, up 19.9%.

Merger Disclosure

Caesars said it will not host a quarterly conference call because of its pending definitive agreement to be acquired by Fertitta Entertainment, Inc., which was announced on May 28, 2026. Upon completion of the transaction, the company’s common stock will no longer be listed on NASDAQ and Caesars will become a private entity, according to the release.