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State of Play’s TL;DR
- Caesars Entertainment reported a wider third-quarter loss and revenue below Wall Street expectations.
- The gaming company showed strength in regional casinos and Caesars Digital.
Caesars Entertainment missed Wall Street expectations in the third quarter, reporting a $123 million net loss on $2.94 billion in revenue.
The results arrived as the company said it would not hold an earnings call because of its pending $17.6 billion merger with Fertitta Entertainment, a deal that would take Caesars private and delist it from Nasdaq.
Caesars reported a loss of 61 cents per share for the quarter ended Sept. 30, compared with analyst expectations for earnings of 8 cents per share on $2.96 billion in revenue. Adjusted EBITDA came in at $865 million, down from $884 million in the third quarter of 2025.
Regional casinos and digital offset weaker Las Vegas results
The quarter showed a split across Caesars’ business lines.
Revenue from the company’s nine Las Vegas properties fell 2.3% year over year to $930 million from $952 million. Revenue from Caesars-managed and branded properties also declined, dropping 20.5% to $55 million from $73 million.
Those declines were partly offset by growth elsewhere. Regional casinos generated $1.6 billion in revenue, up 5.9% from $1.5 billion a year earlier. Caesars Digital revenue rose 4.8% to $320 million from $311 million, while Caesars Digital adjusted EBITDA increased to $44 million from $28 million.
The company’s shares closed at $28.85 on Nasdaq, down 14 cents, or 0.48%, with 6.2 million shares traded. In after-hours trading, the stock was down another 5 cents to $28.80.
As of Sept. 30, Caesars had $11.7 billion in aggregate principal amount of debt outstanding, down from $11.9 billion a year earlier. Total cash and cash equivalents stood at $864 million, excluding $113 million in restricted cash.
Based on reporting by Chris Sieroty for CDC Gaming.
