Caesars Q3 Loss Widens as Digital EBITDA Improves

Caesars Entertainment reported a wider third-quarter loss for 2026 as group revenue remained broadly unchanged and Las Vegas performance weakened.

For the three months ended September 30, the company posted GAAP net revenue of about $2.9 billion, in line with the prior-year period. Net loss attributable to Caesars increased to $123 million from $55 million.

Adjusted EBITDA declined to $865 million from $884 million a year earlier.

Caesars reported a loss of $0.61 per share on revenue of $2.94 billion. Analyst expectations had called for earnings of $0.08 per share on revenue of $2.96 billion.

The results come as Caesars prepares for its $17.6 billion acquisition by Fertitta Entertainment. Shareholders approved the transaction on September 22, with a preliminary closing date of June 26, 2027.

Once completed, Caesars is expected to become a wholly owned subsidiary of Fertitta Gaming and delist from Nasdaq.

Digital EBITDA Improves

Caesars Digital posted the strongest year-on-year EBITDA growth among the company’s segments.

Adjusted EBITDA rose 57.1% to $44 million from $28 million.

The supplied reports differ slightly on Digital revenue, with one placing the figure at $326 million and another at $320 million. Both indicate year-on-year growth of about 4.8%.

For the first nine months of 2026, the Digital segment recorded a net loss of $53 million, compared with $18 million during the same period last year.

Separate market analysis suggested Caesars lost share in both US online sports betting and iGaming.

Its estimated sports betting handle share slipped from 5.2% to 4.9%, while sports GGR share declined from 4.1% to 3.6%.

Estimated online casino share fell from 7.1% in Q3 2025 to 6.4%.

Las Vegas Weakens While Regional Revenue Rises

Revenue from Caesars’ nine Las Vegas properties fell 2.3% to $930 million from $952 million.

Adjusted EBITDA for the segment dropped 9.5% to $343 million, although its net loss improved from $132 million to $79 million.

Regional operations performed better. Revenue increased 5.9% to about $1.6 billion, while adjusted EBITDA rose 3.6% to $524 million.

Regional net loss increased to $66 million.

Revenue from Caesars-managed and branded properties declined 20.5% to $55 million from $73 million.

As of September 30, Caesars had $11.7 billion in aggregate principal debt, down from $11.9 billion a year earlier. Cash and cash equivalents stood at $864 million, excluding $113 million in restricted cash.

Caesars shares closed at $28.85, down 0.48%, after 6.2 million shares traded. The stock moved slightly lower in after-hours trading.

Fertitta Deal Shapes Next Phase

Caesars did not hold a third-quarter earnings call because of the pending acquisition, marking the second consecutive quarter without one.

Chief executive Tom Reeg discussed the transaction earlier at the Global Gaming Expo.

“What’s exciting for me about the combination is we’re combining into a restaurant and hospitality business that has over 400 outlets across the country, and you can combine them into a single ecosystem,” Reeg said. “That’s a big opportunity for us.”

He also said private ownership could give management more freedom to focus beyond quarterly reporting cycles.

“We’re forced as public companies to think in 90-day increments far more than is healthy, because that’s not how you run a business,” Reeg said.

Reeg also indicated that selected property sales could follow the transaction.

“There are markets that are not particularly material to the whole enterprise, so you shouldn’t be surprised if there’s a property or two that ultimately gets divested,” the CEO replied.

Caesars therefore enters its planned transition to private ownership with flat revenue, a larger quarterly loss and stronger Digital EBITDA, while Las Vegas remains the weaker part of the operating picture.