Caesars Widens Third-Quarter Loss as Las Vegas Slips

Caesars Entertainment's third-quarter results show the company moving in two different directions. Group revenue rose 2.5% to $2.94 billion. Adjusted EBITDA, however, fell from $884 million to $865 million, and the company reported a loss of 61 cents per share. Analysts had expected earnings of 8 cents per share, so the result fell well short of expectations.

The Las Vegas unit was the weakest area. Net revenue in the region fell 2.3%, from $952 million to $930 million. The drop in profitability was steeper than the revenue decline. In the first quarter, hotel occupancy stood at 95.3% and average room rates had risen. That picture suggests demand in the city has weakened recently.

Regional casinos and the digital unit, on the other hand, kept growing. Regional revenue rose 5.9% to $1.63 billion, and adjusted EBITDA climbed 3.6% to $524 million. Caesars Digital's revenue increased 4.8% to $326 million, and that unit's earnings also rose.

Corporate overhead added to the pressure. General and administrative expenses increased from $483 million to $517 million. The EBITDA loss in corporate and other segments widened from $47 million to $63 million.

These developments suggest the company's growth is shifting from Las Vegas toward regional and online operations. Fertitta Entertainment has agreed to acquire Caesars in an all-cash deal valued at about $17.6 billion. Shareholders approved the $31 per share cash merger plan at an extraordinary meeting on September 22, 2026.