Caesars Q3 2026: net revenue up 2.5%, digital EBITDA rises to $44 million as Fertitta deal pends
Caesars Entertainment reported third-quarter net revenue of $2.94 billion and a wider net loss, with growth in its regional and digital segments offset by a weaker Las Vegas. It held no earnings call because of its pending sale to Fertitta Entertainment.
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Overview
- Caesars Entertainment (Nasdaq: CZR) reported third-quarter 2026 GAAP net revenue of $2.94 billion, up 2.5% from $2.87 billion a year earlier, in a results release furnished to the SEC on October 27.
- The net loss attributable to Caesars widened to $123 million from $55 million. Consolidated adjusted EBITDA fell 2.1% to $865 million.
- Caesars Digital, which includes its online sportsbook and iCasino, grew net revenue 4.8% to $326 million and adjusted EBITDA to $44 million from $28 million.
- The company did not host a conference call, citing its pending agreement to be acquired by Fertitta Entertainment.
Segment results
According to the release, Las Vegas net revenue fell 2.3% to $930 million and segment adjusted EBITDA fell 9.5% to $343 million. The regional segment grew net revenue 5.9% to $1.63 billion and adjusted EBITDA 3.6% to $524 million.
Caesars Digital posted net income of $4 million, against a $21 million loss in the third quarter of 2025. For the first nine months of 2026, the segment's net revenue rose 6.3% to $1.05 billion and adjusted EBITDA 19.9% to $181 million.
Managed and Branded revenue fell 20.5% to $58 million.
| Q3 (US$ m) | 2026 | 2025 | Change |
|---|---|---|---|
| Net revenue | 2,940 | 2,869 | +2.5% |
| – Las Vegas | 930 | 952 | -2.3% |
| – Regional | 1,627 | 1,536 | +5.9% |
| – Caesars Digital | 326 | 311 | +4.8% |
| Adjusted EBITDA | 865 | 884 | -2.1% |
| – Caesars Digital | 44 | 28 | +57.1% |
| Net loss attributable to Caesars | (123) | (55) |
Source: Caesars Entertainment Q3 2026 results release (Exhibit 99.1 to Form 8-K).
Balance sheet
Caesars reported $11.66 billion of debt outstanding at September 30, down from $11.91 billion at the end of 2025, and cash and equivalents of $864 million. Net debt was $10.8 billion, the company said.
Pending sale
Caesars said that because of its "pending definitive agreement to be acquired by Fertitta Entertainment, Inc. announced on May 28, 2026," it would not hold a quarterly call. On completion of the transaction, its shares will be delisted from Nasdaq and it will become a private company, the release said.
Caesars is among the sportsbook operators that received letters from members of Congress about VIP programmes earlier this month.
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Andrea Rivera explores the evolving world of iGaming through the companies trying new things and the markets taking shape around them. An editor at AskSpinner News, Andrea combines research with storytelling, bringing information and perspective to industry analysis without losing the story that makes it worth reading.
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