Caesars Entertainment closed the third quarter of 2026 with a net loss of $123 million, more than double the $55 million posted a year earlier. Adjusted EBITDA fell 2.1% to $865 million and revenue rose 2.5% to $2.94 billion, short of the $2.97 billion consensus. The adjusted loss per share came in at $0.61 against a forecast $0.10 loss, and the shares slipped approximately 0.49% after the results. Weakness in Las Vegas offset growth in the regional and digital businesses.
Las Vegas slips, digital grows
Regional casinos lifted revenue 5.9% to $1.63 billion and adjusted EBITDA 3.6% to $524 million, but the segment's net loss widened 17.9% to $66 million. Las Vegas revenue fell 2.3% to $930 million and EBITDA 9.5% to $343 million, while the net loss narrowed 40% to $79 million from $132 million. Over the first nine months of 2026 Las Vegas lost 2% of revenue, 8% of EBITDA and 21% of net income; regionally, EBITDA added 4.5% to $1.4 billion and net income 6% to $69 million.
Caesars Digital raised revenue 4.8% to $326 million and adjusted EBITDA 57.1% to $44 million, turning a $4 million net profit from a $21 million loss a year earlier. Citizens analysts still logged market share losses: sports betting handle share from 5.2% to 4.9%, sports betting GGR share from 4.1% to 3.6% and online casino share from 7.1% to 6.4%. Caesars takes sports bets in 28 North American jurisdictions and runs online casino in six. It has stayed out of prediction markets, citing risk to its retail casino licences, unlike DraftKings, FanDuel and Fanatics. At G2E, CEO Tom Reeg criticised Kalshi for listing contracts on the possible deal: 'There was nowhere in their rules that said I couldn't place a bet.'
The Fertitta deal and asset sales
Shareholders approved the $17.6 billion purchase by Fertitta Entertainment on September 22, with closing expected on June 26, 2027, subject to regulatory approval. The FTC asked for additional information on September 17, extending its review by at least 30 days. The two companies overlap in Lake Tahoe, Laughlin, Atlantic City, Lake Charles, Danville and Biloxi. Caesars operates 54 properties across 20 North American jurisdictions; the Golden Nugget portfolio holds eight US casinos.
Reeg allowed for disposals: '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.' Alex Dixon, senior advisor at GMA Consulting, named the Linq and Flamingo in Las Vegas, plus Louisiana properties, as candidates.
At the end of September Caesars carried about $11.7 billion in outstanding debt, $864 million in cash and $10.8 billion in net debt. Quarterly earnings calls are suspended for the duration of the transaction. Once it closes, Caesars becomes a wholly owned subsidiary of Fertitta Gaming and leaves Nasdaq. Reeg has said private ownership would let management plan further out: '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.'
