Caesars reports Q3 revenue growth as Las Vegas revenue falls

Caesars Entertainment's third-quarter revenue came in at $2.94bn, a 2.5% increase, the company said. Consolidated adjusted EBITDA declined to $865m from $884m. The net loss deepened to 61 cents a share, while the consensus had pointed to a profit of 8 cents a share on revenue of $2.96bn, per CDC Gaming Reports.

Las Vegas net revenue slipped 2.3% to $930m from $952m, and segment earnings fell further than revenue in percentage terms. Regional net revenue climbed 5.9% to $1,627m, with regional adjusted EBITDA up 3.6% to $524m from $506m. Caesars Digital net revenue grew 4.8% to $326m and the unit's earnings also rose.

For the nine months to 30 September, group net revenue reached $8,803m, 2.7% higher, while consolidated adjusted EBITDA slipped 1.9% to $2,672m. Digital adjusted EBITDA climbed 19.9% to $181m. The Corporate and Other adjusted EBITDA loss grew to $63m from $47m. General and administrative expense increased to $517m from $483m, and Managed and Branded revenue dropped 20.5% to $58m.

Under the agreement, Fertitta Entertainment would acquire Caesars for roughly $17.6bn in cash, debt included. Debt outstanding was $11.7bn at 30 September, and cash and cash equivalents came to $864m, leaving out $113m of restricted cash. At a special meeting on 22 September 2026, holders approved the $31-a-share cash merger: 133,313,001 votes were in favour, equal to about 65.4% of outstanding shares, and 4,276,986 were against.

Completion is targeted for 26 June 2027, and the transaction remains open. Should it run past that date, holders would get an additional $0.007150 a share for every day of delay.

Earlier in the year, the picture in Las Vegas was brighter: hotel occupancy was 95.3% and average daily rate was rising, and chief executive Tom Reeg described the city's trends as improving quarter on quarter. Caesars also agreed in 2021 to sell William Hill's non-US assets to 888 Holdings for about £2.2bn while retaining the US business.

Attention now turns to MGM Resorts International, which will publish third-quarter 2026 results on Wednesday 28 October 2026 once the US market has closed, followed by a conference call at 5pm Eastern Time.