Caesars Entertainment has reported its financial results for the third quarter of 2025, as the operator recorded a $55m net loss throughout the period, while net revenue grew just 0.1% for a total of $2.9bn.
The net loss represents a significant increase from the $9m loss reported for Q3 2024, as Caesars CEO Tom Reeg attributed the results to "lower city-wide visitation and poor table games hold."
"As we look to the fourth quarter, we anticipate improved operating performance given stronger occupancy in Las Vegas, continued momentum in our Caesars Digital segment and stable operating trends in our regional portfolio," Reeg said.
The executive's confidence in Caesars Digital was backed by an increase in revenue for the sector of 2.6% throughout the third quarter of 2025, generating $311m while regional operations drove $1.5bn of the operator's total revenue and grew 6.2%.
However, Caesars Digital also reported an adjusted EBITDA decrease of 46.2% to $28m for Q3 2025, as well as a net loss of $21m after generating a net income of $11m for the third quarter of 2024. Reeg stated the adjusted EBITDA decrease was attributed to a "lower-than-expected" sports betting hold in September, perhaps aligning with the start of the 2025-2026 NFL season.
Las Vegas operations, having been affected by the decline in tourism witnessed across the city in 2025, produced $952m of revenue and decreased 9.8% year-over-year. The sector's adjusted EBITDA for Q3 2025 was reported to be $379m, representing a decrease of 23.7%, while net income fell 40.3% to $132m.
Despite regional operations having reported an increase in revenue for the third quarter of 2025, the sector's adjusted EBITDA fell 43.5% to $65m throughout the period. The vertical also reported a net income of $56m for Q3 2025, equating to a decrease of 55.2% from the prior year period.
Casino operations for Caesars produced an increase in revenue of 2.7% for a total of $1.6bn throughout Q3 2025, but the operator's revenue from food & beverage, rooms and other all witnessed decreases year-over-year.
Food & beverage and room operations reported Q3 2025 revenues of $436m and $485m, respectively, equating to decreases of 0.5% and 5.8%. Other operations managed to generate $306m of revenue for Q3 2025, but the figure still represents a decrease of 5%.
Operating expenses for Caesars were reported to be just under $2.4bn for the third quarter of 2025, having increased 5.7% year-over-year. Caesars' operating income for Q3 2025 fell 20.3% to $513m, as the company's stock is trading at $22.09 per share at the time of writing, down just over 2% from when the market opened on October 28.
The Michigan Gaming Control Board fined Caesars Sportsbook $100,000 on September 19 following a technological error which allowed bettor Jeffrey Saco to deposit $2.1m without transferring funds from his personal bank accounts.
With the fake deposits, Saco wagered over $88m and withdrew nearly $600,000 in April 2023, having totaled 116 deposits prior to ceasing all activity on Caesars Sportsbook and currently faces eight felony charges as a result of his actions.
He will also be responsible for $2,500 payments issued to Caesars Sportsbook every month throughout a probationary period running for three years and paid the operator $25,000 upfront in April 2025.
The New York Community Advisory Committee rejected Caesars and SL Green Realty Corporation's proposal for a Times Square casino facility after receiving just two of the four required votes to move forward to the Gaming Facility Location Board
