Caesars increases Q4 revenue 4.4%, reports $502m loss for FY2025

Caesars Entertainment has reported its financial results for the fourth quarter of 2025 and full-year, as net revenue for both periods managed to increase year-over-year despite the operator witnessing a $502m net loss during FY2025. 

Did Caesars’ Q4 2025 financial results meet expectations?

While net revenue for Q4 2025 increased 4.4% to just over $2.9bn, Caesars also reported a net loss of $250m for the quarterly period after generating an $11m net income during the fourth quarter of 2024. The operator generated a $901m adjusted EBITDA for Q4 2025, representing an increase of 2.2%. 

Las Vegas operations accounted for $1bn of Caesars’ total net revenue for Q4 2025, equating to a decrease of 3.4% and perhaps affected by the tourism decline which has hit Las Vegas over the past 12 months. The operator’s regional businesses generated $1.4bn of revenue during Q4 2025 and increased 4%, while managed and branded revenue fell 4.4% but still produced $65m. 

Caesars Digital sets new quarterly record for adjusted EBITDA

Caesars Digital managed to increase Q4 2025 revenue by 38.7% to $219m, as well as the vertical’s adjusted EBITDA by 325% to a quarterly record $85m. The operator’s adjusted EBITDA for Las Vegas, regional and managed and branded operations each fell year-over-year, decreasing 6.5%, 1.5% 5.9% to $447m, $404m and $16m. 

Despite the positive results witnessed for revenue and adjusted EBITDA, Caesars Digital reported a net income of $39m for Q4 2025, representing a decrease of 86.5%. Las Vegas operations reported a 4.7% decrease in net income to $182m, while the net loss for regional operations increased 57.9% to $210m. 

Caesars’ casino operations generated a Q4 2025 revenue of $1.7bn and increased 8.7%, followed by hotel activity which accounted for $469m of revenue but decreased 5.1% year-over-year. Food & beverage operations produced $415m of revenue during Q4 2025 and fell 1.4%, while other revenue totaled $319m and increased 3.6%. 

Operating expenses during Q4 2025 increased 21.4% to nearly $2.6bn, leading to a decrease in operating income for Caesars of 50.5% to $331m. 

Was Caesars able to generate a successful FY2025?

While Caesars reported a FY2025 net revenue increase of 2.4% to $11.5bn, the operator also witnessed a $502m net loss during the full-year period, as well as a 2.7% decrease in adjusted EBITDA to $3.6bn. The net loss for FY2025 represents an increase of 53% from the $278m loss reported during full-year 2024. 

Regional operations generated the highest revenue of any vertical for Caesars during FY2025 and increased 3.9% to $5.8bn. Las Vegas operations, much like its Q4 2025 counterpart, reported a fall of 4.7% in FY2025 revenue to just over $4bn. 

Caesars Digital produced $1.4bn of revenue for FY2025, rising 21.1% from the prior year period, while managed and branded revenue grew 1.8% to $279m. The online vertical also witnessed a 78.8% net income decrease to $57m during FY2025, while regional operations witnessed a loss of $145m. 

Las Vegas operations generated a net income of $703m for FY2025, but the figure still equates to a 19.6% decrease, while adjusted EBITDA produced in Las Vegas fell 8.6% to $1.7bn. Regional operations reported a decrease in adjusted EBITDA to $1.8bn, while Caesars Digital managed to increase FY2025 adjusted by 101.7% to $236m. 

Casino revenue once again led the way for Caesars during FY2025, increasing 5.6% to $6.6bn. Food & beverage and hotel operations accounted for $1.7bn and $1.9bn of the operator’s total net revenue for FY2025, respectively, equating to decreases of 0.1% and 3.5%. 

Caesars’ operating expenses during FY2025 totaled just over $9.6bn, representing an increase of 7.7%, while operating income for FY2025 decreased 19.4% to nearly $1.9bn.