Caesars improves Q2 net loss 24.4%, H1 net revenue totals $5.9bn

Caesars Entertainment has reported its financial results for the second quarter and first-half of 2026, as revenue during the quarterly period increased 3% to nearly $3bn, while the operator’s net loss improved by 24.4% to $62m. 

Due to Caesars’ impending acquisition agreement with Fertitta Entertainment – originally announced on May 28 in an all-cash transaction valued at approximately $17.6bn – the operator chose not to conduct a conference call to review its Q2 and H1 results. 

Was Caesars able to generate positive momentum during Q2?

While both net revenue and net income showcased positive year-over-year results for the operator, Caesars’ adjusted EBITDA for Q2 decreased 3.7% to $920m, while operating income fell 2.5% to $513m. 

Revenue from Las Vegas operations totaled just over $1bn but fell 3.5%, while revenue from Caesars’ regional businesses increased 9.4% to $1.6bn. 

Caesars Digital reported a 2.3% increase in revenue for Q2 to $351m, while the segment’s adjusted EBITDA decreased 15% to $68m. The operator’s online vertical generated $27m of net income for the second quarter of 2026, but still witnessed a fall of 30.8%. 

Managed and branded revenue decreased 23% during Q1 for a total of $57m, as adjusted EBITDA from Las Vegas operations fell 12.6% to $410m. Regional operations increased adjusted EBITDA 11.2% to $488m, while managed and branded adjusted EBITDA decreased 5.9% to $16m. 

Regional operations also managed to report a net income of $23m for Q2 after witnessing a loss of $11m during the second quarter of 2025, while net income from Las Vegas businesses totaled $156m and decreased 26.4%. 

Casino revenue led all verticals after generating nearly $1.8bn of revenue, having increased 5.5% during the quarterly period. Food & beverage and hotel revenues for Q2 totaled $426m and $495m, respectively, equating to decreases of 0.5% and 2.8%. 

Caesars’ operating expenses for Q2 2026 grew 4.2% to $2.5bn, with casino and general & administrative expenses costing $955m and $521m, respectively. 

How did Caesars perform during H1 while balancing acquisition talks?

The operator’s net revenue for H1 2026 increased 2.8% to $5.9bn, led by regional operations which accounted for $3bn and rose 6.3%. Las Vegas businesses once again witnessed a decrease in revenue from the prior year period, falling 1.8% to $2bn. 

Caesars Digital managed to increase net revenue 6.9% during H1 for a total of $725m, even while the segment’s adjusted EBITDA decreased 15% to $68m. Net income for Caesars Digital still increased 25.6%, however, totaling $49m for the first-half period. 

Las Vegas and regional operations accounted for $332m and $3m of Caesars’ net income for H1 2026, respectively, equating to decreases of 14.7% and 66.7%. Regional adjusted EBITDA rose 5% to $923m, while Las Vegas adjusted EBITDA decreased 7.3% to $836m.

Managed and branded revenue eclipsed $123m of revenue for H1 2026 but fell 12.8%, while adjusted EBITDA decreased 12.1% to $29m. Despite the results, managed and branded net income increased 20.6% to $41m. 

The net income improvements helped the operator report a net loss decrease of 18.8% to $160m, following Caesars’ $197m loss for H1 2025. Operating income fell by just 0.1% to $1bn, while Caesars’ operating expenses totaled $4.9bn and increased 3.5%. 

Casino revenue during H1 2026 rose 5% to just over $3.4bn, offsetting respective 1.5% and 0.9% decreases in food & beverage and hotel revenue to $850m and $982m. Other revenue grew 3.6% for Caesars to $606m. 

Caesars and MGM Resorts both moved a step closer to converting from publicly traded to privately held companies after separate votes by the Nevada Gaming Commission, which unanimously approved licenses and amended orders of registration on July 24.