Caesars Q3: Net loss rises to $123m, Las Vegas revenue falls 2.3% to $930m

Caesars Entertainment has reported its financial results for the third quarter of 2026, having witnessed a net loss of $123m, as well as a 2.3% decrease in revenue from Las Vegas operations to $930m. 

Despite an increased net loss from Q3 2025 ($55m), the operator’s net revenue for the current year period rose 2.5% to $2.9bn. Regional operations accounted for just over $1.6bn of Caesars’ total Q3 revenue, having increased 5.9%. 

Caesars Digital managed to increase revenue year-over-year as well, rising 4.8% to $326m. The operator’s online business also grew net income to $4m after witnessing a loss of $21m during Q3 2025. 

The operator reported a decrease in adjusted EBITDA, however, as the Q3 total fell 2.1% to $865m. Las Vegas operations drove $343m of adjusted EBITDA but decreased 9.5%, while Caesars’ regional business increased adjusted EBITDA 3.6% to $524m. 

Caesars Digital’s adjusted EBITDA for Q3 rose 57.1% to $44m, with revenue and adjusted EBITDA from managed and branded operations decreasing 20.5% and 5.6%, respectively, to $58m and $17m. 

Due to the operator’s definitive agreement to be acquired by Fertitta Entertainment, Caesars chose not to address its Q3 financial results through an earnings call on October 27. 

At the Global Gaming Expo (G2E) in Las Vegas, though, Caesars CEO Tom Reeg stated: “My favorite days are when the rest of the industry is getting cratered (on the stock market) because I do not have to live in that world anymore. It is appealing to get out of that.”

It appears not having to live in the world of earnings calls is also a plus for the Caesars executive…

Nonetheless, Caesars’ casino operations during Q3 accounted for nearly $1.8bn of the operator’s total revenue, representing an increase of 6.8%. Food & beverage and hotel witnessed respective decreases of 6% and 3.7%, totaling $410m and $467m. 

Operating expenses for the third quarter grew 5.4% to nearly $2.5bn, leading to a decrease in operating income of 10.9% to $457m. 

While Caesars will become private as a result of its acquisition by the Tilman Fertitta-led entity, the operator’s stock declined 0.5% following the release of its Q3 results, ending at $28.85 per share.