Caesars Narrows Loss as Regional Casinos Drive Growth
Second-quarter revenue rose 3.0% to $2.993 billion, slightly faster than in the prior quarter.
Caesars Entertainment (CZR), the casino and resort operator, narrowed its second-quarter loss as stronger regional properties outweighed weakening results in Las Vegas and its digital business.
The quarter marked a sharper split across Caesars’ operations. Regional revenue growth accelerated, while Las Vegas contracted and Caesars Digital’s expansion slowed substantially. Those pressures pushed adjusted EBITDA lower despite higher companywide revenue.
Net revenue rose 3.0% from a year earlier, accelerating from 2.7% growth in the first quarter. The net loss narrowed to $62 million from $82 million a year earlier and $98 million in the preceding quarter, while the loss improved to $0.30 a share from $0.39 a share.
Adjusted EBITDA fell 3.7% to $920 million, reversing the first quarter’s slight growth. The adjusted EBITDA margin declined to 30.7% from 32.9% a year earlier, while operating income fell to $513 million even as revenue increased.
Regional properties supplied the growth, with revenue rising 9.4% to $1.570 billion and adjusted EBITDA increasing 11.2% to $488 million. Las Vegas revenue fell 3.5% to $1.017 billion, and adjusted EBITDA dropped 12.6% to $410 million as the segment’s margin contracted to about 40.3%.
Caesars Digital revenue grew 2.3% to $351 million, slowing from 11.6% growth in the first quarter. Digital adjusted EBITDA fell 15.0% to $68 million and remained below the record $85 million reported in the fourth quarter of 2024.
Caesars reduced net debt by $208 million during the quarter to $10.842 billion, while cash and available borrowing capacity increased to $2.928 billion.
The company held no quarterly conference call because of its pending $17.6 billion acquisition by Fertitta Entertainment. The transaction calls for Caesars shareholders to receive $31 a share and would take the company private upon completion.