Earnings

Caesars Loss Widens as Fertitta Deal Remains Pending

The Tip Desk · November 8, 2026 · 3 min read

The casino operator posted a $123 million net loss in the third quarter as Las Vegas Adjusted EBITDA slipped to $343 million.

Caesars Entertainment, Inc. (CZR) reported a GAAP net loss attributable to Caesars of $123 million for the third quarter ended September 30, 2026, compared with a $55 million loss a year earlier. The loss widened from $62 million in the second quarter, reversing a sequential narrowing from a $98 million loss in the first quarter.

GAAP net revenues were $2.9 billion, versus $2.9 billion in the year-ago period. Consolidated Adjusted EBITDA was $865 million, down from $884 million a year earlier. That figure reversed a sequential rise to $920 million in the second quarter from $887 million in the first quarter.

Las Vegas net revenues were $930 million, down 2.3% from $952 million a year earlier. Las Vegas Adjusted EBITDA was $343 million, down 9.5% from $379 million a year earlier. Las Vegas net income attributable to Caesars was $79 million, down 40.2% from $132 million a year earlier. Those Las Vegas Adjusted EBITDA and net-income figures continued a sequential decline from the second quarter’s $410 million and $156 million.

Regional properties moved the other way. Regional net revenues were $1,627 million, up 5.9% from $1,536 million a year earlier. Regional Adjusted EBITDA was $524 million, up 3.6% from $506 million a year earlier. Regional net income attributable to Caesars was $66 million, up 17.9% from $56 million a year earlier. Regional Adjusted EBITDA rose sequentially from $435 million in the first quarter to $488 million in the second quarter.

Caesars Digital net revenues were $326 million, up 4.8% from $311 million a year earlier. Caesars Digital Adjusted EBITDA was $44 million, up 57.1% from $28 million a year earlier. Caesars Digital net income attributable to Caesars was $4 million, versus a $21 million loss a year earlier. Digital Adjusted EBITDA declined from $68 million in the second quarter.

Managed and Branded net revenues were $58 million, down 20.5% from $73 million a year earlier. Managed and Branded Adjusted EBITDA was $17 million. Corporate and Other Adjusted EBITDA was a $63 million loss.

On a consolidated basis, casino net revenues were $1,754 million, up from $1,642 million a year earlier. Food and beverage net revenues were $410 million, and hotel net revenues were $467 million. Operating income was $457 million, down from $513 million a year earlier. Interest expense, net, was $570 million. Transaction and other costs, net, were $11 million.

As of September 30, 2026, Caesars had $11.7 billion in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $864 million, excluding restricted cash of $113 million. Net debt was $10.8 billion. Cash on hand and borrowing capacity totaled $2.9 billion.

Due to a pending definitive agreement to be acquired by Fertitta Entertainment, Inc., announced on May 28, 2026, Caesars said it will not host a quarterly conference call. Upon completion of the transaction, the company said Caesars’ common stock will no longer be listed on NASDAQ and the company will become a private entity.

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Caesars Entertainment, Inc. — all coverage and financials