Caesars Las Vegas Slides Again in Q3 as Revenue Rises

Caesars Entertainment's Las Vegas business slipped again in the third quarter of 2026. Growth at its regional casinos and digital division kept total revenue rising. Still, those gains could not offset the profit drag from a weaker Strip.

The company reported net revenue of $2.94 billion for the quarter ended September 30. That was up 2.5% from $2.87 billion a year earlier. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), however, fell 2.1% to $865 million. The net loss attributable to Caesars widened to $123 million, or $0.61 per share. That compares with a $55 million loss in the prior-year quarter.

Las Vegas Slips as Hotel and Dining Drops Outweigh Casino Gains

Las Vegas segment net revenue fell 2.3% to $930 million. Adjusted EBITDA dropped 9.5% to $343 million from $379 million. Segment net income declined 40.2% to $79 million. Caesars attributed the decline to "fewer city-wide convention events and lower leisure customer visitation" in its quarterly filing.

The downturn extends a slump that saw Las Vegas visitation fall 7.5% in 2025. Non-gaming revenue took the biggest hit. Hotel revenue fell 9.3% to $263 million. Food and beverage revenue dropped 12.6% to $236 million.

Casino revenue, by contrast, rose 10.4% to $287 million. Table games hold, the share of wagers the casino keeps, improved to 21.6% from 17.4% a year earlier. The weakness was concentrated outside the casino floor.

Regional Casinos and Caesars Digital Drive Q3 Growth

Caesars' regional casinos delivered the largest dollar gains. Regional net revenue climbed 5.9% to $1.63 billion. Adjusted EBITDA in the segment rose 3.6% to $524 million. Caesars Digital, which runs the company's sportsbook and online casino, posted faster profit growth. Its net revenue rose a more modest 4.8% to $326 million. Adjusted EBITDA jumped 57.1% to $44 million from $28 million. The division also swung to net income of $4 million from a $21 million loss. Through the first nine months of 2026, Digital Adjusted EBITDA reached $181 million. That represents a 19.9% increase from $151 million a year earlier.

Combined, the two segments added $34 million in Adjusted EBITDA year over year, nearly offsetting the $36 million Las Vegas lost.

No Earnings Call as Caesars' Fertitta Sale Awaits Regulators

The results arrived without the usual executive commentary. Caesars said it "will not be hosting a quarterly conference call" because of its pending sale. Fertitta Entertainment agreed to acquire the company in a $17.6 billion deal announced May 28.

Shareholders approved the merger at a special meeting in Reno in September. They will receive $31 per share in cash. The transaction still needs regulatory approval before it can close.

Once the deal is completed, Caesars stock will be delisted from Nasdaq. The company will then be privately held. As of September 30, Caesars carried $11.7 billion in debt against $864 million in cash and cash equivalents.