Caesars Entertainment reports Q3 loss despite revenue growth

Caesars Entertainment reported a loss of 61 cents per share in the third quarter, compared with analysts’ expectations of an 8-cent profit on revenue of $2.96bn, according to CDC Gaming Reports.

Group revenue rose 2.5% to $2.94bn in the quarter, the company said. However, consolidated adjusted EBITDA fell to $865m from $884m.

Regional performance drives growth

Regional net revenue climbed 5.9% to $1,627m in the third quarter, while regional adjusted EBITDA increased 3.6% to $524m from $506m.

In contrast, Las Vegas net revenue slipped 2.3% to $930m from $952m.

Caesars Digital net revenue grew 4.8% to $326m in the quarter.

Nine-month results and expenses

Over nine months, group net revenue was up 2.7% at $8,803m, while consolidated adjusted EBITDA was down 1.9% at $2,672m. Digital adjusted EBITDA was up 19.9% at $181m over the same period.

General and administrative expense rose to $517m from $483m in the third quarter.

Financial position and pending acquisition

At 30 September, debt outstanding stood at $11.7bn. Cash and cash equivalents totalled $864m, excluding $113m of restricted cash.

Fertitta Entertainment has agreed to buy Caesars in an all-cash deal valued at about $17.6bn. Shareholders backed the $31-a-share cash merger at a special meeting on 22 September 2026, with 133,313,001 votes in favour equalling about 65.4% of outstanding shares.

The deal is due to close by 26 June 2027, after which shareholders receive an extra $0.007150 per share for each day of delay.