Caesars Entertainment’s Q3 results show net revenue up 2.5% to $2.94bn for the third quarter of 2026, while consolidated adjusted EBITDA fell 2.1% to $865m, the company said in its Q3 2026 results release on 27 October.
The quarter split along the company’s segments. Las Vegas lost revenue and profit, regional casinos grew, and Caesars Digital lifted adjusted EBITDA by 57%. The net loss attributable to Caesars widened to $123m from $55m a year earlier. Caesars did not host an earnings call, citing its pending sale to Fertitta Entertainment.
Caesars Q3 results by segment
Regional properties produced $1.63bn, or 55% of group net revenue, in the three months to 30 September. Las Vegas contributed $930m, 32% of the total, and the digital segment $326m.
| Segment | Revenue Q3 2026 ($m) | Revenue change y/y | Adj. EBITDA Q3 2026 ($m) |
|---|---|---|---|
| Las Vegas | 930 | -2.3% | 343 |
| Regional | 1,627 | +5.9% | 524 |
| Caesars Digital | 326 | +4.8% | 44 |
| Managed and Branded | 58 | -20.5% | 17 |
| Group total | 2,940 | +2.5% | 865 |
Source: Caesars Entertainment, three months ended 30 September 2026. Group totals include Corporate and Other.
Adjusted EBITDA margin across the group slipped to 29.4% from 30.8% a year earlier, based on the company’s reported figures. The gap between the segments explains most of the move: the two land-based units went in opposite directions, and digital remains small in dollar terms against the casino estate.
Las Vegas loses margin
Las Vegas net revenue fell 2.3% to $930m from $952m, and segment adjusted EBITDA dropped 9.5% to $343m from $379m. Net income for the Las Vegas segment fell 40.2% to $79m.
The segment margin narrowed to 36.9% from 39.8% in the third quarter of 2025. Over nine months the trend is the same: Las Vegas revenue is down 2.0% to $2.95bn and adjusted EBITDA down 8.0% to $1.18bn, a $102m drop on the same period of 2025.
Las Vegas is still the most profitable segment per dollar of revenue. It generated 37% of segment-level adjusted EBITDA in the quarter, before corporate costs, on 32% of revenue. Regional properties produced 56%.
Regional casinos carry the quarter
The regional segment grew revenue 5.9% to $1.63bn and adjusted EBITDA 3.6% to $524m. Regional net income rose 17.9% to $66m.
Regional EBITDA growth of $18m in the quarter did not cover the $36m decline in Las Vegas. Over nine months, regional revenue is up 6.1% to $4.63bn and adjusted EBITDA up 4.5% to $1.45bn. The regional margin eased to 32.2% from 32.9%, so revenue grew faster than profit there too.
Caesars Digital EBITDA rises 57%
Caesars Digital, which runs the group’s US online sports betting and iGaming operations, grew net revenue 4.8% to $326m. Segment adjusted EBITDA rose 57.1% to $44m from $28m.
The digital margin widened to 13.5% from 9.0% a year earlier. The segment turned a $21m net loss in the third quarter of 2025 into net income of $4m. EBITDA rose $16m on $15m of extra revenue, so the gain came from the cost base.
For the nine months, Caesars Digital revenue reached $1.05bn, up 6.3%, with adjusted EBITDA of $181m, up 19.9%, and net income of $53m, up from $18m. Digital is the only segment that lifted both revenue and margin in the quarter. It still accounts for 11% of group revenue and 5% of segment-level EBITDA.
The release lists the company’s ability to “successfully operate our digital betting and iGaming platform and expand its user base” among the risks to its forward-looking statements.
The nine-month picture
Group net revenue for the first nine months of 2026 reached $8.80bn, up 2.7% from $8.57bn, while adjusted EBITDA fell 1.9% to $2.67bn from $2.72bn. The pattern matches the quarter: growth at the top line, a small decline in profit.
Of the $2.85bn of segment-level adjusted EBITDA earned in the nine months, regional properties produced 51%, Las Vegas 41% and Caesars Digital 6%. A year earlier, Las Vegas contributed $1.28bn and regional $1.39bn, so the regional lead has widened to $268m from $104m.
Corporate and Other adjusted EBITDA losses grew 24.8% to $181m over nine months, from $145m. Managed and Branded revenue fell 15.4% to $181m, with adjusted EBITDA down 9.8% to $46m. Digital’s $30m gain in nine-month EBITDA offset less than a third of the $102m lost in Las Vegas.
Why did the net loss widen?
The net loss attributable to Caesars more than doubled to $123m because Las Vegas earned less and central costs rose. Corporate and Other posted a $288m net loss, against $240m a year earlier, and its adjusted EBITDA loss grew 34.0% to $63m from $47m.
The Managed and Branded segment saw revenue fall 20.5% to $58m. Its adjusted EBITDA slipped to $17m from $18m. Over nine months, the group net loss reached $283m, compared with $252m in the first nine months of 2025.
Balance sheet
Caesars had $11.66bn of outstanding debt at 30 September, down $246m from $11.91bn at the end of 2025, according to the release. Bank debt and loans fell to $5.82bn from $6.06bn; notes stayed at $5.80bn.
Cash and cash equivalents were $864m, excluding $113m of restricted cash, against $887m at 31 December 2025. Net debt fell to $10.80bn from $11.02bn. With $2.25bn of capacity on its main revolving credit facility, Caesars reported total liquidity of $2.95bn after amounts committed to letters of credit, reserves and regulatory requirements.
On the trailing nine-month adjusted EBITDA of $2.67bn, the debt load is the figure a buyer inherits. The company’s leases with affiliates of VICI and GLPI sit outside adjusted EBITDA, and Caesars notes that lease payments, interest and capital spending “can be significant”.
Fertitta deal and the end of earnings calls
Caesars skipped its quarterly conference call because of its pending definitive agreement to be acquired by Fertitta Entertainment, announced on 28 May 2026. Once the transaction completes, Caesars shares will be delisted from Nasdaq and the company will become private.
Tilman Fertitta’s group entered the process with a $7bn bid for Caesars that topped Carl Icahn’s offer in March. The third-quarter release names “risks associated with the proposed merger” first among the factors that could move future results.
Other operators’ numbers are on our financial reports page, and earlier coverage of the group sits under the Caesars tag.
Next steps
The release points investors to the company’s Form 10-Q filings with the Securities and Exchange Commission and to its investor relations website, which it uses for Regulation FD disclosures. The Fertitta Entertainment transaction remains pending; until it closes, Caesars stays listed on Nasdaq under the ticker CZR.
Source: Caesars Entertainment
