Key Highlights

  • Caesars Entertainment reported third quarter net revenues of USD 2.94 billion, up 2.5% year over year.
  • The company posted a net loss attributable to Caesars of USD 123 million, compared with a smaller net loss a year earlier.
  • Casino revenue grew 6.8% to USD 1.75 billion, while hotel revenue declined 3.7% and food and beverage revenue fell 6.0%.
  • Total adjusted EBITDA was USD 865 million for the quarter, compared with USD 884 million in the same period of 2025.

Casino Growth Offsets Declines Elsewhere

Caesars Entertainment (NASDAQ:CZR) reported third quarter net revenues of USD 2.94 billion, up 2.5% from USD 2.87 billion a year earlier. Casino revenue, the company's largest revenue category, grew 6.8% to USD 1.75 billion, while other revenue rose 1.0% to USD 309 million.

Food and beverage revenue declined 6.0% to USD 410 million and hotel revenue fell 3.7% to USD 467 million, segments that offset some of the gains from casino play during the quarter. The net loss attributable to Caesars widened to USD 123 million, or USD 0.61 per diluted share, compared with a net loss of USD 55 million, or USD 0.27 per diluted share, in the prior year quarter.

Adjusted EBITDA Declines Slightly on Segment Mix

Total adjusted EBITDA was USD 865 million for the quarter, compared with USD 884 million in the same period of 2025, a decline that reflects the shift in revenue mix away from food, beverage and hotel categories. For the first nine months of 2026, net revenues reached USD 8.80 billion, up 2.7% year over year, while adjusted EBITDA for the nine month period was USD 2.67 billion, compared with USD 2.72 billion a year earlier.

The nine month net loss attributable to Caesars was USD 283 million, compared with USD 252 million in the same period of 2025, reflecting the cumulative effect of the trends seen in the third quarter across the company's casino, regional and digital segments.

Segment Trends and Risk Factors

Continued growth in casino revenue, which has outpaced the broader portfolio this quarter, could offset ongoing softness in hotel and food and beverage categories, though the net effect on adjusted EBITDA has been modestly negative so far this year. The decline in adjusted EBITDA alongside revenue growth points to margin pressure within non-casino segments.

A continuation of softer hotel occupancy or food and beverage spending could extend the adjusted EBITDA decline into the fourth quarter, while further casino revenue growth across the company's Las Vegas and regional properties could help stabilize overall profitability trends.

Segment Metrics to Monitor

Casino revenue growth relative to the 6.8% increase reported this quarter, further trends in hotel and food and beverage revenue, which both declined year over year, and the trajectory of adjusted EBITDA relative to the USD 865 million reported this quarter are among the data points that may shape how the fourth quarter is read. Nine month net loss trends remain a cumulative reference point for the full year.