Caesars posts $55 million quarterly loss as Las Vegas results weigh on earnings

Caesars Entertainment reported a net loss of $55 million for the third quarter of 2025, widening from a $9 million loss in the same period last year, as weaker performance in its Las Vegas segment offset revenue growth across regional and digital operations.

The casino and hospitality group recorded total net revenue of $2.86 billion for the quarter ended 30 September, almost unchanged from the prior-year figure of $2.87 billion.

Adjusted EBITDA fell 11% year-on-year to $884 million, with the Las Vegas division down nearly 19% to $379 million. The company attributed the decline to reduced visitation and unfavorable table game outcomes, but highlighted regional growth across the quarter.

“Our regional portfolio delivered net revenues and Adjusted EBITDA growth as a result of consistent operating trends and continued positive returns from our capital projects,” said Caesars CEO Tom Reeg.

“Our Las Vegas segment Adjusted EBITDA declined during the quarter due to lower city-wide visitation and poor table games hold. Volumes in our Caesars Digital segment were strong, driven by continued product improvements, while Adjusted EBITDA was negatively impacted by lower-than-expected sports hold during September.”

Regional operations showed resilience, with adjusted EBITDA rising 1.6% to $506 million, supported by steady customer demand and the returns from ongoing capital investments.

Caesars Digital, which includes the company’s online casino and sportsbook businesses, generated $311 million in revenue, up 2.6% from a year earlier. However, the segment’s adjusted EBITDA dropped to $28 million from $52 million, due to weaker sports betting margins.

Reeg said the company expects an improved fourth quarter: “As we look to the fourth quarter, we anticipate improved operating performance given stronger occupancy in Las Vegas, continued momentum in our Caesars Digital segment, and stable operating trends in our regional portfolio.”

Across the first nine months of 2025, Caesars reported total revenue of $8.57 billion, up 1.7% year-on-year. The regional and digital businesses contributed most of the growth, offsetting a 5.1% revenue decline in Las Vegas over the same period.

Debt reduction and share repurchases remained key elements of Caesars’ financial strategy. As of 30 September, the company’s total outstanding debt stood at $11.9 billion, down from $12.3 billion at the end of 2024. Cash and cash equivalents were $836 million, providing combined liquidity of $2.8 billion when including revolving credit availability.

“In July 2025, we fully redeemed $546 million of 8.125% notes due 2027. During the quarter, and subsequent period through October, we repurchased 3.9 million shares of our common stock for $100 million, bringing aggregate share repurchases to 13.2 million for $391 million since midway through 2024,” said Chief Financial Officer Bret Yunker.

“We continue to view our shares as undervalued and expect a balanced approach to free cash flow allocation across debt reduction and share buybacks.”

For the quarter, net income by segment showed a significant contrast. Las Vegas operations generated $132 million, down from $226 million a year earlier, while regional operations earned $56 million compared to $125 million previously.

Caesars Digital reported a $21 million loss versus an $11 million profit last year. Managed and branded properties contributed $18 million, while corporate and other expenses totaled $240 million.

Year-to-date adjusted EBITDA reached $2.72 billion, down 4.2% from $2.84 billion a year earlier. Caesars Digital was the only division to post growth in the metric, up 55.7% to $151 million over the nine-month period, while Las Vegas and regional operations both declined.