Caesars Q3 2026 Results: Las Vegas Profit Falls as Regional and Caesars Digital Grow

Caesars Entertainment's Q3 2026 results, published on 27 October 2026, show higher revenue but lower profit, as a weaker Las Vegas Strip business offset growth at its regional casinos and its online arm, Caesars Digital. The Reno-based operator reported net revenue of $2.94 billion, up 2.5%, and a net loss attributable to Caesars of $123 million, more than double the $55 million loss a year earlier.

Consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding one-off items) fell 2.1% to $865 million. The company held no earnings call and offered no outlook, citing its pending sale to Tilman Fertitta's Fertitta Entertainment.

Results by segment

Las Vegas was the only large segment to shrink. Its adjusted EBITDA dropped almost 10%, while regional properties and digital both grew earnings.

Source: Caesars Entertainment results release, 27 October 2026. Year-earlier Las Vegas figures were $952 million in revenue and $379 million in adjusted EBITDA.

Net income attributable to Caesars in Las Vegas fell 40.2% to $79 million. Regional net income rose to $66 million from $56 million. Corporate costs grew: the Corporate and Other EBITDA loss widened to $63 million from $47 million.

Caesars Digital turns a quarterly profit

Caesars Digital, which runs the Caesars Sportsbook and the company's online casino brands, grew net revenue to $326 million from $311 million. Adjusted EBITDA rose to $44 million from $28 million, and the segment reported net income of $4 million after a $21 million loss in the third quarter of 2025.

Over nine months, digital revenue was up 6.3% at $1.05 billion and adjusted EBITDA up 19.9% at $181 million. Caesars has spent recent years expanding its online casino offer, including the Horseshoe online casino launch in Michigan and in Pennsylvania, and new sportsbook markets such as North Carolina.

Nine-month picture and balance sheet

For January to September, net revenue rose 2.7% to $8.80 billion, while adjusted EBITDA fell 1.9% to $2.67 billion and the net loss attributable to Caesars grew to $283 million from $252 million. Las Vegas adjusted EBITDA for the period was down 8.0% at $1.18 billion.

At 30 September 2026, Caesars had $864 million in cash plus $113 million in restricted cash, and total debt of $11.66 billion, down from $11.91 billion at the end of 2025. Available liquidity was about $2.95 billion, including undrawn revolving credit. The company has been trimming its asset base for some time, for example with the $275 million sale of the LINQ Promenade.

The Fertitta takeover

On 28 May 2026, Caesars agreed to be acquired by Fertitta Entertainment, owner of the Golden Nugget casinos and the Landry's restaurant group, for $31 a share in cash. The deal values Caesars at about $17.6 billion including roughly $11.9 billion of debt. Once it closes, Caesars stock will be delisted from Nasdaq.

Shareholders approved the merger on 22 September 2026, with about 65.4% of outstanding shares voting in favor. State gaming regulators still need to approve it. If the deal has not closed by 26 June 2027, shareholders earn an additional $0.007150 per share for each day of delay. Fertitta's interest in large casino operators is not new; he became the largest shareholder in Wynn Resorts in 2024 and earlier agreed to buy Hard Rock Lake Tahoe.

What is reported about Tom Reeg

The Vital Vegas blog on Casino.org reported on 26 October 2026 that Caesars CEO Tom Reeg is expected to oversee Fertitta's wider business after the sale. That would cover Caesars, Golden Nugget, Landry's restaurants and other holdings, with the Houston Rockets basketball team the one exception. The blog cited no named sources and gave no new title or start date.

Neither Caesars nor Fertitta Entertainment has confirmed the report. This is a reported post-closing management role, not a new deal. The official May 2026 announcement said only that Reeg, Chief Financial Officer Bret Yunker and President Anthony Carano were expected to keep their current roles.

What to watch

The next milestones are the state regulatory approvals and the deal's closing date. Investors will also watch whether the Las Vegas slowdown continues and whether digital can stay profitable. With no earnings calls planned while the merger is pending, the quarterly filings will be the main source of information.

Status reviewed on 29 October 2026. Figures are from Caesars' results release filed with the SEC; the Reeg report is Vital Vegas's and has not been confirmed by either company. More business news and North America coverage.