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Sep 30, 2025
Caesars Q3 2025 Earnings Report
Caesars reported a net loss of $55M in Q3 2025 despite stable revenue, with regional growth offset by weakness in Las Vegas and Caesars Digital.
Key Takeaways
Caesars Entertainment posted flat revenue year-over-year at $2.87B for Q3 2025. A $55M net loss was driven by lower performance in Las Vegas and Caesars Digital, partially offset by growth in the regional segment. Adjusted EBITDA declined due to unfavorable hold and city-wide visitation trends in Las Vegas.
Revenue held flat at $2.87B versus prior year.
Net loss widened to $55M compared to $9M in Q3 2024.
Same-store Adjusted EBITDA fell 11.2% to $884M.
Caesars Digital Adjusted EBITDA dropped to $28M from $52M.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Caesars anticipates stronger Q4 performance driven by better Las Vegas occupancy, digital momentum, and stable regional trends.
Positive Outlook
- Improved occupancy expected in Las Vegas.
- Caesars Digital continuing to show strong volume growth.
- Stable operating trends in the regional segment.
- Momentum from capital investments across properties.
- Balanced capital allocation strategy supported by cash flow.
Challenges Ahead
- Las Vegas segment still exposed to macroeconomic and tourism trends.
- Lower-than-expected hold rates in digital sports betting hurt profitability.
- High debt load remains a drag on net income.
- Ongoing competitive pressure in key markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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