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Sep 30
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.
Caesars
Caesars
Caesars Revenue by Segment
Caesars Revenue by Geographic Location
Revenue by Segment
Las Vegas Revenue
CapyFin.comRegional Revenue
CapyFin.comCaesars Digital Revenue
CapyFin.comManaged & Branded Revenue
CapyFin.comCorporate & Other Revenue
CapyFin.comRevenue by Geographic Location
Las Vegas Revenue
CapyFin.comRegional Revenue
CapyFin.comCaesars Digital Revenue
CapyFin.comManaged & Branded Revenue
CapyFin.comCorporate & Other Revenue
CapyFin.com 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.
- Volatility in consumer discretionary spending remains a risk.