Caesars Digital EBITDA Climbs 57% In Q3 As Group Posts $123M Loss
Caesars Entertainment reported a third-quarter net loss of $123 million on October 27, 2026, as a strong quarter for its digital arm was outweighed by corporate costs and softer results in Las Vegas.
Group net revenue rose 2.5% to $2.94 billion, up from $2.87 billion a year earlier.
Caesars Digital, the sportsbook and online casino business, lifted Adjusted EBITDA to $44 million from $28 million, an increase of 57.1%.
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Digital Growth Offsets A Wider Group Loss
According to the company's third-quarter results release, Caesars Digital net revenue grew 4.8% to $326 million from $311 million.
The segment swung to a $4 million net profit from a $21 million net loss in the same quarter of 2025.
The nine-month figures tell a similar story. Digital net revenue reached $1.051 billion, up 6.3% from $989 million, while Adjusted EBITDA climbed 19.9% to $181 million from $151 million.
Digital net income for the nine months rose to $53 million from $18 million.
Group Adjusted EBITDA was $865 million against $884 million a year earlier, a 2.1% decline.
The net loss attributable to Caesars widened from $55 million, with the corporate and other line recording a $288 million loss, up from $240 million.
Las Vegas And Regional Segments
Las Vegas net revenue fell 2.3% to $930 million from $952 million, and Adjusted EBITDA dropped 9.5% to $343 million from $379 million. Segment net income was $79 million, down from $132 million.
The regional portfolio moved the other way. Net revenue rose 5.9% to $1.627 billion from $1.536 billion, and Adjusted EBITDA increased 3.6% to $524 million from $506 million.
Regional net income reached $66 million, up from $56 million.
The managed and branded segment, which covers properties Caesars operates or licenses to others, recorded net revenue of $58 million, down 20.5% from $73 million.
Nine-Month Results And Balance Sheet
For the nine months to September 30, 2026, net revenue was $8.803 billion, up 2.7% from $8.570 billion. Adjusted EBITDA was $2.672 billion against $2.723 billion, a 1.9% fall, and the net loss attributable to Caesars was $283 million compared with $252 million.
Caesars had $11.7 billion in aggregate principal debt outstanding at quarter end and $864 million in cash and cash equivalents, excluding $113 million of restricted cash.
Net debt stood at $10.795 billion, down from $11.018 billion at December 31, 2025, as bank debt and loans fell to $5.82 billion from $6.063 billion.
Cash on hand plus available borrowing capacity came to $2.947 billion, according to the release.
No Earnings Call Ahead Of The Fertitta Deal
Caesars did not host a quarterly conference call. The company said its pending agreement to be acquired by Fertitta Entertainment, announced on May 28, 2026, meant no call would take place.
Once the transaction completes, Caesars stock will no longer be listed on NASDAQ, and the company will become private.
Shareholders have already backed the buyout, as we covered when Caesars shareholders approved the Fertitta merger, and the company has confirmed an FTC second request on the deal.
With no call and no guidance in the release, the digital segment margin and the regulatory timetable are the two items to watch next.
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