Caesars misses Q3 revenue estimates as net loss widens
Caesars said third-quarter revenue of $2.94 billion missed the $3 billion consensus estimate compiled by Finnhub. Its net loss attributable to Caesars widened to $123 million from $55 million a year earlier.
Key takeaways
- Caesars Entertainment, Inc. (CZR) said in a filing on Oct. 27 that third-quarter revenue was $2.94 billion, which missed the $3 billion consensus estimate compiled by Finnhub. Its net loss widened to $123 million from $55 million a year earlier. The company is being acquired by Fertitta Entertainment, Inc.
Caesars Entertainment, Inc. (CZR) said in a regulatory filing on Oct. 27 that third-quarter net revenues were $2.94 billion, missing the $3 billion consensus estimate compiled by Finnhub.
The net loss attributable to Caesars widened to $123 million from $55 million a year earlier, the release showed.
The company operates casinos primarily under the Caesars, Harrah's, Horseshoe and Eldorado brand names, according to its release.
Here's how the company did:
- Revenue: $2.94 billion vs. $3 billion expected, according to Finnhub, and $2.87 billion a year earlier
- Adjusted EBITDA: $865 million vs. $884 million a year earlier
- Net loss attributable to Caesars: $123 million vs. $55 million a year earlier
- Diluted loss per share: 61 cents vs. 27 cents a year earlier
Net revenues rose 2.5% from a year earlier. For the nine months ended Sept. 30, net revenues were $8.80 billion, up 2.7%.
Adjusted EBITDA, a non-GAAP measure the company uses as a supplemental measure of operating performance, fell 2.1% to $865 million.
Segment results
Regional segment net revenues rose 5.9% to $1.63 billion, and Regional Adjusted EBITDA rose 3.6% to $524 million.
Las Vegas net revenues were $930 million, down 2.3%. Las Vegas Adjusted EBITDA fell 9.5% to $343 million.
Caesars Digital net revenues rose 4.8% to $326 million. Caesars Digital Adjusted EBITDA was $44 million, up from $28 million a year earlier.
Debt and liquidity
As of Sept. 30, Caesars had $11.7 billion in aggregate principal amount of debt outstanding. Cash and cash equivalents were $864 million, excluding restricted cash of $113 million.
Net debt was $10,795 million, down from $11,018 million at Dec. 31, 2025. Cash and borrowing capacity totaled $2,947 million.
Pending Fertitta acquisition
The company said it will not host a quarterly conference call because of its pending definitive agreement to be acquired by Fertitta Entertainment, Inc., announced on May 28, 2026.
Upon completion of that transaction, Caesars' common stock will no longer be listed on NASDAQ, and the company will become private. The release gave no new financial guidance.