Caesars Digital EBITDA Jumps 57% as Las Vegas Earnings Slip
Digital turns profitable while a $17.6bn Fertitta takeover faces regulatory scrutiny
Key Takeaways
- Caesars Digital reported $44 million in adjusted EBITDA for Q3 2026, a 57% increase.
- Digital revenue rose 5% to $326 million and adjusted EBITDA margin reached roughly 13.5%.
- Regional casinos produced $524 million in adjusted EBITDA on roughly $1.6 billion in revenue.
- Las Vegas revenue fell 2% to $930 million and net income dropped 40% to $79 million.
- Shareholders approved the $17.6 billion Fertitta merger by a 65% majority on 22 September 2026; the FTC requested additional materials five days earlier.
Caesars Entertainment reported that Caesars Digital delivered $44 million in adjusted EBITDA for Q3 2026, a 57% increase, while Las Vegas operations posted weaker results as the company progresses a planned $17.6 billion acquisition by Fertitta Entertainment. Caesars said the Fertitta takeover is expected to close by mid-2027, subject to approvals.
Digital performance and product stance
Caesars Digital moved from a quarterly net loss of $21 million to a $4 million profit in Q3 2026. Revenue rose 5% to $326 million, and the business reported an adjusted EBITDA margin of roughly 13.5%, up from 9% a year earlier. Caesars continues to operate outside of prediction markets, citing those products as a risk to its retail licences. The results note that FanDuel, DraftKings and Fanatics have invested in prediction markets and customer acquisition. Caesars offers online sports betting in 28 North American jurisdictions and iGaming in six.
"I would not be surprised if a property or two ultimately gets divested," said Tom Reeg, CEO, at the Global Gaming Expo.
Regional casinos and merger implications
Regional revenue increased by 6% to roughly $1.6 billion, while adjusted EBITDA rose about 3.6% to $524 million. Caesars counts 46 regional properties among its 54 locations; Golden Nugget operates eight casinos, seven of them outside Las Vegas. Overlap between the two portfolios in markets such as Lake Tahoe, Laughlin, Atlantic City, Lake Charles, Danville and Biloxi may prompt divestitures as part of the transaction process. Shareholders approved the Fertitta merger by a 65% majority on 22 September 2026, and the Federal Trade Commission requested additional materials for its antitrust review five days earlier; the company described the closing as subject to approvals and timing.
Las Vegas and group finances
Las Vegas revenue declined 2% to $930 million, with adjusted EBITDA down roughly 10% to $343 million and net income falling 40% to $79 million. Consolidated quarterly revenue was $2.94 billion, and the net loss widened to $123 million from $55 million. Caesars reported $864 million in cash and approximately $11.7 billion in outstanding debt.
Frequently Asked Questions
What drove Caesars Digital to profitability in Q3 2026?
Caesars Digital turned a $21 million quarterly net loss into a $4 million profit in Q3 2026, driven by a 5% revenue increase to $326 million and an adjusted EBITDA margin of roughly 13.5%, up from 9% a year earlier.
How will the Fertitta acquisition proceed and what approvals are needed?
The Fertitta takeover, valued at $17.6 billion, is expected to close by mid-2027 subject to approvals; shareholders approved the merger by a 65% majority on 22 September 2026 and the Federal Trade Commission requested additional materials for its antitrust review five days earlier.
What are Caesars' North American digital footprints?
Caesars offers online sports betting in 28 North American jurisdictions and iGaming in six, while choosing to operate outside prediction markets because it views them as a risk to retail casino licences.
How did regional and Las Vegas segments perform in Q3 2026?
Regional revenue rose about 6% to roughly $1.6 billion with adjusted EBITDA of $524 million, while Las Vegas revenue declined 2% to $930 million, with adjusted EBITDA around $343 million and net income of $79 million.
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About the author
Oliver Grant
Industry Technology Correspondent
Oliver Grant covers the technology and business machinery of iGaming — platform and data deals, AI and compliance tooling, affiliate and marketing shifts, and the quarterly numbers behind them. The reports lead with the announcement, name the vendors and figures exactly as published, and separate genuine capability from press-release promise. When a supplier ships a new engine or a regulator tightens ad rules, Oliver Grant explains what actually changes for the companies involved.
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