Caesars reports 57% rise in digital EBITDA while Las Vegas revenues fall
Digital EBITDA up $44M; Las Vegas posts declines amid Fertitta takeover process
Key Takeaways
- Caesars Digital delivered $44 million in adjusted EBITDA in Q3 2026, a 57% year‑over‑year increase.
- Digital revenue rose 5% to $326 million and net income swung from a $21 million loss to a $4 million profit.
- Regional casinos drove about $524 million in adjusted EBITDA and roughly $1.6 billion in revenue.
- Las Vegas revenue fell 2% to $930 million and its adjusted EBITDA declined about 10% to $343 million.
- The proposed $17.6 billion acquisition by Fertitta Entertainment was approved by shareholders (65%) on 22 September and is expected to close mid‑2027, pending approvals.
Caesars Entertainment reported in the third quarter of 2026 an increase in profitability in its digital and regional businesses, while Las Vegas results fell, all against the backdrop of the pending acquisition by Fertitta Entertainment valued at $17.6 mil millones and expected to close in mid-2027, subject to approvals.
Key results for the quarter
Caesars Digital generated $44 millones in adjusted EBITDA, an increase of 57% versus the prior-year period. The digital business turned a quarterly net loss of $21 millones into a net profit of $4 millones. Digital revenue grew 5% to $326 millones. Reported figures show the digital adjusted EBITDA margin was roughly 13.5%, up from 9% a year earlier.
Regional operations and merger issues
Regional casinos increased revenue by 6% to approximately $1.6 mil millones, and adjusted EBITDA rose about 3.6% to $524 millones. Caesars has 46 regional properties within a total of 54 locations. Golden Nugget operates ocho casinos, seven outside Las Vegas, and there are market overlaps in Lake Tahoe, Laughlin, Atlantic City, Lake Charles, Danville and Biloxi. At the Global Gaming Expo, chief executive Tom Reeg said:
"I would not be surprised if ultimately one or two properties were divested," attributed to Tom Reeg.
Shareholders approved the merger with Fertitta by a 65% majority on 22 de septiembre; five days earlier the Federal Trade Commission requested additional materials for its antitrust review.
Las Vegas and the group’s financial position
Las Vegas revenue declined 2% to $930 millones. Las Vegas adjusted EBITDA fell roughly 10% to $343 millones, and net income dropped 40% to $79 millones. At the group level, quarterly revenue reached $2.94 mil millones, but net loss widened to $123 millones from $55 millones. The company reported $864 millones in cash and approximately $11.7 mil millones in outstanding debt.
Product and positioning
Caesars offers online sports betting in 28 North American jurisdictions and iGaming in six. The company stays out of prediction markets, which it views as a risk to its retail casino licenses, while FanDuel, DraftKings and Fanatics have invested in those markets and in customer acquisition. For product details, see the casino section and sports markets.
Frequently Asked Questions
How much adjusted EBITDA did Caesars Digital generate in Q3 2026?
Caesars Digital generated $44 million in adjusted EBITDA in Q3 2026, a 57% increase versus the same quarter the prior year, on digital revenue of $326 million.
What was Las Vegas’s impact on the group’s consolidated results?
Las Vegas revenue fell 2% to $930 million and its adjusted EBITDA declined about 10% to $343 million. Consolidated quarterly revenue was $2.94 billion and net loss widened to $123 million from $55 million.
What is the status of the Fertitta Entertainment acquisition of Caesars?
The proposed acquisition by Fertitta Entertainment is valued at $17.6 billion and is expected to close in mid‑2027, subject to approvals. Shareholders approved the transaction with 65% on 22 September, and the Federal Trade Commission requested additional materials for its antitrust review five days earlier.
In how many jurisdictions does Caesars operate sports betting and iGaming?
Caesars offers online sports betting in 28 North American jurisdictions and iGaming in six jurisdictions; the company avoids prediction markets it deems a licensing risk.
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About the author
Emilio Navarro
Industry Technology Correspondent
Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
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