Caesars Q3 results show regional and digital gains as Las Vegas revenue slips

Caesars Entertainment reported third-quarter results on Tuesday, 27 October 2026, showing a decline in Las Vegas revenue alongside modest growth in regional operations and Caesars Digital. The company reiterated that its agreed acquisition by Fertitta Entertainment — a $17.6 billion deal announced in May — remains on track to close by mid-2027 subject to regulatory approvals.

Quarter headline figures and timing

Caesars said Las Vegas revenue in Q3 fell 2% year‑on‑year to $930 million, with adjusted EBITDA of $343 million (-10% YoY) and net income of $79 million (-40% YoY). For the year through September, Las Vegas revenue is down 2%, adjusted EBITDA is down 8% and net income is down 21%.

Regional operations provided the strongest performance in the quarter. Regional revenue increased 6% to $1.6 billion, while regional adjusted EBITDA rose 3.5% to $524 million. Year‑to‑date regional adjusted EBITDA is up 4.5% to $1.4 billion and regional net income has increased 6% to $69 million.

Caesars ended the quarter with $864 million in cash and equivalents and total debt of $11.6 billion, the latter of which will be assumed by Fertitta Entertainment if the merger completes.

Deal progress and regulatory steps

The Fertitta Entertainment offer, first revealed in May after a bidding contest with investor Carl Icahn, requires antitrust clearance before completion. The Federal Trade Commission requested additional materials related to the merger on 17 September, which extended the FTC review timeline by at least 30 days. Caesars shareholders approved the merger by a 65% majority on 22 September.

No analyst call was held this quarter because of the pending transaction. Caesars CEO Tom Reeg addressed the situation publicly at the Global Gaming Expo in Las Vegas last month and described the constraints of public ownership on strategic planning.

"It's not healthy to operate a business in 90-day increments due to the obligations of being publicly traded," Tom Reeg said at G2E. "But what's exciting for me is we're combining a restaurant and hospitality business that has over 400 outlets across the country into a single ecosystem that becomes greater than the sum of its parts."

Reeg also said he would not be surprised "if a property or two ultimately gets divested" during the transaction process.

Caesars Digital and product footprint

Caesars Digital generated $326 million in Q3 revenue, a 5% year‑on‑year increase, while adjusted EBITDA climbed 57% to $44 million. Net income swung from a $21 million loss in the prior‑year quarter to a $4 million profit in Q3. Through September, digital revenue is up 6%, adjusted EBITDA is up 20% and net income has nearly tripled (+194%).

The company offers online sports betting in 28 North American jurisdictions and iGaming in six. Caesars has avoided prediction markets, citing regulatory risk to retail casino licences. At G2E, Reeg criticised prediction markets after finding contracts listed on Kalshi about whether Caesars would be acquired; he noted there was no rule preventing him from betting on those contracts.

Regional overlap with Fertitta

Fertitta's Golden Nugget brand operates eight casinos across the US, seven outside Las Vegas. Several regional markets now see direct competition between the two groups, including Lake Tahoe, NV; Laughlin, NV; Atlantic City, NJ; Lake Charles, LA; Danville, IL; and Biloxi, MS.

If the merger closes, Caesars will be taken private; its share price has fallen from over $100 in 2021 to about $29 at present.

Context for operators and investors

Caesars continues to prioritise its growth vertical in digital while managing pressures in Las Vegas and servicing its debt. The company remains subject to the FTC review and potential divestiture requirements before the Fertitta Entertainment acquisition completes by mid‑2027.