Caesars Entertainment's net loss more than doubled in the third quarter of 2026, even though group revenue rose 2.5% year over year to $2.94bn. The company reported a loss of $0.61 per share, according to CasinoBeats, citing CDC Gaming Reports, and Yogonet.
Consolidated adjusted EBITDA slipped to $865m from $884m a year earlier.
Only Yogonet gives an absolute figure for the loss: $123m attributable to Caesars, against $55m in the same quarter of 2025. The two outlets also disagree on what analysts had expected. CasinoBeats cites an 8-cent profit per share on $2.96bn of revenue, and Yogonet cites a 10-cent loss on $2.97bn.
Either way, the reported loss of $0.61 per share was worse than both forecasts.
Net revenue in Las Vegas fell 2.3% to $930m from $952m. The regional business moved the other way, with net revenue up 5.9% to $1,627m and adjusted EBITDA up 3.6% to $524m. Yogonet, the only source for the following figures, reports that Las Vegas adjusted EBITDA fell 9.5% to $343m and that the segment's net loss narrowed 40% to $79m from $132m.
Caesars Digital net revenue rose 4.8% to $326m, roughly 11% of group revenue. Citizens analysts, cited by both outlets, say the unit is losing market share in both sports betting and online casino. Yogonet alone reports Citizens' estimates: sports betting handle share down from 5.2% to 4.9%, sports betting GGR share from 4.1% to 3.6%, and online casino share from 7.1% to 6.4%.
The outlets report digital profitability differently. According to Yogonet, the unit's adjusted EBITDA rose 57.1% to $44m in the quarter, and it posted $4m of net income against a $21m loss a year earlier; CasinoBeats gives only a nine-month figure, up 19.9% to $181m.
Caesars is not holding an earnings call for the quarter while its sale to Fertitta Entertainment is pending.
Fertitta agreed to buy Caesars for about $17.6bn, and shareholders approved the deal on 22 September 2026. Closing is expected by 26 June 2027. Only CasinoBeats reports the terms: $31 per share in cash, with 133,313,001 votes in favour (about 65.4% of outstanding shares) and 4,276,986 against, plus $0.007150 per share for each day the deal slips past 26 June 2027. According to Yogonet alone, the FTC requested additional information about the merger on 17 September, which extends its antitrust review by at least 30 days.
At the end of September, Caesars carried about $11.7bn of debt against $864m in cash and cash equivalents, a ratio of roughly 13.5 to one.
Yogonet also reports that CEO Tom Reeg said some properties may be divested after the deal, and that GMA Consulting's Alex Dixon named the Linq, the Flamingo and the Louisiana properties as candidates.
The reported figures do not show what drove the net loss wider while revenue grew and adjusted EBITDA fell only about 2%. They include no breakdown of the items between EBITDA and net income, and there is no management commentary on the quarter's results, so the answer would have to come from the full quarterly filing.
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