Caesars Revenue Rises To $2.9 Billion As Digital Hits Q1 Record

Caesars Entertainment started 2026 with higher revenue, a smaller net loss, and record first-quarter results from Caesars Digital, even as casino margins stayed under pressure.

Good to Know

• Caesars reported Q1 revenue of $2.9 billion, up from $2.8 billion last year.
• Caesars Digital revenue rose to $374 million, with adjusted EBITDA up to $69 million.
• The company ended the quarter with $867 million in cash and about $11.9 billion in debt.

Digital Carries More Weight In Q1

Caesars Digital gave the company its clearest growth line in the first quarter. Revenue in the segment climbed from $335 million to $374 million, while adjusted EBITDA increased from $43 million to $69 million.

CEO Tom Reeg said:

“In the first quarter of 2026, we delivered growth in total net revenue and adjusted EBITDA versus last year.

“Caesars Digital revenue of $374 million (up from $335 million a year ago) and adjusted EBITDA of $69 million (up from $43 million a year ago) achieved record first-quarter results.”

Across the full business, Caesars posted $2.9 billion in revenue, up from $2.8 billion a year earlier. Net loss narrowed to $98 million from $115 million. Consolidated adjusted EBITDA reached $887 million, only slightly above the $884 million reported last year.

Las Vegas held steady on the top line. Revenue stayed at $1 billion, while adjusted EBITDA slipped 1.6% to $426 million. Hotel occupancy reached 95.3%, and executives pointed to better demand after a weaker second half of 2025.

President and Chief Operating Officer Anthony Carano called Las Vegas trends “a dramatic improvement versus the second half of 2025.”

Reeg also said convention and group demand still plays a large role, with CONEXPO-CON/AGG 2026 among the major events helping the market. He said:

“We feel better each quarter about how Vegas is performing,”

Regional Casinos Stay Steady As Cash Focus Starts

Regional revenue rose 3% to $1.43 billion, although adjusted EBITDA dipped to $435 million. Reeg said the segment looked better when last year Super Bowl LX benefit in New Orleans was removed from the comparison:

“The regional segment delivered improved adjusted EBITDA on a year-over-year basis after excluding the benefits of Super Bowl LX in New Orleans last year.”

Chief Financial Officer Bret Yunker described the quarter as stable and tied future results to better cash generation. Caesars has spent about $3 billion on renovations in recent years and now expects a “cash flow harvesting cycle.”

Yunker said:

“Our first-quarter consolidated results demonstrate the stability of our Las Vegas and regional segments and the continued growth in Caesars Digital,

“We expect to deliver strong free cash flow in 2026 as a result of continued operating momentum, lower cash interest expense, and lower capex.”

Caesars also completed the $54 million acquisition of Caesars Windsor operations in March and entered a 20-year agreement with the Ontario Lottery and Gaming Corporation.

Executives declined to address reported takeover interest from Tilman Fertitta, saying the company will not comment on “market rumors or speculation.”

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