Caesars Reports $2.99 Billion Revenue With Regional Casinos Leading

Caesars Entertainment reported higher second-quarter revenue, but weaker Las Vegas and digital earnings showed the uneven business Fertitta Entertainment plans to acquire for $17.6 billion.

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Good to Know

• Q2 revenue increased 3% to $2.99 billion.
• Regional casino revenue rose 9.4%, while Las Vegas revenue fell 3.5%.
• Fertitta Entertainment plans to pay $31 per share and assume about $11.9 billion in debt.

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Regional Casinos Carry Caesars Q2 Growth

Regional properties delivered the strongest result during the three months ending June 30. Revenue reached $1.57 billion, up 9.4%, while adjusted EBITDA increased 11.2% to $488 million.

Regional operations also returned to profit with net income of $23 million. The same division recorded an $11 million loss one year earlier.

By comparison, Caesars Las Vegas revenue dropped to $1.02 billion from $1.05 billion. Adjusted EBITDA fell 12.6% to $410 million, and segment net income declined 26.4% to $156 million.

Regional casinos therefore produced $553 million more revenue than the Las Vegas portfolio and generated $78 million more in adjusted EBITDA.

Across the full group, casino revenue increased 5.5% to $1.76 billion. Hotel revenue slipped from $509 million to $495 million, while food and beverage revenue remained close to flat at $426 million.

Caesars Digital, which covers online casino gaming and sports betting, generated $351 million in revenue, up 2.3%. However, adjusted EBITDA dropped 15% to $68 million. Digital net income fell 30.8% to $27 million.

Total adjusted EBITDA declined 3.7% to $920 million. Caesars narrowed its net loss from $82 million in Q2 2025 to $62 million.

Debt Remains Central to Fertitta Deal

Fertitta Entertainment agreed in May to buy Caesars for $31 per share in cash. The price represents a 49% premium over the unaffected share price on February 25.

The agreement values Caesars equity at about $5.7 billion. Assumed debt lifts the full transaction value to roughly $17.6 billion. Caesars will become a private company and leave Nasdaq after completion.

Approval from shareholders and gaming regulators remains necessary. Caesars skipped its usual quarterly earnings call because the acquisition remains pending.

Debt totaled $11.81 billion at June 30, down from $11.91 billion at the end of 2025. Cash reached $965 million, leaving net debt of about $10.84 billion.

Financing costs continue to limit earnings. Interest expense reached $573 million during Q2, exceeding operating income of $513 million.

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