Caesars Digital EBITDA Rises 57% as Las Vegas Earnings Fall

Caesars Entertainment reported higher digital and regional earnings for Q3 2026, while Las Vegas profits fell ahead of its planned $17.6 billion acquisition by Fertitta Entertainment.

Good to Know

• Caesars Digital generated $44 million in adjusted EBITDA, up 57%.
• Regional casinos produced $524 million in adjusted EBITDA.
• Caesars expects the Fertitta takeover to close by mid-2027, subject to approvals.

Digital Growth Comes Without Prediction Markets

Caesars Digital turned a $21 million quarterly net loss into a $4 million profit. Revenue increased 5% to $326 million as the business continued operating outside prediction markets.

Caesars considers those products a risk to its retail casino licences. Meanwhile, FanDuel, DraftKings and Fanatics have invested in prediction markets and customer acquisition. Caesars offers online sports betting in 28 North American jurisdictions and iGaming in six.

The results also show better digital profitability. Based on reported figures, the adjusted EBITDA margin reached roughly 13.5%, compared with 9% a year earlier. That means Caesars retained more adjusted operating earnings from each dollar of digital revenue.

Regional Casinos Bring Earnings and Merger Questions

Regional revenue rose 6% to roughly $1.6 billion, while adjusted EBITDA increased about 3.6% to $524 million. However, overlapping casino operations could complicate the Fertitta transaction.

Caesars counts 46 regional properties among its 54 locations. Golden Nugget operates eight casinos, including seven outside Las Vegas. The businesses compete in Lake Tahoe, Laughlin, Atlantic City, Lake Charles, Danville and Biloxi.

At the Global Gaming Expo, CEO Tom Reeg said he would not be surprised “if a property or two ultimately gets divested”. The Eldorado Resorts acquisition of Caesars in 2020 also required property sales.

Shareholders approved the Fertitta merger by a 65% majority on September 22. Five days earlier, the Federal Trade Commission requested additional materials for its antitrust review.

Las Vegas Weakness Limits Group Results

Las Vegas revenue declined 2% to $930 million. Adjusted EBITDA fell roughly 10% to $343 million, while net income dropped 40% to $79 million.

Across Caesars, quarterly revenue reached $2.94 billion, but the net loss widened to $123 million from $55 million. The company reported $864 million in cash and approximately $11.7 billion in outstanding debt.

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