Caesars Entertainment reported a much larger quarterly loss despite continued growth in its online gambling business. The company lost $123 million during the third quarter of 2026, more than double its $55 million loss during the same period last year. However, Caesars Digital continued to improve, generating higher revenue and stronger profits from its online sportsbook and casino.
According to the company’s October 27 earnings report, Caesars generated $2.94 billion in total revenue during Q3, a 2.5% increase from $2.87 billion last year. However, its adjusted EBITDA declined 2.1% to $865 million, while the company’s net loss widened.
Caesars Digital was one of the brighter spots. The division generated $326 million in revenue, up 4.8% from $311 million during the same quarter in 2025. More importantly, adjusted EBITDA increased 57.1% from $28 million to $44 million.
The digital division also reported $4 million in net income, reversing a $21 million loss from last year. That’s an encouraging development for Caesars, which has been working to improve profitability across its online sportsbook and casino platforms.
The latest results build on the company’s performance earlier this year. Caesars Digital generated $376 million in revenue during Q1 2026, up from $335 million a year earlier.
While Caesars Digital continues to grow, the company’s Las Vegas properties haven’t performed nearly as well.
Las Vegas revenue fell 2.3% to $930 million during the third quarter, compared with $952 million last year. Adjusted EBITDA also declined 9.5% to $343 million, while segment net income dropped from $132 million to $79 million.
Those results were partially offset by stronger performances at Caesars’ regional casinos. The regional division generated $1.63 billion in revenue, an increase of 5.9% from the previous year.
Regional adjusted EBITDA also climbed 3.6% to $524 million, while net income improved from $56 million to $66 million. That helped Caesars maintain overall revenue growth despite the weaker results from Las Vegas.
However, the company continues to deal with significant debt and interest expenses. Caesars reported approximately $11.66 billion in outstanding debt at the end of September, with net debt standing at $10.8 billion.
The earnings report comes as Caesars prepares to be acquired by Fertitta Entertainment in a deal announced earlier this year.
The companies announced the agreement in May, valuing the transaction at approximately $17.6 billion, including assumed debt. Caesars shareholders are set to receive $31 per share in cash if the deal closes.
Once completed, Caesars will become a privately held company, with its shares removed from the Nasdaq stock exchange. The acquisition remains pending and is subject to regulatory approvals and other closing conditions.
The latest earnings highlight a mixed picture for Caesars. Its online gambling is becoming more profitable, while regional casinos continue to grow. At the same time, they are trying to navigate weaker results in Las Vegas as the Fertitta acquisition moves forward.
