Caesars Entertainment, Inc. (CZR)

Caesars Entertainment reported third-quarter 2026 net revenues of $2.94 billion on 27 October, up 2.5 percent from a year earlier, and a net loss attributable to Caesars of $123 million 2.

Las Vegas revenue fell 2.3 percent to $930 million, while regional casinos grew 5.9 percent and Caesars Digital, its sports betting and online casino arm, grew 4.8 percent 2.

The quarterly report says fewer city-wide conventions and lower leisure visits hurt Las Vegas, while online casino growth and the Caesars Windsor takeover lifted casino revenue elsewhere 1.

Fertitta Entertainment, the company of Tilman Fertitta, has agreed to buy Caesars for $31.00 in cash for each share, in a deal Hotel Dive puts at $17.6 billion with debt included 179.

Holders of 65.4 percent of the shares outstanding voted yes on 22 September 2026, but the Federal Trade Commission's second request keeps the antitrust review open 46.

Caesars began in 1973 when the Carano family opened the Eldorado Hotel Casino in Reno, Nevada 3.

From 2005 it grew by buying other casino operators, among them MTR Gaming Group in 2014, Isle of Capri Casinos in 2017 and Tropicana Entertainment in 2018 3.

The biggest step came on 20 July 2020, when Eldorado Resorts finished buying Caesars Entertainment Corporation and took its name 10. The release said the result was the largest casino and entertainment company in the U.S. 10.

The combined company owned or operated more than 55 casinos, eight of them hotel casinos on the Las Vegas Strip 10.

In April 2021 Caesars finished buying British operator William Hill for £2.9 billion 11. It wanted William Hill's US betting business and technology, and the rest of William Hill was set to be sold 11.

In late 2024 it sold the World Series of Poker trademark on 29 October for $500 million and the LINQ Promenade on 12 December for $275 million 3.

Revenue then held roughly steady 3. Net revenues were $11.53 billion in 2023, $11.2 billion in 2024 and $11.49 billion in 2025 3.

The 2025 rise of 2.1 percent came mainly from online casino play, where the amount wagered grew 27.5 percent, and from the new Caesars Virginia casino and the rebuilt Caesars New Orleans 3.

Las Vegas moved the other way 3. Its revenue fell from $4.47 billion in 2023 to $4.05 billion in 2025, which the company ties to fewer visitors across the city 3.

The company lost money in both 2024 and 2025, with net losses of $211 million and $437 million 3. Interest costs are large next to its operating profit, which was $457 million in the third quarter of 2026 against $570 million of interest expense 1.

What it sells

Casino play, which includes slot machines, table games and sports betting, brought in about 58 percent of 2025 revenue 3. Hotel rooms brought in about 17 percent and food and beverage about 15 percent 3.

Las Vegas

Las Vegas holds Caesars Palace, Harrah's Las Vegas, Flamingo, Paris, Planet Hollywood, Horseshoe, The Cromwell and The LINQ 3. It also runs the Colosseum theater and the CAESARS FORUM conference center, which holds more than 10,000 people 3.

The segment's revenue was $4.05 billion in 2025 3. In the third quarter of 2026 its adjusted EBITDA, a profit measure the company reports that is not a standard accounting figure, fell 9.5 percent to $343 million 2.

Regional casinos

Regional casinos stretch from Reno and Lake Tahoe to Atlantic City, New Orleans, Indiana and Maryland, and they are the largest segment 3. Their revenue was $5.76 billion in 2025, up 3.9 percent 3.

The company credits the new Caesars Virginia and Caesars New Orleans projects for the 2025 gain 3. In the third quarter of 2026 regional revenue rose 5.9 percent to $1.63 billion and adjusted EBITDA rose 3.6 percent to $524 million 2.

Caesars Digital

Caesars Digital runs the Caesars Sportsbook, Caesars Racebook, Caesars Palace Online Casino and Horseshoe Online Casino apps 3. At 30 September 2026 it offered sports betting in 35 jurisdictions in North America, 28 of them online, and online casino games in six 1.

Its revenue was $1.41 billion in 2025, up 21.1 percent, and its adjusted EBITDA reached $236 million 3. In the third quarter of 2026 that profit measure rose from $28 million to $44 million 2.

iGaming Business reported that Caesars has stayed out of prediction markets, which it sees as a risk to its retail casino licences 8.

Managed and branded properties

Caesars earns fees for running or licensing its brands to other properties, such as Harrah's Cherokee in North Carolina 3. That segment's revenue was $279 million in 2025 3.

People and rivals

Thomas Reeg is chief executive and Bret Yunker is chief financial officer, and Gary Carano is executive chairman 5. Anthony Carano is president and chief operating officer 5.

Caesars has about 50,000 team members, and about 21,000 of them, or 42 percent, are covered by union contracts 3. It competes with other casino operators in each region, including new tribal casinos, and its Las Vegas hotels also compete with each other 3.

Current problems

The company has $11.7 billion of debt outstanding and $864 million of cash at 30 September 2026 2. It lost money in 2024 and 2025 3.

The pending sale and its antitrust review are the main open matter, covered under Future 6.

The umbrella, in words

The main brands are Caesars, Harrah's, Horseshoe, Eldorado, Tropicana and Isle, the names on its casinos, plus the Caesars Rewards loyalty program that also works in the betting apps 3. Exhibit 21 of the annual report lists its subsidiaries 3.

The annual report lists Caesars Palace and Harrah's Las Vegas as leased 3. Caesars rents casinos from VICI Properties under leases with a 15-year initial term and an initial annual fixed rent of $1.1 billion, rising with inflation 3.

It also rents from Gaming and Leisure Properties under a master lease with an initial term of 20 years, through September 2038 3. The company says rent under the GLPI and VICI leases is one of its main cash needs 1.

It invested in a joint venture, the Pompano Joint Venture, sharing profits and losses evenly with Cordish, and it carried the stake at $108 million on 30 September 2026 1.

On 1 May 2026 it bought the rest of Grand Bazaar, the Las Vegas shopping district next to its casinos, having held about 8 percent, for about $66 million 1. Since 3 March 2026 it has run Caesars Windsor in Canada for the Ontario Lottery and Gaming Corporation under a 20-year agreement 1.

No one holder controls Caesars, on the proxy's list 5. As of 14 August 2026 the proxy reported BlackRock with 13.5 percent, Pentwater Capital Management with 5.60 percent and Vanguard Portfolio Management with 5.06 percent 5.

Recreational Enterprises, a stockholder controlled by members of the Carano family, holds about 4.2 percent and agreed on 27 May 2026 to vote for the Fertitta merger 5.

The company and Fertitta Entertainment said they intend to keep working with the FTC, and completion still depends on the end of the antitrust waiting period and the other closing conditions 6.

Either side may end the deal if it has not closed by 27 May 2027, a date that extends to 27 August and 27 November 2027 if only antitrust or gaming approvals remain 1.

If the merger has not closed by 26 June 2027, holders are to receive a further $0.00715 per share for each day of delay, the company said on 23 September 4.

Caesars would owe Fertitta Gaming a $200 million fee in certain cases, such as taking a rival offer, and Fertitta Gaming would owe Caesars $450 million if antitrust or gaming law blocks the deal 1.

Hotel Dive reported in July that Fertitta executive Steven Scheinthal said approvals in each gaming jurisdiction could take up to ten months 9. iGaming Business reported on 27 October that the deal is expected to close by the midpoint of next year 8.

Caesars held no earnings call for the quarter and its executives gave no written statements in the release, Hotel Dive reported on 28 October 7.