Caesars Entertainment’s Q3 2025 results show a steady top line but softer profits as Las Vegas performance lagged and sports results dented margins. Still, the company’s Caesars Digital business continues to play a bigger role in the wider portfolio, supporting diversification beyond physical casinos.

  • Total net revenue for Q3 2025 was USD 2.9 billion (ca. EUR 2.5 billion), flat year-on-year, while net loss widened to USD 55 million (ca. EUR 47 million). Same-store adjusted EBITDA fell 11% to USD 884 million (ca. EUR 758 million), mainly due to lower table hold and fewer visitors in Las Vegas. CEO Tom Reeg said the digital business and regional casinos remain key drivers of stability and future growth.

  • Caesars Digital delivered USD 311 million (ca. EUR 267 million) in net revenue, up 2.6% from Q3 2024, though adjusted EBITDA slipped to USD 28 million (ca. EUR 24 million) from USD 52 million (ca. EUR 45 million). Sports betting margins were hit by a weak September, but player activity and engagement stayed high, with Reeg pointing to “continued product improvements” and expanding digital volumes.

  • For the nine months to September 2025, Caesars Digital net revenue rose 15% to USD 989 million (ca. EUR 848 million), with adjusted EBITDA up 56% to USD 151 million (ca. EUR 129 million). The company said its online betting and iGaming operations are maturing, becoming a stronger earnings contributor alongside its land-based divisions.

  • Regional casino net revenue increased 6% to USD 1.54 billion (ca. USD 1.32 billion) in Q3 2025, reflecting steady customer demand and the payoff from recent property investments. The segment helped balance weaker Las Vegas trends and showed how Caesars’ mix of regional, Vegas, and digital assets gives it operational flexibility.

  • CFO Bret Yunker said the company remains focused on balance sheet strength while funding growth in its digital ecosystem. Caesars ended Q3 2025 with USD 836 million (ca. EUR 717 million) in cash and USD 11.9 billion (ca. EUR 10.2 billion) in debt, having repurchased 3.9 million shares during the quarter for USD 100 million (ca. EUR 86 million).

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