TLDR
- Caesars Entertainment posted Q2 2026 revenue of $2.99 billion, up 3% from last year, but adjusted EBITDA fell to $920 million.
- The company skipped its usual earnings call because of its pending $17.6 billion acquisition by Tilman Fertitta.
- Las Vegas revenue dropped 3.5% while regional casinos grew 9.4%, helped by the recent Caesars Windsor acquisition.
- Caesars Digital revenue increased, but profit fell as marketing and customer acquisition costs rose.
- The Fertitta acquisition has cleared early regulatory hurdles and could close in late 2026 or early 2027.
Caesars Entertainment filed its final quarterly report as a public company this week. The report came without a conference call and without any executives taking questions from analysts.
The company skipped the call because of its pending $17.6 billion sale to Tilman Fertitta’s Fertitta Entertainment. The last time management answered questions was back in April.
Revenue for the second quarter came in at $2.99 billion. That is up 3% from the same quarter last year and slightly ahead of Wall Street expectations.
The net loss narrowed to $62 million, an improvement from a $82 million loss a year earlier. Adjusted EBITDA, a measure of core profit, fell 3.7% to $920 million, missing analyst forecasts.
Part of the reason Caesars keeps losing money on paper comes down to debt. The company paid $573 million in interest expense during the quarter, which outweighed its operating income of $513 million.
Total debt stood at $11.8 billion, with $965 million in cash on hand.
Las Vegas Slows While Regional Casinos Grow
Las Vegas had a weak quarter. Revenue fell 3.5% to $1.01 billion, and profit in that segment dropped 12.6%.
Table games hold, which measures the share of bets the casino keeps, was the lowest since late 2022. Hotel occupancy also slipped, and fewer visitors came to the city overall.
Regional casinos told a different story. Revenue there rose 9.4% to $1.57 billion, and profit swung from a loss to a gain.
Some of that growth came from the Caesars Windsor casino, which the company acquired in March. That means the comparison to last year is not entirely apples to apples.
Digital Growth Comes With Lower Profit
Caesars Digital, the company’s online betting and gaming arm, grew revenue by 2.3% to $351 million. But profit in that unit fell 15% as the company spent more on marketing and signing up new customers.
Online sports betting revenue actually declined slightly, even though more people placed bets. Online casino games, known as iGaming, grew 11%.
Caesars had set a goal of reaching $500 million in yearly digital profit by the end of 2026. Through the first half of the year, digital profit sits at $137 million, which puts that target out of reach.
Caesars agreed in May to be bought by Fertitta Entertainment for $31.00 per share in cash. The deal values the company at roughly $17.6 billion once debt is included.
The offer represented a 49% premium over where Caesars shares traded before the deal was announced. The transaction does not depend on securing financing, since banks have already committed the funds.
A 45 day window for other buyers to make competing offers closed on July 11 with no rival bid. Nevada gaming regulators have already approved Fertitta’s executives to run the company.
The deal still needs a few more regulatory sign offs. Fertitta’s team has told regulators the full approval process could take up to ten months, pointing to a close in late 2026 or early 2027.
Caesars shares closed at $29.95 the day before earnings were released and barely moved after the report came out. That is because investors have already priced in the pending buyout rather than trading on quarterly results.
Most Wall Street analysts now rate the stock a Hold, with price targets clustered around the $31.00 buyout price. This marks the last quarterly report Caesars will file as an independent public company.
