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Caesars Entertainment, Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 28 October 2025: press release. The quarter’s numbers.

Key takeaways

  • Revenue flat as segments diverged: Net revenues were $2,869 million against $2,874 million. Regional and Caesars Digital growth offset a 9.8% same-store decline in Las Vegas. Source
  • GAAP net loss widened to $55 million: The company reported a GAAP net loss of $55 million against a net loss of $9 million in the prior-year quarter. Source
  • Same-store Adjusted EBITDA fell 11.2%: Same-store Adjusted EBITDA was $884 million against $996 million, a decline of 11.2%, with Las Vegas and Caesars Digital the largest drops. Source
  • Las Vegas Adjusted EBITDA fell 18.8%: Las Vegas Adjusted EBITDA was $379 million against $467 million on a same-store basis, a decline of 18.8%. Source
  • Caesars Digital Adjusted EBITDA fell 46.2%: Caesars Digital Adjusted EBITDA was $28 million against $52 million, while its net revenues rose 2.6% to $311 million. Source
  • Las Vegas visitation and table hold cited: Management attributed the Las Vegas Adjusted EBITDA decline to lower city-wide visitation and poor table games hold. Source
  • Buybacks of $100 million in quarter: Shares repurchased totaled 3.9 million for $100 million during the quarter and through October. Since mid-2024, aggregate repurchases are 13.2 million shares for $391 million. Source

“Our regional portfolio delivered net revenues and Adjusted EBITDA growth as a result of consistent operating trends and continued positive returns from our capital projects.”

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc.

Results and growth drivers

  • Revenue flat as segments diverged: Net revenues were $2,869 million against $2,874 million. Regional and Caesars Digital growth offset a 9.8% same-store decline in Las Vegas. Source
  • GAAP net loss widened to $55 million: The company reported a GAAP net loss of $55 million against a net loss of $9 million in the prior-year quarter. Source
  • Same-store Adjusted EBITDA fell 11.2%: Same-store Adjusted EBITDA was $884 million against $996 million, a decline of 11.2%, with Las Vegas and Caesars Digital the largest drops. Source

Segments and regions

  • Las Vegas revenue down 9.8%: Las Vegas net revenues were $952 million against $1,055 million on a same-store basis, a decline of 9.8%. Source
  • Las Vegas Adjusted EBITDA fell 18.8%: Las Vegas Adjusted EBITDA was $379 million against $467 million on a same-store basis, a decline of 18.8%. Source
  • Regional Adjusted EBITDA rose 1.6%: Regional net revenues were $1,536 million, up 6.2%. Regional Adjusted EBITDA was $506 million against $498 million. Source
  • Caesars Digital Adjusted EBITDA fell 46.2%: Caesars Digital Adjusted EBITDA was $28 million against $52 million, while its net revenues rose 2.6% to $311 million. Source

Costs and interest

  • Casino expense rose to $909 million: Casino operating expense was $909 million against $828 million, while casino revenue was $1,642 million against $1,599 million. Source
  • Depreciation and amortization rose: Depreciation and amortization was $352 million against $326 million in the prior-year quarter. Source
  • Net interest expense eased to $576 million: Net interest expense was $576 million against $596 million, and the company recorded a $4 million loss on extinguishment of debt. Source

Demand and hold

  • Las Vegas visitation and table hold cited: Management attributed the Las Vegas Adjusted EBITDA decline to lower city-wide visitation and poor table games hold. Source
  • Sports hold below expectations in September: Management said Caesars Digital Adjusted EBITDA was hurt by sports hold that came in below expectations during September. Source
  • Digital volumes tied to product improvements: Management described Caesars Digital volumes and linked them to continued product improvements. Source

Capital, cash and returns

  • Cash on hand of $836 million: Cash and cash equivalents were $836 million, excluding $103 million of restricted cash. Source
  • Debt and net debt lower: Total outstanding indebtedness was $11,923 million and net debt $11,087 million, against $12,294 million and $11,428 million at December 31, 2024. Source
  • Liquidity of $2,792 million: Cash plus available revolver capacity totaled $2,792 million, against $3,081 million at June 30, 2025. Source
  • Redeemed $546 million of 2027 notes: The company fully redeemed $546 million of 8.125% notes due 2027 in July 2025. Source
  • Buybacks of $100 million in quarter: Shares repurchased totaled 3.9 million for $100 million during the quarter and through October. Since mid-2024, aggregate repurchases are 13.2 million shares for $391 million. Source

Managed and Branded, Corporate

  • Managed and Branded revenue up 7.4%: Managed and Branded net revenues were $73 million against $68 million, a rise of 7.4%. Source
  • Corporate and Other loss widened: Corporate and Other Adjusted EBITDA was a loss of $47 million against a loss of $40 million. Source

Risks management discussed

  • Demand: Lower city-wide visitation and poor table games hold in Las Vegas reduced the segment's Adjusted EBITDA. Source
  • Operational: Sports hold in September came in below expectations and reduced Caesars Digital Adjusted EBITDA. Source

Earlier plans management reported on

  • Not stated: The second-quarter release described free cash flow use for debt reduction and repurchases. The third-quarter release repeats a balanced allocation approach.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.