Caesars Entertainment, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 28 July 2026: press release. The quarter’s numbers.

Key takeaways

Revenue rose, net loss narrowed: Net revenues were $2,993 million versus $2,907 million, up 3.0%. Net loss attributable to Caesars was $62 million versus $82 million. Six-month net revenues were $5,863 million, up 2.8%. Source
Adjusted EBITDA declined 3.7%: Consolidated Adjusted EBITDA was $920 million versus $955 million, down 3.7%. Six-month Adjusted EBITDA was $1,807 million versus $1,839 million, down 1.7%. Source
Las Vegas revenue and EBITDA fell: Las Vegas net revenues were $1,017 million versus $1,054 million, down 3.5%. Las Vegas Adjusted EBITDA was $410 million versus $469 million, down 12.6%. Source
Digital Adjusted EBITDA fell 15%: Caesars Digital Adjusted EBITDA was $68 million versus $80 million, down 15.0%. Caesars Digital net revenues were $351 million, up 2.3%. Source
Casino expense was largest increase: Casino operating expenses were $955 million versus $887 million, the largest expense increase in the quarter. Operating income was $513 million versus $526 million. Source
Net debt lower than year-end: Net debt was $10,842 million at June 30, 2026, versus $11,050 million at March 31, 2026 and $11,018 million at December 31, 2025. Source
Pending sale to Fertitta: The company has a pending definitive agreement to be acquired by Fertitta Entertainment, Inc., announced May 28, 2026. Source

What changed from last quarter

New: A definitive agreement to be acquired by Fertitta Entertainment, Inc., announced May 28, 2026, is pending. Source
Ended: No quarterly results conference call was held for the second quarter. The first-quarter release had announced a call for April 28, 2026.

Results and growth drivers

Revenue rose, net loss narrowed: Net revenues were $2,993 million versus $2,907 million, up 3.0%. Net loss attributable to Caesars was $62 million versus $82 million. Six-month net revenues were $5,863 million, up 2.8%. Source
Adjusted EBITDA declined 3.7%: Consolidated Adjusted EBITDA was $920 million versus $955 million, down 3.7%. Six-month Adjusted EBITDA was $1,807 million versus $1,839 million, down 1.7%. Source
Casino revenue led the increase: Casino revenue was $1,759 million versus $1,668 million. Hotel revenue was $495 million versus $509 million, and food and beverage revenue was $426 million versus $428 million. Source
Loss per share narrowed: Diluted loss per share was $0.30 versus $0.39 for the quarter, and $0.78 versus $0.93 for the six months. Source

Segments and regions

Regional revenue and EBITDA rose: Regional net revenues were $1,570 million, up 9.4%. Regional Adjusted EBITDA was $488 million versus $439 million, up 11.2%. Source
Las Vegas revenue and EBITDA fell: Las Vegas net revenues were $1,017 million versus $1,054 million, down 3.5%. Las Vegas Adjusted EBITDA was $410 million versus $469 million, down 12.6%. Source
Managed and Branded revenue declined: Managed and Branded net revenues were $57 million versus $74 million, down 23.0%. Its Adjusted EBITDA was $16 million versus $17 million, down 5.9%. Source
Corporate loss larger in EBITDA: Corporate and Other Adjusted EBITDA was a $62 million loss versus a $50 million loss, shown in the table as (24.0)%. Source

Caesars Digital

Digital Adjusted EBITDA fell 15%: Caesars Digital Adjusted EBITDA was $68 million versus $80 million, down 15.0%. Caesars Digital net revenues were $351 million, up 2.3%. Source
Digital revenue below first quarter: Caesars Digital revenue was $351 million in the second quarter, compared with $374 million in the first quarter. First-quarter Digital Adjusted EBITDA was $69 million.
Six-month digital revenue rose: Six-month Caesars Digital revenue was $725 million versus $678 million, up 6.9%. Six-month Digital Adjusted EBITDA was $137 million versus $123 million, up 11.4%. Source

Costs and margins

Casino expense was largest increase: Casino operating expenses were $955 million versus $887 million, the largest expense increase in the quarter. Operating income was $513 million versus $526 million. Source
G&A and corporate costs rose: General and administrative expense was $521 million versus $477 million. Corporate expense was $94 million versus $84 million. Source
Interest expense slightly lower: Interest expense, net was $573 million versus $579 million. Depreciation and amortization was $355 million versus $364 million. Source
Transaction costs lower in reconciliation: Transaction costs and other, net in the Adjusted EBITDA reconciliation were $29 million versus $41 million for the quarter. Source

Balance sheet and liquidity

Net debt lower than year-end: Net debt was $10,842 million at June 30, 2026, versus $11,050 million at March 31, 2026 and $11,018 million at December 31, 2025. Source
Cash rose from March: Cash and cash equivalents were $965 million, against $867 million at March 31, 2026. Restricted cash was $112 million. Source
Available liquidity rose to $2.9 billion: Cash on hand and borrowing capacity totaled $2,928 million, versus $2,760 million at March 31, 2026. CEI revolver capacity, net of its balance, was $2,130 million. Source
Bank debt declined slightly: Bank debt and loans were $5,968 million versus $6,063 million at December 31, 2025. Notes were unchanged at $5,800 million. Source

Pending merger and share count

Pending sale to Fertitta: The company has a pending definitive agreement to be acquired by Fertitta Entertainment, Inc., announced May 28, 2026. Source
Weighted share count lower: Weighted average diluted shares were 204 million for the quarter versus 209 million, and 204 million for six months versus 210 million. Source
Release posted to investor site: The release is to be posted on the company's investor relations website at the address shown in the document. Source

Coming up, as management said on 28 July 2026

Delisting on merger completion: Upon completion, the stock would no longer be listed on NASDAQ and the company would become private. The release does not give a completion date. Source

Risks management discussed

Financial: Cash uses outside Adjusted EBITDA include lease payments to affiliates of VICI and GLPI, which the release describes as potentially large. Source

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.

As filed with the SEC

Open the filing on EDGAR

Caesars Entertainment, Inc. Reports Second Quarter 2026 Results

LAS VEGAS and RENO, Nev. (July 28, 2026) - Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or the “Company”) today reported operating results for the second quarter ended June 30, 2026.

Second Quarter 2026 and Recent Highlights:

GAAP net revenues of $3.0 billion versus $2.9 billion for the comparable prior-year period.
GAAP net loss of $62 million compared to a net loss of $82 million for the comparable prior-year period.
Consolidated Adjusted EBITDA of $920 million versus $955 million for the comparable prior-year period.
Caesars Digital Adjusted EBITDA of $68 million versus $80 million for the comparable prior-year period.

Second Quarter 2026 Financial Results Summary and Segment Information

	Three Months Ended June 30,
Net Revenues
(In millions)		2026		2025	% Change
Las Vegas	$1,017		$1,054		(3.5)%
Regional	1,570		1,435		9.4%
Caesars Digital	351		343		2.3%
Managed and Branded	57		74		(23.0)%
Corporate and Other	(2)		1			*
Caesars	$2,993		$2,907		3.0%

	Six Months Ended June 30,
Net Revenues
(In millions)		2026		2025	% Change
Las Vegas	$2,020		$2,057		(1.8)%
Regional	3,000		2,823		6.3%
Caesars Digital	725		678		6.9%
Managed and Branded	123		141		(12.8)%
Corporate and Other	(5)		2			*
Caesars	$5,863		$5,701		2.8%

	Three Months Ended June 30,
Net Income (Loss) Attributable to Caesars
(In millions)		2026		2025	% Change
Las Vegas	$156		$212		(26.4)%
Regional	23		(11)			*
Caesars Digital	27		39		(30.8)%
Managed and Branded	17		18		(5.6)%
Corporate and Other	(285)		(340)		16.2%
Caesars	$(62)		$(82)		24.4%

	Six Months Ended June 30,
Net Income (Loss) Attributable to Caesars
(In millions)		2026		2025	% Change
Las Vegas	$332		$389		(14.7)%
Regional	3		9		(66.7)%
Caesars Digital	49		39		25.6%
Managed and Branded	41		34		20.6%
Corporate and Other	(585)		(668)		12.4%
Caesars	$(160)		$(197)		18.8%

	Three Months Ended June 30,
Adjusted EBITDA
(In millions)		2026		2025	% Change
Las Vegas	$410		$469		(12.6)%
Regional	488		439		11.2%
Caesars Digital	68		80		(15.0)%
Managed and Branded	16		17		(5.9)%
Corporate and Other	(62)		(50)		(24.0)%
Caesars	$920		$955		(3.7)%

	Six Months Ended June 30,
Adjusted EBITDA
(In millions)		2026		2025	% Change
Las Vegas	$836		$902		(7.3)%
Regional	923		879		5.0%
Caesars Digital	137		123		11.4%
Managed and Branded	29		33		(12.1)%
Corporate and Other	(118)		(98)		(20.4)%
Caesars	$1,807		$1,839		(1.7)%

*Not meaningful

Adjusted EBITDA is not a GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See “Reconciliation of GAAP Measures to Non-GAAP Measures” below for a definition of Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA to net income (loss) attributable to Caesars, which the Company believes is the most comparable financial measure calculated in accordance with GAAP.

Balance Sheet and Liquidity

As of June 30, 2026, Caesars had $11.8 billion in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $965 million, excluding restricted cash of $112 million.

(In millions)	June 30, 2026	December 31, 2025
Cash and cash equivalents	$965	$887
Bank debt and loans	$5,968	$6,063
Notes	5,800	5,800
Other long-term debt	39	42
Total outstanding indebtedness	$11,807	$11,905
Net debt	$10,842	$11,018

Net debt is a non-GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is helpful in understanding our financial position. Net debt is equal to total outstanding indebtedness less cash and cash equivalents.

As of June 30, 2026, cash on hand and borrowing capacity was as follows:

(In millions)	June 30, 2026
Cash and cash equivalents	$965
CEI Revolving Credit Facility capacity, net of outstanding balance	2,130
CVA Revolving Credit Facility capacity	25
Revolver capacity committed to letters of credit	(96)
Revolver capacity committed to specific reserves	(40)
Available revolver capacity committed as regulatory requirement	(56)
Total	$2,928

Non-GAAP Measures

Adjusted EBITDA (described below), a non-GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non-GAAP supplemental information will be helpful in understanding our ongoing operating results. Management has historically used Adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. Adjusted EBITDA represents, as applicable, net income (loss) before interest income and interest expense, net of interest capitalized, (benefit) provision for income taxes, depreciation and amortization, stock-based compensation expense, (gain) loss on extinguishment of debt, impairment charges, other (income) loss, net income (loss) attributable to noncontrolling interests, transaction costs associated with our acquisitions, developments and divestitures, and non-cash changes in equity method investments. Adjusted EBITDA also excludes the expense associated with certain of our leases as these transactions were accounted for as financing obligations and the associated expense is included in interest expense. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). Adjusted EBITDA is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments, distributions to our noncontrolling interest owners and payments under our leases with affiliates of VICI and GLPI, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. The reconciliation of net income (loss) attributable to Caesars to Adjusted EBITDA is attached at the end of this press release.

Net debt (defined above), a non-GAAP measure, has been presented as a supplemental disclosure because we believe it is helpful in understanding our financial condition. The reconciliation of net debt to total outstanding indebtedness is set forth above.

Other companies that provide similar non-GAAP measures may calculate them differently than we do, and the definitions may not be the same as the definitions used in any of our debt or lease agreements.

No Conference Call

Due to the Company’s pending definitive agreement to be acquired by Fertitta Entertainment, Inc. announced on May 28, 2026, Caesars will not be hosting a quarterly conference call. Upon completion of the transaction, Caesars’ common stock will no longer be listed on NASDAQ, and the Company will become a private entity. This press release will be posted on the Company’s Investor Relations website at https://investor.caesars.com.

About Caesars Entertainment, Inc.

Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate primarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. To review our latest CSR report, please visit www.caesars.com/corporate-social-responsibility/csr-reports. Must be 21+ to gamble. Know When To Stop Before You Start.® Gambling Problem? Call 1-800-522-4700. For more information, please visit www.caesars.com/corporate. If you think you or someone you care about may have a gambling problem, call 1-877-770-STOP (1-877-770-7867).

Forward-Looking Statements

Forward-looking statements notice

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information. When used in this press release, the terms or phrases such as “anticipates,” “believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,” “estimates,” “could,” “should,” “would,” “will likely continue,” and variations of such words or similar expressions are intended to identify forward-looking statements. Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. These risks and uncertainties include, but are not limited to: (a) risks associated with the proposed merger, (b) the impact on our business, financial results and liquidity of economic trends, inflation, public health emergencies, terrorist attacks and other acts of war or hostility, work stoppages and other labor problems, or other economic and market conditions, including reductions in discretionary consumer spending as a result of downturns in the economy and other factors outside our control; (c) the impact of future cybersecurity breaches on our business, financial conditions and results of operations; (d) our ability to successfully operate our digital betting and iGaming platform and expand its user base; (e) risks associated with our leverage and our ability to reduce our leverage; (f) the effects of competition, including new or continued competition in certain of our markets, on our business and results of operations; and (g) additional factors discussed in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements.

In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward- looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.

We periodically provide other information for investors on our Investor Relations website, https://investor.caesars.com. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.

Source: Caesars Entertainment, Inc.; CZR

Investor Relations: Brian Agnew, bagnew@caesars.com; Charise Crumbley, ccrumbley@caesars.com, 800-318-0047

Media Relations: Kate Whiteley, kwhiteley@caesars.com

CAESARS ENTERTAINMENT, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)		2026		2025		2026		2025
NET REVENUES:
Casino	$1,759		$1,668		$3,425		$3,262
Food and beverage	426		428		850		863
Hotel	495		509		982		991
Other	313		302		606		585
Net revenues	2,993		2,907		5,863		5,701
OPERATING EXPENSES:
Casino	955		887		1,857		1,748
Food and beverage	281		275		555		550
Hotel	163		155		319		306
Other	95		105		190		200
General and administrative	521		477		1,025		960
Corporate	94		84		182		166
Depreciation and amortization	355		364		702		721
Transaction and other costs, net	16		34		20		36
Total operating expenses	2,480		2,381		4,850		4,687
Operating income	513		526		1,013		1,014
OTHER EXPENSE:
Interest expense, net	(573)		(579)		(1,142)		(1,153)
Other income	7		1		5		-
Total other expense	(566)		(578)		(1,137)		(1,153)
Loss before income taxes	(53)		(52)		(124)		(139)
Benefit (provision) for income taxes	12		(13)		-		(24)
Net loss	(41)		(65)		(124)		(163)
Net income attributable to noncontrolling interests	(21)		(17)		(36)		(34)
Net loss attributable to Caesars	$(62)		$(82)		$(160)		$(197)
Net loss attributable to Caesars per share - basic and diluted:
Basic loss per share	$(0.30)		$(0.39)		$(0.78)		$(0.93)
Diluted loss per share	$(0.30)		$(0.39)		$(0.78)		$(0.93)
Weighted average basic shares outstanding	204		209		204		210
Weighted average diluted shares outstanding	204		209		204		210

CAESARS ENTERTAINMENT, INC.

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED EBITDA

(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)		2026		2025		2026		2025
Net loss attributable to Caesars	$(62)		$(82)		$(160)		$(197)
Net income attributable to noncontrolling interests	21		17		36		34
(Benefit) provision for income taxes	(12)		13		-		24
Other income	(7)		(1)		(5)		-
Interest expense, net	573		579		1,142		1,153
Depreciation and amortization	355		364		702		721
Transaction costs and other, net	29		41		45		54
Stock-based compensation expense	23		24		47		50
Adjusted EBITDA	$920		$955		$1,807		$1,839

Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, certain non-recurring litigation reserves, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with our new property openings, and non-cash changes in equity method investments.