Caesars Entertainment Earnings Call Transcripts
Fiscal Year 2026
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Net revenues rose 3% year-over-year to $2.9B, with adjusted EBITDA up slightly. Las Vegas and digital segments showed strong sequential improvements, while regional growth was steady, aided by acquisitions and renovations. Free cash flow and margin expansion are expected to continue in 2026.
Fiscal Year 2025
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Q4 and full-year results showed revenue and EBITDA growth, with digital and regional segments performing well despite weather and leisure softness. Las Vegas saw strong events and ongoing CapEx, while digital achieved record metrics and expects continued growth.
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Q3 2025 saw $2.9B in revenue and $884M adjusted EBITDA, with Las Vegas and Digital segments impacted by hold volatility but showing sequential improvement. Regional growth was driven by Danville and New Orleans, and capital returns included $546M in debt reduction and $100M in share buybacks.
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Q2 2025 saw $2.9B in revenue and $955M adjusted EBITDA, with digital delivering record results and Las Vegas facing seasonal softness but strong future group bookings. Regional performance improved post one-time headwinds, and digital is on track for $500M+ EBITDA in 2026.
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Q1 2025 saw 2% revenue and 4% adjusted EBITDA growth, with Las Vegas margins up and digital segment revenues surging 19% year-over-year. Regional and digital segments offset headwinds, and strong forward bookings support a positive outlook, with most free cash flow targeted for debt reduction.
Fiscal Year 2024
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2024 saw $11.2B in net revenue and $3.7B in EBITDA, with Las Vegas and digital segments performing strongly. Regional headwinds are easing, new properties are exceeding expectations, and digital is on track for $500M EBITDA. Most 2025 free cash flow will go to debt reduction.
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Q3 2024 saw $2.9B in revenue and $1B Adjusted EBITDA, with record digital and non-gaming Las Vegas results offset by regional headwinds. Asset sales and refinancing supported debt reduction, while digital and group business growth drive optimism for 2025.
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Q2 2024 saw flat consolidated revenues and EBITDAR, with Las Vegas setting a net revenue record and digital operations achieving strong growth. Regional performance was challenged by construction and competition, but new property openings and digital momentum support a positive outlook for the second half of 2024.