Caesars Entertainment Accrues 4.4% Q4 Revenue Growth and $502m Full-year Net Loss

Caesars Entertainment has recorded Q4 2025 net revenue of just over $2.9bn, representing a 4.4% year-on-year increase. However, the company posted a net loss of $250m for the quarter, compared with net income of $11m in Q4 2024. Adjusted EBITDA reached $901m, reflecting 2.2% growth.

Las Vegas operations generated $1bn in revenue during the quarter, a decline of 3.4%, most likely due to less tourism numbers in the past 12 months. Regional businesses delivered $1.4bn in revenue, an increase of 4%. Managed and branded revenue fell 4.4% to $65m.

Casino operations revenue rose by 8.7% in Q4 2025 to $1.7bn, while hotel activity generated $469m, down by 5.1% year-on-year. Food and beverage revenue reached $415m, slipping 1.4%. Other revenue increased 3.6% to $319m.

Operating expenses climbed 21.4% to nearly $2.6bn, resulting in operating income declining by 50.5% to $331m.

Digital segment posts record quarterly EBITDA

Caesars Digital generated $219m in Q4 revenue, an increase of 38.7%. The segment reported a quarterly record in adjusted EBITDA of $85m, up 325%.

Despite the improved EBITDA and revenue results, Caesars Digital reported net income of $39m, a decline of 86.5% in Q4 2025. Las Vegas operations posted a 4.7% decrease in net income to $182m, while net loss for regional operations reached $210m, representing a 57.9% increase.

The operator’s adjusted EBITDA declined across several land-based segments. Las Vegas EBITDA fell 6.5% to $447m, while regional EBITDA decreased 1.5% to $404m. Managed and branded EBITDA also dropped 5.9% to $16m.

Full-year revenue increases amid larger net loss

For FY2025, Caesars reported net revenue of $11.5bn, up 2.4%. However, the company recorded a net loss of $502m during the year, compared with a $278m loss in FY2024. Adjusted EBITDA declined 2.7% to $3.6bn.

Regional operations rose by 3.9% to generate $5.8bn in revenue, the highest of any of Caesars’ verticals. Las Vegas revenue fell 4.7% to just over $4bn. Caesars Digital produced $1.4bn revenue for FY2025, increasing 21.1% year-on-year. Managed and branded revenue rose 1.8% to $279m.

Segment performance across FY2025

Casino revenue led full-year performance with $6.6bn, up 5.6%. Hotel revenue went down 3.5% to  $1.9bn, while food and beverage operations resulted in $1.7bn of the operator’s total revenue, decreasing by 0.1%.

Furthermore, Las Vegas operations declined by 19.6% to  a net income of $703m. For regional operations, net loss was recorded at $145m. Its online vertical experienced a 78.8% net income decline to $57m.

Adjusted EBITDA for Las Vegas fell by 8.6% to $1.7bn. Regional operations went down to $1.8bn in adjusted EBITDA, while for Caesars Digital, this figure increased by 101.7% to $236m.

The company’s operating expenses for FY2025 was just over $9.6bn, rising 7.7%. Operating income decreased 19.4% to around $1.9bn.