Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [5][6] - Regional EBITDA grew by 4% on a hold-normalized basis during the quarter [8] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [7][8] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [10] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [11] - The Las Vegas segment experienced a decline in average daily rate (ADR) by 5% due to city-wide visitation weakness [7] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [7] - The Las Vegas segment faced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [6][15] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx investments at the Flamingo Las Vegas exceeding return expectations [8] - Upcoming projects include a new Omnia Day Club at Caesars Palace and the rebranding of The Cromwell to the Vanderpump Hotel [8] - The company aims to drive 20% top-line growth with 50% flow-through to EBITDA, maintaining a focus on spending efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [15][18] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [7][18] - Management expressed confidence in the regional segment's performance, with solid demand and improved marketing flow-through [19][20] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing its share base by 6% [14] - The balance sheet remains strong, with a weighted average cost of debt just over 6% [14] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates better than in Q3 [22][24] Question: Regional performance and promotional strategy - Management expects improved flow-through from marketing strategies as they refine their approach and focus on effective promotions [25][28] Question: Digital segment performance and customer acquisition - Management noted that higher acquisition marketing spend was expected and resulted in increased customer acquisition, although it impacted flow-through in the short term [51][52] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and the impact of upcoming conferences on performance in 2026 [46][47] Question: Impact of prediction markets on digital segment - Management has not seen significant impact from prediction markets yet and is monitoring the situation closely [60][62]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [5][6] - Regional EBITDA grew 4% on a hold-normalized basis during the quarter, while Las Vegas segment reported same-store adjusted EBITDA of $379 million [7][8] - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, with a total of nearly $400 million repurchased since mid-2024 [14] Business Line Data and Key Metrics Changes - The Digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [10][11] - The Las Vegas segment faced a decline in occupancy to 92% from 97% last year, with ADR decreasing by 5% due to weaker city-wide visitation [7][8] - The Digital segment saw a 29% net revenue growth in iCasino, driven by increased volume and average monthly active users [11] Market Data and Key Metrics Changes - Regional revenues increased year-over-year, particularly in Danville and New Orleans, contributing to the overall growth in the regional segment [7][8] - The Las Vegas market experienced a soft summer, with occupancy down about 5 percentage points, impacting overall performance [15][18] - The company noted that the group room night mix is expected to increase to 17% in Q4, indicating a recovery in group business [7][8] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx projects exceeding return expectations, including new attractions and renovations in Las Vegas [8][9] - Management emphasized the importance of refining marketing strategies to enhance customer engagement and drive returns on investments [9][19] - The company aims to achieve 20% top-line growth with 50% flow-through to EBITDA, maintaining a strong outlook for the Digital segment [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the Las Vegas market due to softer leisure demand but expressed optimism for recovery in Q4 and beyond [15][18] - The company is monitoring the regulatory environment regarding prediction markets and is prepared to adapt its strategy as needed [60][62] - Management highlighted the importance of customer experience and service quality as key drivers of success in a competitive landscape [9][19] Other Important Information - The company is on track to complete phase two of the master plan at Caesars Republic Lake Tahoe by mid-2026, indicating ongoing investment in regional properties [9] - The company plans to continue using its strong free cash flow for debt reduction and stock repurchases, maintaining a balanced approach [14][20] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management noted that leisure demand is improving, with group activity helping to compress rates better than in Q3 [22][24] Question: Regional performance and promotional strategies - Management expects improved flow-through from marketing strategies as they refine their approach and focus on effective promotions [25][27] Question: Future outlook for Las Vegas - Management indicated that the key question for 2026 is whether leisure demand will continue to recover or stall [45][46] Question: Digital segment performance and customer acquisition - Management acknowledged the impact of game outcomes on performance and emphasized the importance of customer acquisition strategies moving forward [48][49] Question: Regulatory environment and prediction markets - Management is closely monitoring the regulatory landscape and is prepared to adapt to changes regarding prediction markets [71][72] Question: Impact of city ad campaigns on demand - Management confirmed that recent ad campaigns were effective in stimulating demand and indicated ongoing efforts to promote value in Las Vegas [75][76] Question: M&A activity and asset sales - Management stated they are open to discussions regarding M&A opportunities but are not actively marketing any Vegas assets [78][79] Question: Operational expenses and budgeting for 2026 - Management highlighted labor as a key focus area for optimization as they budget for the upcoming year [82][83]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [4][5] - Regional EBITDA grew 4% on a hold-normalized basis during the quarter [7] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [5][6] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [9] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [10] - The Las Vegas segment faced challenges with a 5% decrease in average daily rate (ADR) due to city-wide visitation weakness [5][13] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [5][8] - The Las Vegas market experienced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [5][13] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx projects exceeding return expectations and plans for new developments in Las Vegas [6][8] - The digital segment aims for a 20% top-line growth with a 50% flow-through to EBITDA, maintaining long-term growth targets [11][12] - The company is refining its marketing approach to enhance customer engagement and improve returns on investments [8][19] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [13][16] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [5][6] - Management expressed confidence in the Las Vegas market's fundamentals, despite recent challenges [31][32] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing the share base by 6% [12] - The weighted average cost of debt is just over 6%, with plans to use free cash flow for debt reduction and stock repurchases [12] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates and occupancy [21][22] Question: Regional performance and marketing strategies - Management expects improved flow-through as marketing strategies are refined, focusing on effective promotions without entering a promotional war [24][25] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and upcoming conferences that could drive significant EBITDA [39][40] Question: Digital segment performance and customer acquisition - Management noted that Q4 is expected to be strong due to football season, with marketing spend returning to normal levels [58][60] Question: Regulatory environment and prediction markets - Management is monitoring the regulatory landscape for prediction markets and is prepared to act if opportunities arise [64][66]

Core Insights - The casino operator reported a loss of $55 million in the quarter, which is a significant increase from a loss of $9 million in the same quarter a year earlier [1] Financial Performance - The current quarter's loss of $55 million represents a substantial deterioration in financial performance compared to the previous year's loss of $9 million, indicating a decline in profitability [1]

Company Performance & Financials - Caesars Digital generated approximately $13 billion of TTM Net Revenue and $171 million of TTM Adjusted EBITDA[14] - Q3 '25 TTM Adjusted EBITDA for Caesars Digital is 36% above Q3 '24 TTM[14] - Las Vegas center Strip assets generated approximately $1 billion of TTM Adjusted EBITDA[29] - Approximately $31 billion of capital spend in regional properties since closing of the Eldorado & Caesars merger in July 2020[34] - Since Q2 2024, Caesars has repurchased ~6% of shares outstanding totaling $391 million[54] - Q3 2025 Adjusted EBITDA was $884 million, with an Adjusted EBITDA margin of 308%[112, 113] Digital Growth - iGaming net gaming revenue increased by 30% YoY in Q3 2025, and 84% YoY in Q3 2024[77] - iGaming experienced a 2-Year Stack growth of +139%[77] - Monthly Unique Payers (MUPs) for Caesars Digital reached 458,434, a 15% YoY growth in Q3 '25 vs Q3 '24[75] Expansion & Investments - Caesars is developing Harrah's Oklahoma, expected to open in Q2 2026, increasing Caesars Rewards exposure to over 2 million adults within driving distance[37] - Caesars Republic Sonoma County is under development, expected to open in late 2027, giving Caesars Rewards exposure to over 6 million adults within 150 miles[40]

Caesars Entertainment, Inc. (NASDAQ:CZR) shares traded lower in Tuesday’s extended session after the casino operator missed earnings and revenue estimates in the third quarter.  Here's a look at the key figures from the quarter. CZR stock is down. See the real-time price action here.The Details: Caesars Entertainment reported quarterly losses of 27 cents per share. It missed the analyst estimate for earnings of one cent.Quarterly revenue came in at $2.86 billion, missing the Street estimate of $2.89 billion ...

Financial Performance - For the three months ended September 30, 2025, total net revenues were $2,869 million, a slight decrease from $2,874 million in the same period of 2024[165]. - Adjusted EBITDA for the total company was $884 million for the three months ended September 30, 2025, down from $1,001 million in 2024, resulting in an Adjusted EBITDA margin of 30.8%[165]. - The company reported a net loss of $39 million for the three months ended September 30, 2025, compared to a net income of $9 million in the same period of 2024[165]. - During the nine months ended September 30, 2025, total net revenues were $8,570 million, an increase from $8,446 million in 2024[165]. - Adjusted EBITDA for Q3 2025 was $884 million, a decrease of 11.7% from $1,001 million in Q3 2024[200]. - For the nine months ended September 30, 2025, Adjusted EBITDA totaled $2,723 million, down 4.6% from $2,854 million in the same period of 2024[200]. Segment Performance - Caesars Digital segment reported net revenues of $311 million for the three months ended September 30, 2025, compared to $303 million in 2024, reflecting a growth of 2.6%[165]. - The Las Vegas segment generated net revenues of $952 million for the three months ended September 30, 2025, compared to $1,062 million in 2024, indicating a decline of 10.4%[165]. - The Regional segment saw an increase in net revenues to $1,536 million for the three months ended September 30, 2025, up from $1,446 million in 2024, marking a growth of 6.2%[165]. - Adjusted EBITDA for the Las Vegas segment decreased by 19.7% to $379 million for the three months and by 10.2% to $1,281 million for the nine months, reflecting lower visitation trends and unfavorable gaming hold[184]. - Adjusted EBITDA for the Regional segment was $506 million, a slight increase of $8 million (1.6%) from $498 million in the same period last year[187]. - Adjusted EBITDA for Caesars Digital decreased by $24 million (46.2%) to $28 million for the three months ended September 30, 2025, compared to $52 million in 2024[190]. Revenue and Expense Trends - Net revenues for the three months ended September 30, 2025, were $2,869 million, a slight decrease of 0.2% compared to $2,874 million in 2024, while net revenues for the nine months increased by 1.5% to $8,570 million from $8,446 million[167]. - Total operating expenses rose by 5.7% to $2,356 million for the three months and by 3.4% to $7,043 million for the nine months, primarily due to increased casino expenses and depreciation[168]. - Interest expense, net decreased by 3.4% to $(576) million for the three months and by 2.9% to $(1,729) million for the nine months, attributed to a reduction in outstanding debt and a shift to variable rate debt[177]. Cash Flow and Capital Management - Operating cash inflows for the nine months ended September 30, 2025, were $998 million, compared to $766 million for the same period in 2024, reflecting improved working capital management[203]. - As of September 30, 2025, the company had cash and cash equivalents of $836 million and total borrowing capacity of $2,792 million[203]. - Capital expenditures for the nine months ended September 30, 2025, were $648 million, down from $1.0 billion in the same period of 2024[210]. - The company has authorized a $500 million common stock repurchase program, with $271 million remaining for future repurchases as of September 30, 2025[204]. Debt and Financial Obligations - The company expects estimated lease payments to VICI and GLPI to be approximately $338 million for the remainder of 2025[207]. - Debt service obligations for the remainder of 2025 are estimated at approximately $188 million[207]. - The company redeemed $546 million of CEI Senior Notes due 2027 in July 2025, funded through the CEI Revolving Credit Facility[205]. - Long-term variable-rate borrowings totaled $6.1 billion as of September 30, 2025, representing approximately 51% of consolidated long-term debt[228]. - The weighted average interest rates on the company's variable and fixed rate debt were 6.53% and 6.18%, respectively[228]. Market Risk and Compliance - The company is exposed to market risk primarily from variable rate long-term debt arrangements and manages this risk by monitoring interest rates[227]. - The company has utilized derivative financial instruments to manage market risk but does not use them for trading purposes[230]. - The company faces certain contingencies involving litigation and compliance, which are discussed in detail in the annual report[224].

Financial Performance - Caesars reported GAAP net revenues of $2.9 billion for Q3 2025, unchanged from the prior year[4] - The company experienced a net loss of $55 million in Q3 2025, compared to a net loss of $9 million in Q3 2024[4] - Same-store Adjusted EBITDA decreased to $884 million in Q3 2025, down 11.7% from $996 million in Q3 2024[4] - For the three months ended September 30, 2025, net revenues were $2,869 million, a slight decrease from $2,874 million in the same period of 2024[24] - Casino revenues increased to $1,642 million in Q3 2025 from $1,599 million in Q3 2024, representing a growth of 2.7%[24] - Operating income for the nine months ended September 30, 2025, was $1,527 million, down from $1,635 million in the same period of 2024, reflecting a decrease of 6.6%[24] - The net loss attributable to Caesars for Q3 2025 was $55 million, compared to a net loss of $9 million in Q3 2024[24] - Adjusted EBITDA for the three months ended September 30, 2025, was $884 million, down from $996 million in Q3 2024, indicating a decline of 11.2%[25] - Interest expense for the nine months ended September 30, 2025, was $1,729 million, slightly lower than $1,780 million in the same period of 2024[24] - Total operating expenses for the nine months ended September 30, 2025, were $7,043 million, an increase from $6,811 million in the same period of 2024[24] Segment Performance - Las Vegas segment Adjusted EBITDA declined by 18.8% to $379 million, while Caesars Digital Adjusted EBITDA fell 46.2% to $28 million[8] - Regional net revenues increased by 6.2% to $1.536 billion, while Las Vegas revenues decreased by 9.8% to $952 million[3] - The company reported a 14.9% increase in Caesars Digital net revenues to $989 million for the nine months ended September 30, 2025[5] - Corporate and Other segment saw a significant improvement, with losses decreasing by 40% to $(3) million in Q3 2025[3] Shareholder Actions - The company repurchased 3.9 million shares for $100 million during the quarter, totaling 13.2 million shares repurchased for $391 million since mid-2024[12] Future Outlook - Caesars anticipates improved operating performance in Q4 2025 due to stronger occupancy in Las Vegas and continued momentum in the Caesars Digital segment[2] - The company anticipates continued challenges due to economic trends, inflation, and competition impacting future performance[20] - Caesars plans to focus on expanding its digital betting and iGaming platforms to grow its user base[20]

Core Insights - Caesars Entertainment and AGS have launched two exclusive slot titles, Kingdom of Horus and Reign of Anubis, available both in-person at Caesars' locations in Atlantic City and online across five North American jurisdictions [1][3]. Group 1: Launch Details - The new games are now live at Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino in New Jersey, Pennsylvania, Michigan, West Virginia, and Ontario, as well as on casino floors at Caesars destinations in Atlantic City [1]. - The launch event featured local social media influencers, including NJ Slot Guy, who participated in a ceremonial first spin at Caesars Atlantic City [2]. Group 2: Game Features - Kingdom of Horus and Reign of Anubis are part of AGS' Triple Coin Treasures series, featuring a 3×5 reel layout with 40 paylines and mechanics such as Scarab Prizes, Wild Coins, and Pot Bonuses [4]. - Players can unlock Extra Spins, benefit from Symbol Upgrades, and enjoy Boosted Prizes with credit multipliers for enhanced payout potential [4]. Group 3: Strategic Importance - The launch is part of Caesars' strategy to blend online and in-person casino experiences, with a commitment to offering premium gaming experiences [3]. - The new titles join a growing list of exclusive launches between AGS and Caesars, enhancing Caesars' online casino offerings [3]. Group 4: Company Background - Caesars Entertainment is the largest casino-entertainment company in the US, known for its diversified gaming, entertainment, and hospitality amenities [9]. - The company operates under various brand names, including Caesars®, Harrah's®, and Horseshoe®, and emphasizes a strong loyalty program, Caesars Rewards® [9].

Core Insights - Caesars Entertainment, Inc. (CZR) is a gaming and hospitality company with a market cap of $4.6 billion, operating in 18 states and offering various services including casinos, hotels, and restaurants [1] - The company is expected to report a fiscal third-quarter loss of $0.04 per share, consistent with the previous year, and has missed consensus estimates in three of the last four quarters [2] - For the full fiscal year, CZR is projected to report a loss of $0.93 per share, a significant decrease from $0.55 in fiscal 2024, but is expected to rebound with an EPS of $0.63 in fiscal 2026, reflecting a 167.7% year-over-year increase [3] Performance Metrics - CZR stock has underperformed the S&P 500 Index, which gained 14.8% over the past 52 weeks, with CZR shares down 50.9% during the same period [4] - Following the Q2 results announcement, CZR shares fell over 3% after reporting a loss of $0.39 per share, which was below Wall Street's expectation of $0.07 EPS, despite revenue of $2.91 billion exceeding forecasts [5] Analyst Sentiment - The consensus opinion on CZR stock is moderately bullish, with a "Moderate Buy" rating; 12 out of 17 analysts recommend a "Strong Buy," four suggest a "Hold," and one advises a "Strong Sell" [6] - The average analyst price target for CZR is $39.75, indicating a potential upside of 79.1% from current levels [6]