Caesars Entertainment (Caesars) posted the news of its third-quarter report, which was less than buoyant, detailing a growing gap in Las Vegas revenue.
The casino and leisure brand reported a 9.8% change from the 2025 installment of the report compared to the previous year. This meant a loss of $110 million to the company’s signature Sin City takings.
Caesars’ CEO says Las Vegas numbers are down
We reported that there seemed to be a less-than-optimistic outlook for the third quarter from senior figures at Caesars.
Chief Executive Officer, Tom Reeg, said at the time (30 July) that “Vegas started leaking as a market (at the) end of May. That leak accelerated into June. I’d expect the third quarter to be soft.”
In concert with his predictions, Reeg said the Las Vegas location’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) “declined during the quarter due to lower city-wide visitation and poor table games hold.”
The company remained stable in the digital environment, which Reeg referred to as “strong” in the face of the other falling figures in the sporting departments.
This strength, said the CEO, was “driven by continued product improvements, while Adjusted EBITDA was negatively impacted by lower-than-expected sports hold during September.”
Caesars’ financial balance sheet in the third-quarter
As for the report’s publication, Caesars has $11.9 billion in aggregate debt. On paper, this looks like an incredibly risky amount of debt for a company, but the publication notes a $2.1 billion rolling credit facility and a smaller $25 million location, with $836 million cash on hand.
Shares were also a key point of interest, with share value a key topic during the third quarter, reporting that shares on the last day of closing in 2024 for the third quarter were $40 compared to the $22 closing bell of 2025.
“We continue to view our shares as undervalued and expect a balanced approach to free cash flow allocation across debt reduction and share buybacks,” said Bret Yunker, Chief Financial Officer.
Reeg seemed unfazed by the clear dip in both Las Vegas figures and a stark contrast in the price per share comparison of the previous year.
“As we look to the fourth quarter, we anticipate improved operating performance given stronger occupancy in Las Vegas, continued momentum in our Caesars Digital segment, and stable operating trends in our regional portfolio,” he said.
One of the key thorns in traditional gambling’s side has been the emergence of online betting in a plethora of ways. Bettors can now gamble from their phones on a host of prediction markets like Robinhood, Kalshi, and Polymarket.
To underline the changing of the guard in betting terms, Caesars was offloaded from the S&P 500 at the time that Robinhood was added. The share price of Robinhood has barely moved in the space of a month ($146 per share in October 2025) compared to the falling Caesars, going from $28 to a low of $19.77.
Featured image: Caesars Entertainment / Canva
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