Caesars says fewer conventions and weaker leisure visits cut its Las Vegas revenue and earnings in the third quarter

What happened

Caesars Entertainment Inc. reported lower revenue and a steeper drop in earnings from its Las Vegas operations for the three months ended Sept. 30, the Las Vegas Review-Journal reported. The figures come from the company's public filings with the U.S. Securities and Exchange Commission.

The Las Vegas segment posted $930 million in revenue, down 2.3 percent from $952 million in the same quarter a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization, known as adjusted EBITDA, fell 9.5 percent to $343 million, according to the Review-Journal.

Why Caesars says Las Vegas slipped

The Reno-based casino operator pointed to fewer citywide convention events and fewer leisure visitors. Caesars said those trends reduced its nongaming revenue, lowered hotel occupancy and squeezed hotel rates.

Hotels and restaurants took the biggest hit

Hotel occupancy in the Las Vegas segment dropped to 89.1 percent from 91.6 percent a year earlier, the Review-Journal reported. Hotel revenue fell 9.3 percent to $263 million. Food and beverage revenue declined 12.6 percent to $236 million.

Casino revenue moved the other way

Gambling was a bright spot for the Las Vegas properties. Casino revenue climbed 10.4 percent to $287 million. Table games drop, the amount wagered before winnings are paid out, rose 8.1 percent to $711 million, and the table games hold percentage increased to 21.6 percent from 17.4 percent.

How the rest of the company performed

Outside Las Vegas, the picture was stronger. Caesars' regional casino operations generated $1.63 billion in revenue, up 5.9 percent, and regional adjusted EBITDA rose 3.6 percent to $524 million, according to the Review-Journal.

Regional and digital gains

Caesars credited part of the regional growth to adding Caesars Windsor in Ontario, more visitation in northern Nevada during a national tournament earlier this year, and capital investments in Lake Tahoe and New Orleans. Caesars Digital reported $326 million in revenue, up 4.8 percent, with adjusted EBITDA rising to $44 million from $28 million.

Companywide totals

Across the whole company, third-quarter revenue reached $2.94 billion, up 2.5 percent. The net loss attributable to Caesars widened to $123 million from $55 million a year earlier, and companywide adjusted EBITDA declined 2.1 percent to $865 million. Caesars reported $11.66 billion in outstanding debt as of Sept. 30, down from $11.91 billion at the end of 2025.

No earnings call as merger is pending

Caesars did not hold an earnings call Tuesday. The Review-Journal reported that the company announced that decision earlier this month, citing its pending merger with Fertitta Entertainment.

Caesars shareholders approved the $17.6 billion deal in September, but it still needs regulatory approval. If the acquisition closes, Caesars would become a private company and leave the Nasdaq, so it would no longer face the same public reporting requirements as a publicly traded company, according to the Review-Journal.

For more on how the company is courting local customers, see our earlier story on Caesars offers for Nevada residents. Other local business and project coverage is in our development section.

What to watch next

• Whether regulators approve Caesars' $17.6 billion merger with Fertitta Entertainment, which shareholders backed in September.
• If the deal closes, Caesars would go private and end its Nasdaq listing, reducing the public financial reporting now available on its Las Vegas properties.
• Whether the convention and leisure visitation trends Caesars cited for its third-quarter Las Vegas declines continue to affect hotel occupancy and rates.