Caesars Entertainment has reported a reduced net loss for the second quarter, as growth in its regional casinos and increased gaming revenue helped offset disappointing results from its Las Vegas operations. The company’s net revenue rose by 3% to reach $2.99 billion, compared to $2.91 billion in the same quarter of 2025. This follows a revenue increase noted in the first quarter as well.
Gaming revenue saw a rise to $1.75 billion from $1.66 billion, although hotel and food and beverage revenues experienced slight declines. The net loss for the company decreased to $62 million, or $0.30 per share, down from $82 million, or $0.39 per share, reported a year earlier.
However, the increase in revenue did not translate to a rise in consolidated adjusted EBITDA, which fell by 3.7% to $920 million from $955 million. Barry Jonas, an analyst at Truist Securities, remarked that while net revenue aligned with Truist’s forecasts and exceeded consensus estimates, the overall results were below expectations.
The regional casinos were the primary drivers of growth for the company, with revenue climbing 9.4% to $1.57 billion from $1.43 billion, and adjusted EBITDA increasing by 11.2% to $488 million from $439 million. This segment recorded a profit of $23 million, a significant turnaround from an $11 million loss in the previous year.
Included in the regional comparison is Caesars Windsor, which transitioned from the managed division to the regional segment following Caesars taking full operational control of the Ontario casino on March 3. The acquisition of operating assets for approximately $54 million was accompanied by a 20-year agreement with the Ontario Lottery and Gaming Corporation, affecting year-on-year comparability.
Jonas attributed the regional EBITDA growth mainly to the consolidation of Caesars Windsor, alongside increased visitor numbers in Reno linked to a bowling tournament and revenue from recent capital investments in Lake Tahoe and New Orleans. Casino executives have noted a trend of customers opting for properties closer to home rather than traveling to Las Vegas, a point recently highlighted by Boyd Gaming.
Despite these gains, Caesars' margins remained flat at 31.1%, an increase of 50 basis points year-over-year, as rising labor costs and gaming taxes countered the revenue growth.
Las Vegas continued to be the company's area of weakness, with revenue dropping 3.5% to $1.02 billion from around $1.05 billion, and adjusted EBITDA decreasing by 12.6% to $410 million from $469 million. Attributable profit also fell to $156 million from $212 million.
The table hold on the Las Vegas Strip was recorded at 16.6%, marking the first quarter below 17% since the last quarter of 2022. Table drop decreased by 5% to $706 million, contrasting with a 1% increase across the broader market.
Jonas noted that the weakness in table games on the Strip was somewhat mitigated by a 5.4% year-over-year increase in slot handle, which was consistent with market trends. Hotel occupancy stood at 95.5%, down 130 basis points year-over-year, while the market remained flat.
Jonas characterized regional operations as a “bright spot,” contrasting it with the softness observed on the Strip. Las Vegas adjusted EBITDA fell short of consensus expectations, while regional adjusted EBITDA surpassed forecasts.
Caesars Digital reported $351 million in revenue, marking a 2.3% increase from $343 million a year prior, although it was below the record first-quarter total of $374 million. Adjusted EBITDA dropped 15% to $68 million from $80 million, remaining close to the $69 million reported in the first quarter.
Online sports betting revenue fell by 3% year-over-year, despite a 3% rise in handle. The hold decreased by 50 basis points to 8.4%, with Caesars citing increased online sports betting taxes as a contributing factor. Conversely, iGaming revenue rose by 11% to $188 million, with handle increasing by 3% to over $4.8 billion.
As of June, Caesars reported total principal debt of $11.81 billion, down from $11.91 billion at the end of 2025. Cash reserves increased to $965 million from $887 million, lowering net debt to $10.84 billion. The company’s cash and available borrowing capacity amounted to $2.93 billion, excluding $112 million.