Caesars Entertainment has reported a modest increase in its revenue and adjusted earnings for the first quarter, driven largely by robust growth in its digital sector, which helped balance out weaker results from its traditional casino operations.
The company’s revenue reached $2.9 billion, a rise from $2.8 billion during the same period last year. Additionally, its net loss decreased to $98 million from $115 million. The adjusted EBITDA saw a slight increase, climbing to $887 million from $884 million.
Tom Reeg, the Chief Executive Officer, commented on the results, indicating that they reflect positive trends in several key areas. “In the first quarter of 2026, we achieved growth in total net revenue and adjusted EBITDA compared to last year,” Reeg stated. He highlighted that Caesars Digital revenue surged to $374 million, up from $335 million last year, with adjusted EBITDA also hitting a record $69 million, compared to $43 million a year prior.
Las Vegas operations remained steady, generating $1 billion in revenue, although adjusted EBITDA dipped by 1.6% to $426 million. The company reported a hotel occupancy rate of 95.3%, with Reeg noting a “continued sequential improvement in trends and a significant boost in the hospitality sector.”
He emphasized the importance of conventions and group events for business, mentioning large gatherings like CONEXPO-CON/AGG 2026 as crucial.
Anthony Carano, President and Chief Operating Officer, described the situation in Las Vegas as showing “dramatic improvement compared to the latter half of 2025.”
Regional properties experienced a 3% revenue increase to $1.43 billion, although adjusted EBITDA saw a slight decline to $435 million. Reeg remarked, “The regional segment delivered improved adjusted EBITDA year-over-year after excluding the impact of Super Bowl LX in New Orleans last year.”
Bret Yunker, Chief Financial Officer, remarked on the overall stability of the company's performance. “Our first-quarter consolidated results highlight the resilience of our Las Vegas and regional segments, alongside the ongoing growth in Caesars Digital,” Yunker stated. He anticipates strong free cash flow in 2026, fueled by sustained operational momentum, reduced cash interest expenses, and lower capital expenditures.
The company is now entering a “cash flow harvesting cycle” following approximately $3 billion in renovations over the past few years.
At the end of the quarter, Caesars reported having $867 million in cash and cash equivalents, with total debt around $11.9 billion.
In a separate development, Caesars acquired the operations of Caesars Windsor for approximately $54 million in March and entered into a 20-year agreement with the Ontario Lottery and Gaming Corporation.
Executives refrained from commenting on reported acquisition interest from Tilman Fertitta, stating that they would not address “market rumors or speculation.”
During the investor call, Reeg reiterated that performance in Las Vegas is closely linked to event-driven demand, noting that the business thrives during significant convention periods. “We feel increasingly optimistic about how Vegas is performing each quarter,” he concluded.