Caesars Publishes Q3 Financials as Reports Say CEO Reeg Will Head Fertitta’s Leisure Segment
Key Points Q3 revenue rose 2.5% to $2.9 billion, while net loss widened to $123 million Caesars Digital adjusted EBITDA increased to $44 million, slightly offsetting a broader EBITDA decline Tom Reeg is reportedly set to oversee Caesars, Golden Nugget, Landry’s dining and Fertitta’s hospitality operations
Key Points
Q3 revenue rose 2.5% to $2.9 billion, while net loss widened to $123 million
Caesars Digital adjusted EBITDA increased to $44 million, slightly offsetting a broader EBITDA decline
Tom Reeg is reportedly set to oversee Caesars, Golden Nugget, Landry’s dining and Fertitta’s hospitality operations
American casino giant Caesars Entertainment has published its financial results for the third quarter of the year. In addition to that, the company, whose shareholders just greenlit its acquisition by Fertitta Entertainment, is said to be considering Caesars CEO Tom Reeg as the CEO of the combined operation.
Caesars Entertainment
CEO Tom Reeg
Caesars Reported Stronger Revenue & Wider Net Loss
Caesars Entertainment’s Q3 report outlined net revenues of $2.9 billion, marking an increase of 2.5% from the prior-year period. The company’s detailed report showed improvements across the Regional, Caesars Digital, and Corporate and Other segments, slightly offset by decreases in the Las Vegas and Managed and Branded segments.
$2.9 billion
Net loss attributable to Caesars was $123 million, marking an increase from $55 million for the comparable prior-year period.
$123 million
Consolidated adjusted EBITDA for Q3 reached $865 million, marking a decrease from $884 million for the comparable prior-year period. Caesars Digital’s adjusted EBITDA, however, increased to $44 million from $28 million in Q3 2025.
$865 million
$44 million
Caesars Entertainment’s year-to-date results painted a similar picture, with the overall net revenue increasing by 2.7% to $8.8 million. This included improvements in the Regional and Caesars Digital segments and declines in the Managed and Branded and Las Vegas segments.
$8.8 million
As of September 30, Caesars’ outstanding debt stood at $11.7 billion. The company also had $864 million in cash and cash equivalents, excluding restricted cash of $113 million.
$11.7 billion
$864 million
$113 million
Reports Say Tom Reeg Will Lead the Fertitta Leisure Division
In the meantime, new reports claim that Caesars Entertainment’s CEO, Tom Reeg, will be appointed as the leader of Fertitta Entertainment’s gaming portfolio following the latter’s acquisition of Caesars. This is effectively a promotion that would recognize Reeg’s leadership capabilities, allowing him to direct a strong roster of businesses, which would include the Caesars and Golden Nugget gaming brands. Reeg will reportedly also lead the Landry dining brand and Fertitta’s hospitality operations.
Vital Vegas, which broke the news, stated that this is a somewhat unusual case of a chief executive officer of an acquired company not only sticking around, but also receiving a promotion.
While a conference call might have confirmed or denied this report, Caesars Entertainment decided to forgo its quarterly call due to the pending definitive agreement to be acquired by Fertitta Entertainment.
In other news, MGM and Caesars recently said that they prefer to stay out of the prediction markets space over potential gaming license risks.
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