Caesars Entertainment reported fourth quarter gains in net revenue and adjusted earnings led by a strong showing in its digital segment.
In a fourth quarter earnings call Tuesday, Caesars reported net revenues of $2.9 billion versus $2.8 billion for the comparable prior-year period. Las Vegas revenue fell 3.4% from $1.08 billion to $1.04 billion. Regional revenue rose 4% from $1.34 billion to $1.39 billion.
Same-store adjusted EBITDA was $901 million versus $882 million for the comparable prior-year period. It fell 6.5% in Las Vegas and 1.5% at regional properties.
Caesars Digital reported adjusted EBITDA of $85 million versus $20 million for the comparable prior-year period.
For the year, net revenue was $11.5 billion versus $11.2 billion for the comparable prior-year period. Same-store adjusted EBITDA was $3.6 billion versus $3.7 billion for the comparable prior-year period.
Caesars Digital adjusted EBITDA was $236 million versus $117 million for the comparable prior-year period.
“Fourth quarter consolidated same-store adjusted EBITDA grew year over year driven by Caesars Digital which set a new quarterly record of $85 million, stable results in our regional segment and a quarterly sequential improvement in operating trends in Las Vegas,” said CEO Tom Reeg. “As we look ahead to 2026, the brick-and-mortar operating environment remains stable, and we are expecting another year of strong net revenue and adjusted EBITDA growth in our Caesars Digital segment. When combined with lower capex and cash interest expense, 2026 is forecasted to deliver strong free cash flow that we expect to use to pay down debt and opportunistically repurchase our common stock.”
During the fourth quarter, Caesars said it continues to repurchase common stock bringing aggregate share repurchases to 14.7 million shares for $420 million since it began its repurchase activity in the middle of 2024
“As we move into 2026, we are positioned to benefit from decreasing cash interest expense and our capital expenditures will step down due to the completion of our large growth projects in Virginia and New Orleans,” said Bret Yunker, chief financial officer.
