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Las Vegas soft, regionals strong in Caesars Q2 earnings report - CDC Gaming. With a deal pending to be acquired by Fertitta Entertainment, Caesars Entertainment Tuesday released second-quarter results that reflected a softness in Las Vegas but strength at its regional properties. Caesars released the information as a press release only, due to what it said was the company's pending agreement to be acquired by Fertitta Entertainment. It's an all-cash transaction valued at $17.6 billion. Caesars did not host a conference call with Wall Street analysts, as is usually the case. The deal is expected to close next spring. "Upon completion of the transaction, Caesars's common stock will no longer be listed on NASDAQ and the company will become a private entity," Caesars said. The second-quarter results showed net revenues of $3 billion versus $2.9 billion for the comparable prior-year period. The gains were in gaming winnings that went from $1.66 billion a year ago to $1.75 billion during the second quarter of 2026. Hotel and food and beverage revenue recorded slight declines. Las Vegas had $1.01 billion in revenue, down 3.5% from $1.05 billion a year ago. Regional properties had a 9.4% increase to $1.57 billion, up from $1.43 billion. Many casino executives agree that customers are staying closer to home to play at local casinos rather than taking a trip to Las Vegas. That was articulated by Boyd Gaming last week. Caesars Digital had $351 million in second-quarter revenue, up 2.3% from $343 million in the second quarter of 2025. Consolidated adjusted EBITDA in the second quarter was $920 million versus $955 million for the comparable prior-year period. Las Vegas recorded $410 million, a decline of 12.6% from $469 million. Regional properties recorded $488 million, an 11.2% gain over $439 million a year ago. Caesars Digital adjusted EBITDA was $68 million versus $80 million for the comparable prior-year period. Barry Jonas with Truist Securities said the outcome fit their preview that the regionals were "a bright spot," while "the Strip was soft." In Digital, online sports betting hold was reduced, while igaming showed strength. "We think results bode well for regionals (like Penn Entertainment and Churchill Downs)," Jonas said. "While Strip results and commentary are soft, buy-rated MGM Resorts International and Wynn Las Vegas may have fared better, given what looks to be Caesars market-share losses (with lower hold and occupancy). We roll the second quarter through our model with no change to forward estimates. While the go-shop period (to make a bid for Caesars) looks to have passed, we think a Fertitta transaction close is likely still some time away." Jonas said Caesars's adjusted EBITDA of $920 million was below consensus estimates. Net revenue was in line with their estimate and positive to consensus. Strip EBITDA of $410 million was below consensus estimates, while regional properties were higher than expected. In Las Vegas, Jonas said table hold was poor at 16.6%, the first quarter below 17% since fourth quarter 2022. Table drop of $706 million was down 5% versus the market up 1%. "Caesars's table weakness (on the Strip) was partially offset by increases in slot handle, up +5.4% year-over-year and in line with the market," Jonas said. "Hotel occupancy of 95.5% was down 130 basis points year-over-year versus the market flat. "While tables and hotel (key performance indicators looked to have underperformed the overall Strip market, Caesars attributed the visitation weakness to lower city-wide leisure customer visitation, resulting in decreased non-gaming revenues, lower hotel occupancy, and compressed hotel rates," Jonas said. As for regional properties, Jonas said EBITDA rose 11% primarily due to the consolidation of Caesars Windsor in March, increased visitation in Reno for a bowling tournament, and positive revenue from recent capital investments at Lake Tahoe and in New Orleans. "Caesars stated margins (31.1%, +50 basis points year-over-year) were flat, as higher labor costs and gaming taxes offset higher revenues," Jonas said. Jonas said Caesars online sports betting revenue was down 3% year-over-year with handle up 3%, but the hold of 8.4% was down 50 basis points. Caesars called out higher online sports betting taxes as having a negative impact as well. In addition, igaming revenue rose 11% year-over-year to $188 million with handle growth of 3% to $4.8 billion-plus. As of June 30, Caesars had $11.8 billion in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $965 million, excluding restricted cash of $112 million. Executives with Fertitta Entertainment told Nevada regulators that their casino operations will integrate into Caesars Entertainment's framework as they prepare to take the casino giant private in the spring. With the takeover, the existing Caesars Board of Directors will be replaced by a Board of Managers of Fertitta executives. Nevada-based gaming counsel, Sonia Vermeys of Brownstein Hyatt Farber Schreck, told regulators the existing Caesars executive and management team will run day-to-day operations. Fertitta Entertainment has seven casinos, three in Nevada. The others are in Colorado, Louisiana, Mississippi, and New Jersey. There's overlap with Caesars in Lake Tahoe, Lake Charles, Atlantic City, Biloxi, Laughlin, and Las Vegas. Cripple Creek, Colorado, and Danville, Illinois, have minimal overlap with Caesars footprint. "We believe that all of the Golden Nugget casinos are wholly owned, but many of Caesars's casinos in overlapping markets are leased, thus are more difficult and less lucrative to sell (potentially costly to break a master lease). We think potential wholly owned divestitures could net $2.3 billion in proceeds, and include Circus Circus Reno, Eldorado Reno, Horseshoe Lake Charles, Golden Nugget AC, and/or a property in LV (Flamingo, Golden Nugget)," said Daniel Politzer with J.P. Morgan.

Quarterly revenue, income down for Strip casino giant awaiting $17.6B buyout. The reworked entrance dome within Caesars Palace as seen on Thursday, Feb. 13, 2025 in Las Vegas. (L.E. Baskow/Las Vegas Review-Journal) @Left_Eye_Images Las Vegas Review-Journal July 28, 2026 - 4:46 pm Gift this article Show audio player One of the Strip's largest casino operators posted a mixed second quarter Tuesday, as weakness in the Las Vegas market offset stronger regional performance while the company inches closer to being taken private. Caesars Entertainment Inc. reported second-quarter revenue increased 3 percent to $2.99 billion, while its net loss narrowed to $62 million from $82 million a year earlier, according to public filings. The company's Las Vegas operations generated lower revenue and income during the three months ending June 30. Quarterly net revenue fell 3.5 percent to $1.02 billion, while net income declined 26.4 percent to $156 million. Regional operations, meanwhile, posted a 9.4 percent increase in revenue and swung to a $23 million profit from an $11 million loss a year earlier. The Reno-based casino giant is awaiting shareholder and regulatory approval of its pending $17.6 billion acquisition by Fertitta Entertainment Inc. The results mark what could be Caesars' final quarterly earnings report as a publicly traded company. Houston-based Fertitta Entertainment announced in May that it would acquire Caesars in an all-cash transaction valued at approximately $17.6 billion, including the assumption of almost $12 billion in debt. The deal remains subject to shareholder approval and gaming regulatory approvals across the jurisdictions where Caesars operates. Because of the pending acquisition, Caesars did not hold its customary quarterly earnings conference call, eliminating what is typically management's opportunity to discuss operating trends and answer analysts' questions. BUSINESS NEWS YOUR WAY Without a conference call, the company did not provide additional commentary on the Las Vegas slowdown, consumer spending trends or booking demand heading into the second half of the year. Companywide, Caesars narrowed its net loss to $62 million, compared with an $82 million loss during the same quarter last year. Caesars ended the quarter with more than $11.8 billion in outstanding debt and $965 million in cash and cash equivalents. Net debt declined modestly to $10.8 billion from $11 billion at the end of 2025. The debt load remains a central component of Fertitta Entertainment's acquisition. Under the merger agreement, Caesars shareholders would receive $31 per share in cash, while Fertitta Entertainment would assume nearly $11.9 billion of the company's debt. At a Nevada Gaming Control Board meeting earlier this month, two longtime Fertitta Entertainment executives said they expect the regulatory approval process to take nine to 10 months after federal antitrust filings are completed. Caesars operates eight casino resorts on the Strip, including Caesars Palace, Paris, Flamingo and Horseshoe, along with more than 50 gaming properties nationwide. MORE STORIES

Fertitta Entertainment's planned integration with Caesars ahead of 2027 acquisition. July 27, 2026 Fertitta Entertainment's integration plans with Caesars. Executives at Fertitta Entertainment have begun outlining their plans to integrate operations with Caesars Entertainment as part of a proposed acquisition anticipated to finalize in 2027. During discussions with Nevada regulators, the leadership emphasized a strategy focused on maintaining management stability and gradually aligning systems, avoiding abrupt changes. Approach to merging operations and leadership. Fertitta's senior leaders presented their vision for uniting the two companies during a Nevada Gaming Commission hearing, contingent on receiving all necessary approvals for the $17.6 billion acquisition. This deal will privatize Caesars and establish one of the largest gaming entities in the US. The current Caesars management team is expected to remain responsible for daily operations across its venues. This continuity is intended to facilitate a smooth transition. Meanwhile, Fertitta executives will focus on exploring growth opportunities and optimizing operational efficiencies. A key aspect of the integration involves expanding the Caesars Rewards program to encompass Fertitta's portfolio, including casinos and hospitality assets. Combining these loyalty programs and customer databases is anticipated to unlock additional revenue streams, although the merging of systems will require careful planning and collaboration. Commitment to compliance, employee retention, and regulatory progress. Fertitta has committed to using Caesars' existing compliance frameworks, leveraging established internal controls to manage regulatory responsibilities efficiently rather than introducing new systems. This approach aims to maintain regulatory adherence smoothly. Employee retention is a priority, with Fertitta assuring that current staff will keep their jobs and benefits, reflecting a company philosophy of minimizing disruption during acquisitions. This strategy has historically supported morale and operational consistency. Regulators have expressed general support for the proposed integration approach, acknowledging the importance of retaining experienced personnel to manage the complexities of the gaming business in Nevada. Despite this progress, the acquisition still faces several challenges, including federal antitrust approval, shareholder consent, and licensing clearances across multiple jurisdictions. Company officials estimate the entire approval process may take close to a year to complete. Once finalized, the merger will unite numerous casino properties, digital gaming platforms, and various hospitality assets into a single private company, marking one of the most substantial consolidations in the gaming industry in recent years.