Caesars Entertainment Reports Strong Revenue Growth Despite Increased Net Loss in Q4 2025
Overview of Caesars Entertainment’s Q4 2025 Financial Performance
Caesars Entertainment, a leading name in the American casino and hospitality industry, released its financial results for the fourth quarter of 2025. The company saw a modest rise in both revenue and EBITDA, largely driven by significant expansion within its digital division.
Q4 Financial Highlights: Revenue Up but Net Loss Widens
During the fourth quarter, Caesars reported net revenues of $2.9 billion, a slight increase from $2.8 billion recorded in the same period last year. The company’s EBITDA also improved, with same-store adjusted EBITDA climbing to $901 million from $882 million in the prior year. Particularly notable was the digital segment, which achieved a record adjusted EBITDA of $85 million, a substantial jump from $20 million the previous year.
Despite these positive revenue and EBITDA figures, Caesars reported a net loss of $250 million in Q4 2025, a significant downturn compared to the $11 million net income seen in the corresponding quarter of 2024.
Full-Year Financial Results
For the full year 2025, Caesars posted net revenues of $11.5 billion, slightly up from $11.2 billion in 2024. However, same-store adjusted EBITDA experienced a minor decline to $3.6 billion from $3.7 billion the year before. The digital division’s adjusted EBITDA surged to $236 million, reflecting rapid growth compared to $117 million in 2024.
The company’s net loss widened substantially to $502 million in 2025, compared to a loss of $278 million in the previous year.
Positive Outlook for 2026
Tom Reeg, CEO of Caesars Entertainment, expressed optimism about the company’s outlook for 2026. He highlighted the strong growth in the digital sector and stable performance in regional operations, along with quarterly gains in Las Vegas. Reeg emphasized that the company is entering the new year with a robust land-based business and an expanding iGaming division.
He noted forecasts predict a strong 2026 in terms of free cash flow generation and debt reduction efforts. Additionally, the company expects to benefit from lower capital expenditures and reduced cash interest expenses.
Reeg remarked, “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.”
Regulatory Challenges
During Q4 2025, Caesars faced a regulatory setback when the Nevada Gaming Commission imposed a $7.8 million fine. The penalty stemmed from the company’s previous connection to Matthew Bowyer, a known illegal bookmaker. The commission found that Bowyer was permitted to gamble at Caesars casinos despite his problematic reputation.
