Caesars Entertainment’s Q4 Report Highlights Strong Revenues Amid Higher Net Loss

American casino and hospitality giant Caesars Entertainment has published its financial results for Q4 2025, reporting a slight increase in revenue and EBITDA, despite an increase in net loss. The increase in revenue was underpinned by the rapid growth of the Caesars Digital division.

Caesars’ Net Loss Broadened Despite Its Strong Revenues

In its announcement, Caesars reported Q4 net revenues of $2.9 million, representing a slight increase from $2.8 million in the prior year quarter. The company also reported an increase in EBITDA, with same-store adjusted EBITDA increasing to $901 million from $882 million, and Caesars Digital adjusted EBITDA reaching a record of $85 million, compared to $20 million in Q4 2024.

At the same time, Caesars reported a net loss of $250 million for the period, compared to net income of $11 million for the comparable prior year period.

Caesars also disclosed its full-year results, reporting net revenues of $11.5 billion for the year, marking a slight increase from $11.2 billion in 2024. At the same time, the company’s same-store adjusted EBITDA decreased slightly to $3.6 billion versus $3.7 billion in 2024. Caesars Digital adjusted EBITDA, however, skyrocketed to $236 million for 2025, up from $117 million for 2024.

Unfortunately, Caesars’ net loss broadened to $502 million from a loss of $278 million in 2024.

Caesars Remained Bullish on 2026

Tom Reeg, Caesars’ chief executive officer, commented on the results, hailing the rapid growth of Caesars’ digital segment. He was also pleased with the company’s broader performance, applauding stable results across the regional segment and quarterly improvements in Las Vegas.

Reeg added that Caesars’ leadership is entering 2026 with a stable land-based business and rapidly growing iGaming segment. He added that experts project a strong 2026 in terms of free cash flow and debt reduction.

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.

Tom Reeg, CEO, Caesars Entertainment

In Q4 2025, Caesars Entertainment was also hit with a $7.8 million fine due to its prior association with Matthew Bowyer, a known illegal bookmaker. The Nevada Gaming Commission determined that Bowyer was allowed to gamble at Caesars’ casinos despite his reputation.