Caesars Entertainment (CZR) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 increased 3% year-over-year to $3.0 billion, driven by higher casino revenues, especially from Caesars Digital and the consolidation of Caesars Windsor.

• Net loss attributable to shareholders was $62 million for Q2 2026, an improvement from a $82 million loss in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $920 million, down from $955 million in Q2 2025, with margin declining to 30.7%.

• A proposed merger with Fertitta Entertainment, Inc. was announced, with significant transaction costs and pending regulatory and shareholder approvals; company will become private post-transaction.

Financial highlights

• Casino revenues rose 5.5% year-over-year in Q2 2026, offsetting declines in hotel and food & beverage revenues.

• Operating expenses increased 4.2% year-over-year, mainly due to higher casino and general/admin costs.

• Interest expense, net, decreased slightly to $573 million in Q2 2026.

• Cash provided by operating activities was $675 million for the first half of 2026.

• Capital expenditures for the first half of 2026 totaled $335 million.

Segment performance

• Las Vegas segment saw a 3.5% decline in net revenues and a 12.6% drop in Adjusted EBITDA due to lower leisure visitation and hotel occupancy.

• Regional segment net revenues increased 9.4% year-over-year, benefiting from the Caesars Windsor consolidation and higher visitation; Adjusted EBITDA rose 11.2%.

• Caesars Digital segment net revenues grew 2.3%, with iGaming handle up 2.7% and Adjusted EBITDA margin declining due to higher gaming taxes; Adjusted EBITDA dropped 15% to $68 million.

• Managed and Branded segment revenues fell 23% year-over-year, reflecting the reclassification of Caesars Windsor.