v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The executive decision maker of the Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of the Company’s casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Company’s principal operating activities occur in four reportable segments. The reportable segments are based on the similar characteristics of the operating segments with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between these reportable segments within Caesars: (1) Las Vegas, (2) Regional, (3) Caesars Digital, and (4) Managed and Branded, in addition to Corporate and Other. See the table below for a summary of these segments.
The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of September 30, 2026:
Las VegasRegionalManaged and Branded
Caesars Palace Las Vegas
Caesars Atlantic City
Harrah’s Pompano Beach
Managed
Flamingo Las Vegas
Caesars New Orleans
Horseshoe Baltimore
Harrah’s Ak-Chin
Harrah’s Las Vegas
Caesars Republic Lake TahoeHorseshoe Black Hawk
Harrah’s Cherokee
Horseshoe Las Vegas
Caesars VirginiaHorseshoe Bossier City
Harrah’s Cherokee Valley River
The LINQ Hotel & Casino
Caesars Windsor (a)
Horseshoe Council Bluffs
Harrah’s Resort Southern California
Paris Las Vegas
Circus Circus RenoHorseshoe HammondBranded
Planet Hollywood Resort & Casino
Eldorado Gaming Scioto DownsHorseshoe Indianapolis
Caesars Southern Indiana
The Vanderpump Hotel
Eldorado Resort Casino RenoHorseshoe Lake Charles
Harrah’s Northern California
Grand Victoria CasinoHorseshoe St. Louis
Harrah’s Oklahoma (b)
Caesars Digital
Harrah’s Atlantic City
Horseshoe Tunica
Caesars DigitalHarrah’s Columbus NebraskaIsle Casino Bettendorf
Harrah’s Council Bluffs
Isle of Capri Casino Boonville
Harrah’s Gulf Coast
Isle of Capri Casino Lula
Harrah’s Hoosier Park Racing & Casino
Isle Casino Waterloo
Harrah’s Joliet
Lady Luck Casino - Black Hawk
Harrah’s Lake Tahoe
Silver Legacy Resort Casino
Harrah’s Laughlin
Trop Casino Greenville
Harrah’s Metropolis
Tropicana Atlantic City
Harrah’s North Kansas City
Tropicana Laughlin Hotel & Casino
Harrah’s Philadelphia
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(a)Caesars Windsor was a managed property prior to March 3, 2026.
(b)Currently operating under a consulting agreement until a management agreement receives regulatory approval.
Certain of our properties operate off-track betting locations, including Harrah’s Hoosier Park Racing & Casino, which operates Winner’s Circle Indianapolis and Winner’s Circle New Haven, and Horseshoe Indianapolis, which operates Winner’s Circle Clarksville. We operate the High Roller, a 550-foot observation wheel, and the Fly LINQ Zipline attraction, located on the east side of the Las Vegas Strip next to The LINQ Hotel & Casino (the “LINQ”). The CAESARS FORUM is a 550,000 square feet conference center with 300,000 square feet of flexible meeting space, two of the largest pillarless ballrooms in the world and direct access to the LINQ.
Corporate and Other includes certain unallocated corporate overhead costs and other adjustments, including eliminations of transactions among segments, to reconcile to the Company’s consolidated results.
The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM assesses segment performance by using Adjusted EBITDA, which is defined and reconciled to net income (loss) below.
The CODM uses Adjusted EBITDA during the annual budgeting process and evaluates budget-to-actual variances on a regular basis to make decisions about the allocation of operating and capital resources. Annual incentive awards and bonus plans have
historically been based on the achievement of Adjusted EBITDA as a primary metric as the Company believes it most accurately reflects our results and represents a key metric in our industry.
The following table sets forth, for the periods indicated, certain operating data for the Company’s four reportable segments, in addition to Corporate and Other:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Las Vegas:
Net revenues$930 $952 $2,950 $3,009 
Adjusted EBITDA343 379 1,179 1,281 
Regional:
Net revenues1,627 1,536 4,627 4,359 
Adjusted EBITDA524 506 1,447 1,385 
Caesars Digital:
Net revenues326 311 1,051 989 
Adjusted EBITDA44 28 181 151 
Managed and Branded:
Net revenues58 73 181 214 
Adjusted EBITDA17 18 46 51 
Corporate and Other:
Net revenues(1)(3)(6)(1)
Adjusted EBITDA(63)(47)(181)(145)
Disaggregation of Certain Significant Expenses by Segment
Three Months Ended September 30, 2026
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Net revenues
$930 $1,627 $326 $58 $(1)$2,940 
Gaming taxes
(31)(338)(95)— — 
Labor expense
(303)(350)— — — 
Other segment expenses (a)
(253)(415)(187)(41)(62)
Adjusted EBITDA
$343 $524 $44 $17 $(63)$865 
Three Months Ended September 30, 2025
(In millions)
Las Vegas
RegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Net revenues
$952 $1,536 $311 $73 $(3)$2,869 
Gaming taxes
(29)(322)(88)— — 
Labor expense(298)(321)— — — 
Other segment expenses (a)
(246)(387)(195)(55)(44)
Adjusted EBITDA
$379 $506 $28 $18 $(47)$884 
Nine Months Ended September 30, 2026
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Net revenues
$2,950 $4,627 $1,051 $181 $(6)$8,803 
Gaming taxes
(90)(996)(299)— — 
Labor expense
(920)(1,009)— — — 
Other segment expenses (a)
(761)(1,175)(571)(135)(175)
Adjusted EBITDA
$1,179 $1,447 $181 $46 $(181)$2,672 
Nine Months Ended September 30, 2025
(In millions)
Las Vegas
RegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Net revenues
$3,009 $4,359 $989 $214 $(1)$8,570 
Gaming taxes
(91)(943)(254)— — 
Labor expense(912)(930)— — — 
Other segment expenses (a)
(725)(1,101)(584)(163)(144)
Adjusted EBITDA
$1,281 $1,385 $151 $51 $(145)$2,723 
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(a)The ‘Other segment expenses’ category for each of our reportable segments primarily includes:
•Las Vegas and Regional Segments - Cost of sales associated with food, beverage and retail offerings; commission fees, talent fees and ticketing expenses associated with entertainment offerings; utility costs; costs of supplies; repairs and maintenance charges; professional fees; marketing and advertising expenses; software and licensing expenses; rental costs; and insurance expenses.
•Caesars Digital - Labor costs directly associated with the operation and maintenance of the digital platforms; professional fees; marketing and advertising expenses; and software and license expenses.
•Managed and Branded - Reimbursable expenses which are primarily payroll costs associated with our managed properties.
•Corporate and Other - Unallocated corporate payroll and overhead costs.
Reconciliation of Net Income (Loss) Attributable to Caesars to Adjusted EBITDA by Segment
Adjusted EBITDA is presented as a measure of the Company’s performance. Adjusted EBITDA is defined as revenues less certain operating expenses and is comprised of net income (loss) before (i) interest income and interest expense, net of interest capitalized, (ii) income tax (benefit) provision, (iii) depreciation and amortization, and (iv) certain items that we do not consider indicative of our ongoing operating performance at an operating property level.
In evaluating Adjusted EBITDA you should be aware that, in the future, we may incur expenses that are the same or similar to some of the adjustments in this presentation. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or unexpected items.
Adjusted EBITDA is a financial measure commonly used in our industry and should not be construed as an alternative to net income (loss) as an indicator of operating performance or as an alternative to cash flows provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies within the industry. Adjusted EBITDA is included because management uses Adjusted EBITDA to measure performance and allocate resources, and believes that Adjusted EBITDA provides investors with additional information consistent with that used by management.
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Net loss attributable to Caesars$(123)$(55)$(283)$(252)
Net income attributable to noncontrolling interests16 16 52 50 
Benefit for income taxes(10)(25)(10)(1)
Other (income) loss4 (3)(1)(3)
Loss on extinguishment of debt— 4 — 4 
Interest expense, net570 576 1,712 1,729 
Depreciation and amortization366 352 1,068 1,073 
Transaction costs and other, net (a)
19 (3)64 51 
Stock-based compensation expense23 22 70 72 
Adjusted EBITDA$865 $884 $2,672 $2,723 
Adjusted EBITDA by Segment:
Las Vegas$343 $379 $1,179 $1,281 
Regional524 506 1,447 1,385 
Caesars Digital44 28 181 151 
Managed and Branded17 18 46 51 
Corporate and Other(63)(47)(181)(145)
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(a)Transaction costs and other, net primarily includes costs related to non-cash losses on the write down and disposal of assets, certain non-recurring litigation reserves, non-recurring asset recoveries, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with new property openings and non-cash changes in equity method investments.
Capital Expenditures, Net - By Segment
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Las Vegas$67 $47 $160 $140 
Regional83 117 279 416 
Caesars Digital16 21 53 64 
Corporate and Other
6 10 15 28 
Total$172 $195 $507 $648 
Total Assets - By Segment
(In millions)September 30, 2026December 31, 2025
Las Vegas$26,255 $25,808 
Regional15,848 14,435 
Caesars Digital1,281 1,254 
Managed and Branded 394 343 
Corporate and Other (a)
(12,407)(10,201)
Total$31,371 $31,639 
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(a)Includes eliminations of transactions among segments, to reconcile to the Company’s consolidated results.