v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Data for Reportable 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.
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)$2,723 
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(a)The ‘Other segment expenses’ category for each of our reportable segments primarily includes:
•Las Vegas and Regional Segments - Cost of sales associated with food, beverage and retail offerings; commission fees, talent fees and ticketing expenses associated with entertainment offerings; utility costs; costs of supplies; repairs and maintenance charges; professional fees; marketing and advertising expenses; software and licensing expenses; rental costs; and insurance expenses.
•Caesars Digital - Labor costs directly associated with the operation and maintenance of the digital platforms; professional fees; marketing and advertising expenses; and software and license expenses.
•Managed and Branded - Reimbursable expenses which are primarily payroll costs associated with our managed properties.
•Corporate and Other - Unallocated corporate payroll and overhead costs.
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Net loss attributable to Caesars$(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.
Schedule of Capital Expenditures by Segment
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 
Schedule of Balance Sheet Information for Reportable Segments
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.