Caesars’ Digital on the Up, Las Vegas Site Stays Put in Q1 2026

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Caesars Entertainment started 2026 with modest top-line growth and steadier profitability, even as leverage remained elevated.

Key Takeaways:
  • Caesars posts record digital revenue and stable EBITDA in Q1 2026
  • Las Vegas hotel occupancy reaches new high, boosting regional performance
  • Company maintains high leverage with over $11 billion in debt despite operational gains

The company said first-quarter net revenue rose 2.7% to $2.87 billion, while consolidated adjusted EBITDA held at $887 million and the GAAP loss narrowed to $98 million.

Chief Executive Tom Reeg said the business delivered “growth in total net revenues and adjusted EBITDA versus last year,” pointing to record first-quarter digital results and improved Las Vegas hospitality trends.

Digital Momentum

The clearest bright spot was Caesars Digital, where revenue increased to $374 million and adjusted EBITDA reached $69 million, both first-quarter records. This is a rise of 11.6% and 60.5% respectively.  

Caesars also said Las Vegas occupancy hit 95.3%, supported by stronger hotel performance and higher average daily rates. 

The company’s regional portfolio contributed to revenue gains as well with a 3.0% uptake compared to the previous quarter.

Revenue at Las Vegas did not change from $1 million.

Balance-Sheet Pressure

Offsetting the operating progress, Caesars ended March with $11.9 billion in outstanding debt and $867 million in cash, leaving net debt above $11 billion. 

The group also completed its roughly $54 million acquisition of Caesars Windsor and signed a 20-year operating agreement with the Ontario Lottery and Gaming Corporation. 

CFO Bret Yunker said the deal strengthens the portfolio and that Caesars expect to “deliver strong free cash flow in 2026 as a result of continued operating momentum.” 
Caesar reported a drop of 4.7% in revenue for their Las Vegas property for 2025 from the previous year. This came as the Las Vegas Convention and Visitors Authority reported a 7.5% drop in total visitors for 2025 compared to 2024.