Caesars Digital's profit rose 57% in what is likely Caesars' last quarter as a public company, while Las Vegas profit fell and the group's net loss more than doubled. The online unit is earning more even as its estimated share of US online casino and sports betting shrinks.
Caesars Entertainment’s online arm grew profit in a quarter when much of the group went the other way. Caesars Digital’s revenue rose 4.8% to $326 million in the third quarter of 2026. The company held no earnings call because Fertitta Entertainment’s purchase is still pending. These are likely the last results Caesars will report as a public company.
Unlike the second quarter, this quarter brought year-over-year profit growth for the digital unit. Digital adjusted EBITDA had fallen in the second quarter to $68 million from $80 million a year before. In the first quarter, the segment set first-quarter records of $374 million in revenue and $69 million in adjusted EBITDA. Over the first nine months, digital adjusted EBITDA reached $181 million, up 19.9% from $151 million. Net revenue for the period climbed 6.3% to $1.051 billion from $989 million.
Higher profit has not translated into a bigger slice of the market. Citizens estimates Caesars now ranks fourth in US online casino, behind FanDuel, DraftKings and Rush Street Interactive’s BetRivers. Its share of US online sports betting handle slipped to 4.9% from 5.2% year over year. Its share of sports betting gross gaming revenue dropped to 3.6% from 4.1%.
The slide comes as US online casino growth slows overall. Some markets are still expanding at pace. New Jersey internet gaming win reached $274.8 million in September 2026, up 13.0% year over year. Year-to-date win there stood at $2.40 billion, up 13.2%. The Caesars figures are consistent with a business squeezing more profit from a smaller share of the market.
Las Vegas profit falls while the regional business grows
The Las Vegas segment’s net revenue dropped 2.3% to $930 million from $952 million. Its adjusted EBITDA fell from $379 million a year earlier. The Regional segment moved the other way. It grew net revenue 5.9% to $1.627 billion and adjusted EBITDA 3.6% to $524 million. Group adjusted EBITDA slipped to $865 million from $884 million. Total net revenue edged up 2.5% to $2.94 billion from $2.87 billion.
Deal costs are also showing up in the accounts. Caesars booked $12 million in merger-related transaction costs in the quarter and $22 million over nine months. Fertitta agreed on May 28, 2026, to pay $31.00 per share in cash. The deal is valued at about $17.6 billion, including roughly $11.9 billion of Caesars debt. The price is a 49% premium to the unaffected share price on Feb. 25, 2026. Holders of 70.3% of outstanding shares took part in the special meeting on the deal.
Closing still requires approval in every jurisdiction where Caesars runs gaming. Fertitta’s general counsel told a Nevada Gaming Control Board review in July that those approvals could take as long as 10 months.
Sources
- Caesars Entertainment, Inc. Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1) (Caesars Entertainment (SEC EDGAR))
- New Jersey Division of Gaming Enforcement Announces September 2026 Total Gaming Revenue Results (New Jersey Office of Attorney General – Division of Gaming Enforcement)
- Caesars' net loss doubles in Q3, analysts say Digital lost market share (SBC Americas)
- Regionals, digital buoy Caesars again in Q3 as Las Vegas slump continues (iGaming Business)
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