Caesars Entertainment has declared a ‘solid’ start to 2026 in the midst of reports of a potential buyout of the casino brand.
Last month, reports speculated that Tilman Fertitta, the billionaire owner of the Golden Nugget Casino and Fertitta Entertainment, is looking to pay $7bn (around $34 a share) to acquire Caesars.
Speaking on Caesars’ Q1 earnings call, President & Chief Operating Officer Anthony Carano described the Q1 results as ‘solid’, reflecting on a 2.7% year-on-year (YoY) improvement in net revenue to $2.9bn (Q1 2025: $2.8bn) and a $3m increase on adjusted EBITDAR to $887m.
The quarter’s highlights included ‘continued sequential improvements in operating trends in Las Vegas, revenue and EBITDAR growth in the regional segment’ when excluding the impact of the Super Bowl in New Orleans last year, as well as record Q1 digital revenues and EBITDA.
Chief Executive Officer Tom Reeg added that he was ‘happy with the start of the year’ and that Las Vegas is ‘in a much healthier spot’ than it was in the middle of 2025, although April 2026 has been ‘a little softer’ than anticipated.
Still, the solid Q1 puts Caesars in a good position as the rumours of a potential takeover from Fertitta rumble on, although the operator stated that it wouldn’t comment on the speculation during its earnings call.
Q1 revenue:
- Las Vegas – consistent with the previous year at $1bn.
- Regional – rose by 3% YoY to $1.43bn (Q1 2025: $1.39bn).
- Digital – increased by 11.6% YoY to $374m (Q1 2025: $335m).
- Managed and branded – dipped by 1.5% YoY to $66m (Q1 2025: $67m).
Q1 adjusted EBITDA
- Las Vegas – down 1.6% YoY to $426m (Q1 2025: $433m).
- Regional – 1.1% YoY decline to $435m (Q1 2025: $440m).
- Digital – up 60.5% YoY to $69m (Q1 2025: $43m).
- Managed and branded – down 18.8% YoY to $56m loss (Q1 2025: $48m loss).
In Caesars’ Q1 report, Chief Financial Officer Bret Yunker noted: “Our first quarter consolidated results demonstrate the stability of our Las Vegas and regional segments and the continued growth in Caesars Digital.
“We expect to deliver strong free cash flow in 2026 as a result of continued operating momentum, lower cash interest expense, and lower capex.”
