olivLaw · US equity research
Caesars Entertainment, Inc. CZR
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Caesars Entertainment is the largest casino-entertainment company in the US, running physical and digital sports betting and online gaming operations. The company could be in transition, since it has signed a merger agreement with Fertitta Entertainment, and its net revenues reached about 11.5 billion USD in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Caesars Entertainment, Inc. (CZR) stock was 29.36 USD (+1.03% on the day), with market capitalisation 6.0 bn USD, beta 1.26, 52-week range 18.14–30.41 USD. Latest reported quarter (Q3 2026): revenue of 2.9 bn USD (+2.5% YoY), net income of -123.0 m USD, diluted EPS -0.61 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.9
- neutral
- Bollinger (20, 2)
- 28.58 – 29.65
- in the upper half of the band · %B 0.73 · band width 3.7%
- SMA 50 / 200
- 29.44 / 27.67
- mixed trend
- MACD (12, 26, 9)
- -0.11 / -0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.0% | −1.1% | +0.1 pp | — |
| 3 months | −2.5% | −0.5% | −2.0 pp | — |
| 6 months | +5.8% | +4.4% | +1.4 pp | — |
| Year to date | +25.5% | +12.3% | +13.2 pp | — |
| 1 year | +46.7% | +13.5% | +33.1 pp | +1.1% |
| 3 years | −33.9% | +76.4% | −110.3 pp | +9.3% |
| 5 years | −72.4% | +63.7% | −136.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 2.8 bn | 2.9 bn | 2.9 bn | 2.9 bn | 2.9 bn | 3.0 bn | 2.9 bn |
| Operating income | 669.0 m | 488.0 m | 526.0 m | 513.0 m | 331.0 m | 500.0 m | 513.0 m | 457.0 m |
| Depreciation & amortisation | 345.0 m | 357.0 m | 364.0 m | 352.0 m | 344.0 m | 347.0 m | 355.0 m | 366.0 m |
| Interest expense | 601.0 m | 582.0 m | 587.0 m | 582.0 m | 578.0 m | 572.0 m | 577.0 m | 573.0 m |
| Income tax | 19.0 m | 11.0 m | 13.0 m | -25.0 m | -10.0 m | 12.0 m | -12.0 m | -10.0 m |
| Net income | 11.0 m | -115.0 m | -82.0 m | -55.0 m | -250.0 m | -98.0 m | -62.0 m | -123.0 m |
| Diluted EPS | 0.05 ≈ | -0.54 | -0.39 | -0.27 | -1.22 ≈ | -0.48 | -0.30 | -0.61 |
| Operating cash flow | 309.0 m | 218.0 m | 462.0 m ≈ | 318.0 m ≈ | 304.0 m | 204.0 m | 471.0 m ≈ | 267.0 m ≈ |
| Capex | 279.0 m | 223.0 m | 230.0 m ≈ | 195.0 m ≈ | 157.0 m | 168.0 m | 167.0 m ≈ | 172.0 m ≈ |
| Share repurchases | 50.0 m | — | — | 79.0 m ≈ | 50.0 m | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | ⚠ 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.5 bn | 3.6 bn | 9.6 bn | 10.8 bn | 11.5 bn | 11.2 bn | 11.5 bn |
| Revenue YoY | — | +23.0% | +43.5% | +163.8% | +13.1% | +6.5% | −2.5% | +2.1% |
| Net income | 95.0 m | 81.0 m | -1.8 bn | -1.0 bn | -899.0 m | 786.0 m | -278.0 m | -502.0 m |
| Net income YoY | — | −14.7% | −2,269.1% | unavailable | unavailable | unavailable | −135.4% | unavailable |
| Diluted EPS | 1.22 | 1.03 | -13.50 | -4.83 | -4.19 | 3.64 | -1.29 | -2.42 |
| Diluted EPS YoY | — | −15.6% | −1,410.7% | unavailable | unavailable | unavailable | −135.4% | unavailable |
| net % | 4.6% | 3.2% | -48.4% | -10.6% | -8.3% | 6.8% | -2.5% | -4.4% |
| Free cash flow | 176.3 m | 141.5 m | unavailable | unavailable | unavailable | 545.0 m | -221.0 m | 497.0 m |
The series breaks before 2018: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 887.0 m USD
- Financial debt
- 11.8 bn USD
- Net debt
- 10.9 bn USD
- Equity
- 3.7 bn USD
- Total assets
- 31.6 bn USD
- Debt / equity
- 3.20x
- Current ratio
- 0.80x
- ROE
- -12.5%
- ROA
- -1.6%
- FCF margin
- 4.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.6 bn | 9.6 bn | 10.8 bn | 11.5 bn | 11.2 bn | 11.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | -383.0 m | 1.5 bn | 1.7 bn | 2.5 bn | 2.3 bn | 1.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 583.0 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 200.0 m ≈ | 2.6 bn ≈ | 2.9 bn ≈ | 3.7 bn ≈ | 3.6 bn ≈ | 3.3 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 1.2 bn | 2.3 bn | 2.3 bn | 2.4 bn | 2.4 bn | 2.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | -1.6 bn | -1.3 bn | -565.0 m | -60.0 m | -124.0 m | -448.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 132.0 m | -283.0 m | -41.0 m | -888.0 m | 87.0 m | -11.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | -1.8 bn | -1.0 bn | -899.0 m | 786.0 m | -278.0 m | -502.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | -13.50 | -4.83 | -4.19 | 3.64 | -1.29 | -2.42 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 130.0 m | 211.0 m | 214.0 m | 216.0 m | 215.0 m | 208.0 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 bn | 1.1 bn | 1.0 bn | 1.0 bn | 866.0 m | 887.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 342.0 m | 472.0 m | 611.0 m | 608.0 m | 470.0 m | 476.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 44.0 m | 42.0 m | 59.0 m | 46.0 m | 45.0 m | 43.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 6.1 bn | 6.0 bn | 2.1 bn | 2.0 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 14.7 bn | 14.6 bn | — | — | — | — | SEC (XBRL)· 04 May 2022verified |
| Goodwill | 9.9 bn | 11.1 bn | 11.0 bn | 11.0 bn | 10.6 bn | 10.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 4.3 bn | 4.9 bn | 4.7 bn | 4.5 bn | 4.1 bn | 4.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 36.4 bn | 38.0 bn | 33.5 bn | 33.4 bn | 32.6 bn | 31.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 167.0 m | 254.0 m | 314.0 m | 408.0 m | 296.0 m | 297.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 67.0 m | 70.0 m | 108.0 m | 65.0 m | 109.0 m | 114.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 14.1 bn | 13.7 bn | 12.7 bn | 12.2 bn | 12.0 bn | 11.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 2.5 bn | 5.3 bn | 2.7 bn | 2.7 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 31.4 bn | 33.5 bn | 29.8 bn | 28.6 bn | 28.2 bn | 28.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 5.0 bn | 4.5 bn | 3.8 bn | 4.7 bn | 4.4 bn | 3.7 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | — | 1.8 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 164.0 m | 520.0 m | 952.0 m | 1.3 bn | 1.3 bn | 805.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | — | — | — | 545.0 m ≈ | -221.0 m ≈ | 497.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | — | — | — | -1.3 bn | -704.0 m | -571.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 10.6 bn | — | -1.3 bn | -713.0 m | -498.0 m | -763.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 0 | — | 0 | 0 | 191.0 m | 229.0 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet27
- Valuation93
- Quality37
- Growth17
- Returns12
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 69.63 – 439.64 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)179.03 – 439.64 (Mid 260.51)WACC 6.5% · starting FCFF 2.5 bn USD · terminal value share of EV 83%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA69.63 – 206.82 (Mid 125.33)14 companies used · median multiple 11.3x · quartiles 7.7x – 16.4xBYD, CHH, CNTY, FLL, HLT, IHG, LVS, MGM, MLCO, PK, TNL, WH, WYNN, XHR
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.4% | 45 (vs peers) | 15% |
| Net margin · Quality | -4.5% | 24 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 2.0% | 17 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.3x | 53 (vs peers) | 15% |
| Interest coverage · Balance sheet | 0.8x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 5.2x | 88 (vs peers) | 15% |
| FCF yield · Valuation | 9.7% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.8% | 12 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet27/100 · 3/3 factors with a value
- Growth· partial17/100 · 1/2 factors with a value
- Quality37/100 · 2/3 factors with a value
- Returns· partial12/100 · 1/2 factors with a value
- Valuation93/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CAESARS ENTERTAINMENT, INC. (CZR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 11.5 bn USD in 2025; YoY growth 2.1%; net margin -4.5%; ROE -15.1%; net debt/EBITDA 3.3x.
The estimated value range is 124.33–323.23 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 192.92 USD, the price of 29.36 USD leaves a potential of 557.1% (value / price − 1) and a margin of safety of 84.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 5.2x
- FCF yield: 9.7%
- The price is below the estimated value range
What contradicts it
- Net margin: -4.5%
- Revenue CAGR 3Y: 2.0%
- Interest coverage: 0.8x
- Current ratio: 0.8x
- Shareholder yield (distributions): 0.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +47% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| MRNOMurano Global Investments Plc | — | — | -54.7% | -488.8% | +154.6% | −88% / −98% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
1- and 3-year price returns: for CZR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
In brief
Caesars Entertainment is the largest casino-entertainment company in the US, running physical and digital sports betting and online gaming operations. The company could be in transition, since it has signed a merger agreement with Fertitta Entertainment, and its net revenues reached about 11.5 billion USD in 2025 13.
SWOT
Strengths
- The company has a broad geographic footprint, with properties in several states and a digital presence in many North American jurisdictions 1.
- The Caesars Rewards loyalty program links the segments and supports cross-marketing 1.
- Casino operations generate the largest share of revenue, providing a relatively stable base 1.
Weaknesses
- The company carries high debt and lease obligations, which reduce financial flexibility 12.
- The company reported net losses in 2025 and in the first half of 2026, and the digital division has had loss-making periods 13.
- The Las Vegas segment declined in 2025 and continued to fall in the first half of 2026 13.
Opportunities
Risks
- High leveragehigh
Total debt and lease obligations absorb a significant part of cash flow, which could limit investment 12.
- Merger transactionhigh
The merger with Fertitta Entertainment might not be completed or could bring unforeseen conditions, and management attention could be redirected 23.
- Win rate volatilitymedium
Casino hold rates and sports betting risk can produce significant losses on individual events 1.
- Dependence on third partiesmedium
Verification, payment and sports data services from outside providers could cause errors or outages 1.
- Regulation and taxesmedium
Legislative changes and higher gaming taxes could affect costs and operations 1.
Investment thesis
What would need to be true (bull case)
- If the digital segment sustains its growth as more states legalize betting, group revenues could return to an upward trend 13.
- The regional segment grew in 2025 and in the first half of 2026, and the addition of new properties could support this trend 12.
- The loyalty program and the scale of operations offer cross-marketing advantages that could support market share 1.
What would break the thesis
- High debt and repeated net losses could limit the company's ability to invest and reduce its debt 123.
- The decline in Las Vegas and the lower digital Adjusted EBITDA in the second quarter of 2026 could signal persistent pressure on profitability 3.
- Rising competition from online betting and prediction markets could reduce revenues in traditional segments 1.
What to watch
- Completion or failure of the merger with Fertitta Entertainment2026
- Development of Adjusted EBITDA and revenues in the Caesars Digital segmentQ3 2026
- Level of total debt and net debtnext 10-Q
- Launch of betting and iGaming in new jurisdictions, including Canada2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
The business
Caesars Entertainment, Inc. (NASDAQ: CZR) is a geographically diversified gaming and hospitality company, founded in 1973 in Reno, Nevada 1. Its primary revenue comes from gaming operations, including casinos, retail and online sports betting, and iGaming, while hotels, restaurants and entertainment attract customers to its properties 1. As of December 31, 2025, the company owned, leased or managed 52 domestic properties in 18 states 1.
Casino operations represented approximately 58% of total net revenues in 2025, with approximately 51,400 slot machines and 2,700 table games 1. The Caesars Digital segment offers sports betting, horse racing wagering and iGaming across 34 North American jurisdictions, 27 of which offer online sports betting 1. The Caesars Rewards loyalty program is central to the company's cross-market strategy 1.
In March 2026 the company took over operations of Caesars Windsor in Canada, and in May 2026 it signed a merger agreement with Fertitta Entertainment, which could change its listing and governance structure 23. The company has said that after the transaction its shares will no longer be listed on NASDAQ 3.
Segments
Las Vegas
The Las Vegas segment generated net revenues of 4,049 million USD in 2025, down from 4,274 million USD in 2024, reflecting lower customer visitation in the city 1. It also had the group's largest Adjusted EBITDA, at 1,728 million USD in 2025 1.
Market context
The gaming industry is heavily regulated and sensitive to discretionary consumer spending, so an economic slowdown could quickly weigh on demand 1. The online betting market is expanding as more states legalize sports betting and iGaming, and the company expects steady uptake in the US 1. Group net revenues were about 11.5 billion USD in 2025 1.
In the second quarter of 2026 Caesars Digital reported revenues of 351 million USD, and group revenues rose 3.0% year on year 3. Total debt was 11.8 billion USD on June 30, 2026, so leverage remains an important factor for the market 2.
Trends
- Discretionary demandheadwind
Gaming depends on discretionary spending, and inflation, interest rates and tariffs could reduce visits and customer spending 1.
- Legalization of online bettingtailwind
Expanding state legislation on sports betting and iGaming opens new markets for Caesars Digital 1.
- Competition from tribal gaming and prediction marketsheadwind
Tribal casinos in California and prediction markets regulated by the CFTC add further competitive pressure 1.
- Merger transactionmixed
The agreement with Fertitta Entertainment could bring changes in strategy and structure, and management attention could be diverted from ongoing operations 23.
Competitive position
The company competes with casinos in surrounding areas, with Las Vegas operators expanding non-gaming offerings, and with tribal casinos that may pay lower taxes 1. In betting, competitors include mobile sports betting operators, fantasy sports, sweepstakes products and prediction markets 1.
Competition is also intense in digital, where companies invest heavily in marketing and promotions to attract customers 1. The company relies on the Caesars Rewards program to retain customers across regions and channels 1.
- MGM Resorts InternationalMGM
Casino and hotel operator, named in the company's sources among competitors in casino markets, especially in urban areas.
- California tribal casinos
Gaming operators on Native American tribal lands that pay lower taxes and compete with the company's regional properties.
- Online betting operators
Mobile betting and online gaming companies competing directly with the Caesars Sportsbook and iGaming apps.
- Regulated prediction markets
Sports event trading products regulated by the Commodity Futures Trading Commission that draw part of the demand for betting.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Caesars Rewards Promo Codes | October 2026Conde Nast Traveler · 09 Oct 2026 · EN
- Jefferies Shops $5 Billion Debt for Icahn’s Possible Caesars BidBloomberg Markets · 07 Jul 2026 · EN
- Tilman Fertitta’s Years-Long Pursuit of Caesars Is Paying OffBloomberg Markets · 28 May 2026 · EN
The latest news item in our archive is from 09 Oct 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report27 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report23 Sept 2026Shareholder vote
- Current report22 Sept 2026Other events
- Current report17 Sept 2026Departure or appointment of officers · Other events
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report08 Jul 2026Departure or appointment of officers
- Current report12 Jun 2026Shareholder vote
- Current report28 May 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Caesars Entertainment, Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Caesars Entertainment, Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Caesars Entertainment, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.