Caesars Entertainment reported Q4 revenue results reaching $2.92 billion, with full-year 2025 revenue standing at $11.5 billion compared to $11.2 billion in 2024. Caesars’ digital segment outperformed the rest of the company and recorded $419 million in revenue compared to $302 million in 2024. Digital sector adjusted EBITDA for Q4 was $85 million. The margin-compression story
Caesars Entertainment reported Q4 revenue results reaching $2.92 billion, with full-year 2025 revenue standing at $11.5 billion compared to $11.2 billion in 2024.
Caesars’ digital segment outperformed the rest of the company and recorded $419 million in revenue compared to $302 million in 2024. Digital sector adjusted EBITDA for Q4 was $85 million.
The margin-compression story in adjusted EBITDA was down from $3.7 billion in 2024 to $3.6 billion in 2025. Meanwhile, a GAAP net loss of $250 million was reported compared to a net income of $11 million in 2024.
Turning to Las Vegas, Q4 revenue fell from $1.08 billion to $1.04 billion, while adjusted EBITDA dropped from $481 million in 2024 to $447 million in 2025.
CEO Thomas Reeg commented:
“I don’t expect us to be participating in the prediction markets… we don’t want to put brick-and-mortar licenses at risk. Unequivocally, we view prediction markets as gambling… but we’ll let that play out through the courts. We are not seeing any impact in our regulated markets. The Vegas Center Strip, where Caesars and MGM Resorts International dominate, is holding up quite well. The Super Bowl was extremely good for us. The big conferences are delivering. We were 92.5% occupied over the quarter… It was the 3rd or 4th best quarter of all time. Normal cyclicality in Las Vegas. Already seeing some recovery in the first quarter.”
Although sports betting handle was flat, iGaming handle was up 28% in 2025, and Average Revenue per Monthly Unique Player (ARPMUP) was $198 for the full year, an 8% year-on-year increase in ARPMUP for 2025 versus 2024.