Q3 2025 Caesars Entertainment Inc Earnings Call Transcript
Key Points
- Caesars Entertainment Inc (CZR) reported third-quarter consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million, with a hold-normalized EBITDA of $927 million.
- The digital segment showed strong volume growth in both sports and iCasino, with a 29% net revenue growth in iCasino driven by increased volume and average monthly active users.
- Regional revenues increased year-over-year, driven by strong returns in Danville and New Orleans, and same-store net revenue growth from strategic reinvestment in the Caesars Rewards customer database.
- The Las Vegas segment is on track to deliver a record EBITDA year in 2025, with a strong Q4 booking pace and upcoming CapEx projects aimed at enhancing guest experiences.
- Caesars Entertainment Inc (CZR) repurchased $100 million of stock during the quarter, contributing to a total of $400 million repurchased since mid-2024, reducing the share base by 6%.
- The digital segment's adjusted EBITDA was negatively impacted by NFL hold in September and faced a difficult comparison to the previous year due to the sale of the World Series of Poker.
- Las Vegas experienced a softer market-wide visitation, with occupancy down to 92% from 97% last year, and ADR decreased by 5% due to citywide visitation weakness.
- Hold volatility impacted reported results, with Las Vegas hold down almost 600 basis points year-over-year, affecting the company by over $30 million.
- The regional segment faced headwinds from incremental state taxes, higher acquisition marketing spend, and some bad debt, affecting the flow-through to EBITDA.
- The leisure demand in Las Vegas was softer than expected during the summer, impacting occupancy and room rates, although group business is expected to improve the situation in Q4.
Good day, and thank you for standing by. Welcome to the Caesars Entertainment, Inc. third-quarter 2025 earnings conference call. (Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Brian Agnew, Senior Vice President of Corporate Finance, Treasury and Investor Relations. Please go ahead.
Thank you, Shannon, and good afternoon to everyone on the call. Welcome to our conference call to discuss our third quarter 2025 earnings. This afternoon, we issued a press release announcing our financial results for the period ended September 30, 2025. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com.
As usual, joining me on the call today are Tom Reeg, our CEO; Anthony Carano, our President and Chief Operating Officer; Bret Yunker, our CFO; Eric Hession, President Caesars Sports & Online; and Charise
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