Caesars ends Q1 with Las Vegas in ‘healthier spot’ following rocky 2025

Dive Brief:

Caesars Entertainment posted flat net revenues in its Las Vegas segment in the first quarter of 2026 amid improving demand trends in the market, according to an earnings report published Tuesday.
Coupled with solid growth across its regional and digital segments, Caesars saw 2.7% growth in systemwide revenues in Q1. The company also reported that across the organization, adjusted EBITDA rose slightly, at 0.3%, in the quarter.
The results come after Caesars saw “significant improvement in the hospitality vertical” in Las Vegas in Q1, CEO Tom Reeg said in a statement. The company previously saw Las Vegas net revenues decline during each quarter of 2025.

Dive Insight:

Caesars’ first-quarter results signal improved market conditions in Las Vegas, where the company saw significant declines throughout 2025, with the steepest losses in the third quarter due in part to dampened traveler demand.

During the first months of this year, Caesars saw solid occupancy of 95.3% as well as 1% year-over-year growth in ADR in Las Vegas, Chief Operating Officer Anthony Carano said on a Tuesday earnings call. This performance “marks a dramatic improvement versus the second half of 2025,” Carano said, attributing the growth to a strong group and convention lineup.

Las Vegas is “in a much healthier spot than it was [at the] middle of last year,” when it experienced a “tough summer,” Reeg said on the call. However, softness remains when big events aren’t in town, he added.

Looking ahead, Caesars “continues to forecast sequential improvement in Las Vegas operating trends driven by a strong group and convention mix and stabilizing leisure trends,” Carano said.

In its regional segment — which “continues to deliver positive results,” per Carano — Caesars plans to benefit from the completion of its $200 million Lake Tahoe renovation this summer as well as property events surrounding the FIFA World Cup.

In the first quarter, it was widely reported that Fertitta Entertainment, led by billionaire Tilman Fertitta, was in talks to acquire Caesars Entertainment for about $7 billion, though a company representative said on the call that Caesars “does not comment on market rumors or speculation.”