Caesars Entertainment (CZR)

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$11,719	$2,916	0.0%	$11,719	0.0%
Adj. EBITDA	$3,466	$867	1.1%	$3,466	0.0%
Free Cash Flow	$582	$124	(15.4%)	$491	(15.7%)
Net Debt, end of period	$10,694	$10,570		$10,203	(4.6%)
Net Debt / Adj. EBITDA	3.1x	3.0x		2.9x	-0.2x
Total Liquidity, end of period	$2,922	$3,046		$3,413	16.8%

The credit over the next year

Caesars is being taken private by Fertitta Entertainment under an agreement announced May 28, 2026, so the next year turns on whether the operating base can carry about $11.7 billion of debt plus the VICI and GLPI lease payments once the deal closes. Las Vegas is the soft spot: hotel occupancy fell to 89.1% in the third quarter of 2026 from 91.6% a year earlier as conventions and leisure visits thinned, and segment EBITDA is down 8% year to date, with table hold adding noise. Offsetting that, Regional slot handle is up about 6% on the Windsor consolidation and recent capital projects, and Caesars Digital is turning profitable on iGaming growth and steadier sports hold.

Leverage falls from 3.1x to 2.9x over the next four quarters on the starting case.
Free cash flow of $491mm is projected over the next year, with no itemised debt due in that time.
Net debt shrinks from $10.69bn to $10.20bn.
Liquidity a year out is $3.41bn, against $2.92bn today.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$864.0
CEI Term Loan A	609.0	100.0%	N/a	0.2x	Bullish
CEI Revolving Credit Facility	0.0	100.0%	N/a	0.2x	Bullish
CVA Delayed Draw Term Loan	371.0	100.0%	N/a	0.3x	Bullish
CVA Revolving Credit Facility	0.0	100.0%	N/a	0.3x	Bullish
CEI Term Loan B	2,012.0	100.0%	N/a	0.9x	Bullish
7.000% Senior Secured Notes due 2030	2,000.0	100.5%*	6.83%	1.4x	Bullish
CEI Term Loan B-1	2,828.0	100.0%	N/a	2.3x	Bullish
6.500% Senior Secured Notes due 2032	1,500.0	96.7%*	7.24%	2.7x	Bullish
4.625% Senior Notes due 2029	1,200.0	95.8%*	6.17%	3.0x	Neutral
6.000% Senior Notes due 2032	1,100.0	89.8%*	8.18%	3.4x	Neutral
Special Improvement District Bonds	38.0	100.0%	N/a	3.4x	Neutral
Long-term notes and other payables	1.0	100.0%	N/a	3.4x	Neutral
Total Debt	$11,558.0			3.3x
Net Debt	$10,694.0			3.1x

Last Twelve Months

Revenue	$11,719
Implied Costs	(8,253)
Adj. EBITDA	$3,466
(-) Interest Expense	(741)
(-) Capex	(664)
Memo: FCF	$582
Total Liquidity	$2,922.0

Next 12 months, starting case▶ Revenue $11.72bn → $11.72bn▶ Adj. EBITDA $3.47bn → $3.47bn▼ Free cash flow $582mm → $491mm▼ Net leverage 3.1x → 2.9x▲ Liquidity $2.92bn → $3.41bn

Caesars Entertainment

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$864.0
Undrawn Revolver ($2,250mm facility)			2,058.0
Total Liquidity			$2,922.0

CEI Term Loan A	Adjusted Term SO...	1/31/2028	609.0	100.0%	N/a	N/a	N/a	Bullish
CEI Revolving Credit Facility	Adjusted Term SO...	1/31/2028	0.0	100.0%	N/a	N/a	N/a	Bullish
CVA Delayed Draw Term Loan	Term SOFR + appl...	4/26/2029	371.0	100.0%	N/a	N/a	N/a	Bullish
CVA Revolving Credit Facility	Term SOFR + appl...	4/26/2029	0.0	100.0%	N/a	N/a	N/a	Bullish
CEI Term Loan B	Term SOFR (0.50%...	2/6/2030	2,012.0	100.0%	N/a	N/a	N/a	Bullish
7.000% Senior Secured Notes due 2030	7.00%	2/15/2030	2,000.0	100.5%*	6.83%	2/15/2027 @ 101.75	9.44%	Bullish
CEI Term Loan B-1	Term SOFR (0.50%...	2/6/2031	2,828.0	100.0%	N/a	N/a	N/a	Bullish
6.500% Senior Secured Notes due 2032	6.50%	2/15/2032	1,500.0	96.7%*	7.24%	2/15/2027 @ 103.25	20.28%	Bullish
Total Secured Debt			$9,320.0						3.4x	3.0x	2.4x	2.4x	2.6x	2.7x	2.7x	2.7x
Net Secured Debt			$8,456.0						3.1x	2.7x	2.2x	2.2x	2.4x	2.4x	2.4x	2.4x

4.625% Senior Notes due 2029	4.625%	10/15/2029	1,200.0	95.8%*	6.17%	10/15/2026 @ 100	13.54%	Neutral
6.000% Senior Notes due 2032	6.00%	10/15/2032	1,100.0	89.8%*	8.18%	10/15/2027 @ 103	20.64%	Neutral
Special Improvement District Bonds	4.30%	N/a	38.0	100.0%	N/a	N/a	N/a	Neutral
Long-term notes and other payables	N/a	N/a	1.0	100.0%	N/a	N/a	N/a	Neutral
Other debt, discounts and issuance costs	N/a	N/a	(101.0)
Total Debt			$11,558.0						4.2x	3.7x	3.0x	3.0x	3.3x	3.3x	3.3x	3.3x
Net Debt			$10,694.0						3.9x	3.4x	2.8x	2.7x	3.0x	3.1x	2.9x	2.8x
						Adj. EBITDA			$2,770	$3,123	$3,851	$3,904	$3,530	$3,466	$3,466	$3,466

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$9,570	$10,821	$11,528	$11,245	$11,486	$11,719	$11,719	$11,719
Y/Y Growth		13.1%	6.5%	(2.5%)	2.1%		0.0%	0.0%
Implied Costs	(6,800)	(7,698)	(7,677)	(7,341)	(7,956)	(8,253)	(8,253)	(8,253)
Adj. EBITDA	$2,770	$3,123	$3,851	$3,904	$3,530	$3,466	$3,466	$3,466
Margin	28.9%	28.9%	33.4%	34.7%	30.7%	29.6%	29.6%	29.6%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$2,770	$3,123	$3,851	$3,904	$3,530	$3,466	$3,466	$3,466
(-) Interest Expense (Cash Only)	(831)	(805)	(846)	(1,052)	(813)	(741)	(2,277)	(2,277)
(-) Cash Taxes	(9)	(22)	(26)	(48)	(81)	(34)	(34)	(34)
(-) Capex	(520)	(952)	(1,264)	(1,296)	(805)	(664)	(664)	(664)
(+/-) Working Capital and Other	(731)	(1,303)	(1,170)	(1,729)	(1,334)	(1,445)	--	--
Memo: FCF	$679	$41	$545	($221)	$497	$582	$491	$491
% of Debt	5.9%	0.4%	4.7%	(1.9%)	4.3%	5.0%	4.2%	4.2%

Liquidity

Unrestricted Cash	$864.0
Undrawn Revolver	2,058.0
Total Liquidity	$2,922.0
(-) Debt due through 2028	(609.0)
(+/-) Free cash flow, last twelve months	582.0
Liquidity after maturities and a year of cash flow	$2,895.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$9,570	$10,821	$11,528	$11,245	$11,486	$11,719	$11,719	$11,719
Y/Y Growth		13.1%	6.5%	(2.5%)	2.1%		0.0%	0.0%
Implied Costs	(6,800)	(7,698)	(7,677)	(7,341)	(7,956)	(8,253)	(8,253)	(8,253)
Adj. EBITDA	$2,770	$3,123	$3,851	$3,904	$3,530	$3,466	$3,466	$3,466
Margin	28.9%	28.9%	33.4%	34.7%	30.7%	29.6%	29.6%	29.6%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$2,770	$3,123	$3,851	$3,904	$3,530	$3,466	$3,466	$3,466
(-) Interest Expense (Cash Only)	(831)	(805)	(846)	(1,052)	(813)	(741)	(2,277)	(2,277)
(-) Cash Taxes	(9)	(22)	(26)	(48)	(81)	(34)	(34)	(34)
(-) Capex	(520)	(952)	(1,264)	(1,296)	(805)	(664)	(664)	(664)
(+/-) Working Capital and Other	(731)	(1,303)	(1,170)	(1,729)	(1,334)	(1,445)	--	--
Memo: FCF	$679	$41	$545	($221)	$497	$582	$491	$491
% of Debt	5.9%	0.4%	4.7%	(1.9%)	4.3%	5.0%	4.2%	4.2%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Las Vegas hotel occupancy % of available rooms	91.7	95.3	95.5	89.1	91.7	95.3	95.5	89.1	91.7	95.3	95.5	89.1	$6.2mm on revenue	--
Las Vegas table games hold % of table drop	21.6	18.4	16.6	21.6	21.6	18.4	16.6	21.6	21.6	18.4	16.6	21.6	$7.2mm on revenue	--
Regional slot handle $ billions per quarter	10.47	10.77	11.64	12.05	10.47	10.77	11.64	12.05	10.47	10.77	11.64	12.05	$76.0mm on revenue	--
iGaming handle $ billions per quarter	5.07	5.37	4.83	4.83	5.07	5.37	4.83	4.83	5.07	5.37	4.83	4.83	$38.0mm on revenue	--
Sports betting hold % of sports handle	8.6	8.3	8.4	7.9	8.6	8.3	8.4	7.9	8.6	8.3	8.4	7.9	$28.8mm on revenue	--

Caesars is being taken private by Fertitta Entertainment under an agreement announced May 28, 2026, so the next year turns on whether the operating base can carry about $11.7 billion of debt plus the VICI and GLPI lease payments once the deal closes. Las Vegas is the soft spot: hotel occupancy fell to 89.1% in the third quarter of 2026 from 91.6% a year earlier as conventions and leisure visits thinned, and segment EBITDA is down 8% year to date, with table hold adding noise. Offsetting that, Regional slot handle is up about 6% on the Windsor consolidation and recent capital projects, and Caesars Digital is turning profitable on iGaming growth and steadier sports hold.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$2,916	$2,870	$2,993	$2,940	$2,916	$2,870	$2,993	$2,940	$2,916	$2,870	$2,993	$2,940
Y/Y Growth	4.2%	2.7%	3.0%	2.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$858	$871	$891	$846	$867	$876	$889	$833	$867	$876	$889	$833
Margin	29.4%	30.3%	29.8%	28.8%	29.7%	30.5%	29.7%	28.3%	29.7%	30.5%	29.7%	28.3%
Free Cash Flow	$147	$36	$304	$95	$124	$136	$142	$89	$124	$136	$142	$89
Cash, end of period	887	867	965	864	988	1,124	1,266	1,355	1,479	1,615	1,757	1,845
Total Debt, end of period	11,784	11,802	11,699	11,558	11,558	11,558	11,558	11,558	11,558	11,558	11,558	11,558
Net Debt / Adj. EBITDA	3.1x	3.1x	3.1x	3.1x	3.0x	3.0x	3.0x	2.9x	2.9x	2.9x	2.8x	2.8x

Revenue is built from Casino, Hotel Owned, Food and Beverage, Product and Service Other, Real Estate, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026

Slides Investor relations site

Caesars grew revenue 2.5% in Q3 2026 but Adjusted EBITDA slipped 2% as Las Vegas weakened, while it waits to close its sale to Fertitta Entertainment.

Takeaways

Net revenue rose 2.5% to $2.94 billion. Regional revenue grew 5.9% and Caesars Digital grew 4.8%, but Las Vegas fell 2.3% and Managed and Branded fell 20.5%.
Adjusted EBITDA fell 2.1% to $865 million, so the margin narrowed to about 29.4% from 30.8%. Las Vegas EBITDA dropped 9.5% to $343 million. Regional rose 3.6% to $524 million and Digital rose to $44 million from $28 million.
The net loss widened to $123 million from $55 million. Interest expense of $570 million a quarter still exceeds operating income of $457 million.
Cash flow funded modest deleveraging. Nine-month operating cash flow was $942 million against $507 million of capex, and capex for the rest of 2026 is set at $160 to $205 million.
Total debt fell to $11.66 billion from $11.91 billion at year end, and net debt to $10.80 billion. On our math that is about 3.0 times trailing Adjusted EBITDA, before the large VICI and GLPI lease obligations.
The key credit event is the cash sale to Fertitta Entertainment at $31.00 per share, agreed in May 2026 and approved by stockholders in September. It still needs antitrust and gaming approvals. Treatment of existing debt at closing has not been disclosed.

Debt and capital

Debt at September 30, 2026 was $11.66 billion at face: $5.82 billion of bank debt, $5.80 billion of notes and $39 million of other debt.
Liquidity was $2.95 billion: $864 million of cash plus about $2.1 billion of undrawn revolver capacity after letters of credit and reserves. The $160 million revolver draw at year end was repaid.
Near-term maturities are small: about $28 million for the rest of 2026 and $114 million in 2027. The revolver and Term Loan A mature in January 2028 and the 4.625% notes in October 2029.
No share buybacks were made in the first nine months of 2026 and none are expected while the deal is pending. $221 million remains under the program.
The buyer delivered debt commitment letters to fund the merger. The note indentures carry a 101% change of control put, but whether this deal triggers it has not been confirmed.

Guidance

No guidance was given for Q3 2026. The company stopped holding calls after the merger agreement and the press release has no outlook.
The only forward figure is in the 10-Q: capex for the rest of 2026 of $160 to $205 million from unrestricted cash.
Earlier in the year, with Q4 2025 results, management had pointed to strong 2026 free cash flow for debt paydown and buybacks. Buybacks are now on hold while the merger is pending.

Tone: Low-key and procedural, with no call, no slides and no outlook while the sale to Fertitta Entertainment is pending.

Q2 2026Slides
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release and 10-Q only. Caesars held no earnings call and posted no slides for Q3 2026 because of its pending sale to Fertitta Entertainment, and it does not publish call transcripts on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Revenue rose 2.5% on Regional and Digital growth, but a weaker Las Vegas pulled adjusted EBITDA down 2.1%.

Results

Third quarter net revenues were $2.94bn, up 2.5% from $2.87bn a year earlier.
The company headlines consolidated Adjusted EBITDA, not EBITDAR or a same-store figure. It was $865mm against $884mm, down 2.1%. The release does not state a margin.
Net loss attributable to Caesars was $123mm, or $0.61 per share, against $55mm, or $0.27 per share. Net interest expense was $570mm in the quarter.
The release contains no cash flow statement, so it gives no operating cash flow, capital spending or free cash flow.

Why

Las Vegas revenue fell 2.3% to $930mm and its adjusted EBITDA fell 9.5% to $343mm.
Regional revenue rose 5.9% to $1.63bn and its adjusted EBITDA rose 3.6% to $524mm.
Caesars Digital revenue rose 4.8% to $326mm and its adjusted EBITDA rose to $44mm from $28mm.
Corporate and other costs widened to $63mm from $47mm. Casino revenue rose to $1.75bn from $1.64bn while hotel and food and beverage revenue both fell.

Balance sheet and guidance

Cash and equivalents were $864mm at September 30, 2026, excluding $113mm of restricted cash. Cash plus available revolver capacity totalled $2.95bn.
Debt outstanding was $11.66bn in principal, down from $11.91bn at year-end 2025: $5.82bn of bank debt and loans and $5.80bn of notes. Net debt by the company's calculation was $10.80bn.
The release states no leverage ratio. Its figures exclude lease obligations to VICI and GLPI, which the company notes can be significant.

What to watch

The company has a definitive agreement, announced May 28, 2026, to be acquired by Fertitta Entertainment and held no earnings call. Watch closing timing and what the deal means for the existing debt.
Las Vegas adjusted EBITDA is down 8.0% for the nine months and 9.5% in the quarter. Watch whether the decline in hotel and food and beverage revenue continues.
Net interest expense was $570mm against $865mm of adjusted EBITDA in the quarter. Watch debt paydown: total debt fell to $11.66bn from $11.91bn over the nine months.

From the company's press release filed Oct 27, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Oct 27, 20268-K for Oct 27, 2026: Results · Press release
Jul 28, 20268-K for Jul 28, 2026: Results · Press release
Apr 28, 20268-K for Apr 28, 2026: Results · Press release
Feb 17, 20268-K for Feb 17, 2026: Results · Press release
Oct 28, 20258-K for Oct 28, 2025: Results · Press release
Jul 29, 20258-K for Jul 29, 2025: Results · Press release
Apr 29, 20258-K for Apr 29, 2025: Results · Press release
Feb 25, 20258-K for Feb 25, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Sep 23, 20268-K for Sep 22, 2026: Shareholder vote
Sep 22, 20268-K for Sep 15, 2026: Other event
Sep 17, 20268-K for Sep 14, 2026: Director or officer change; Other event
Jul 8, 20268-K for Jul 6, 2026: Director or officer change
Jun 12, 20268-K for Jun 9, 2026: Shareholder vote
May 28, 20268-K for May 27, 2026: Material agreement; Regulation FD
Dec 3, 20258-K for Dec 3, 2025: Director or officer change
Jul 28, 20258-K for Jul 23, 2025: Bylaw change
Jun 27, 20258-K for Jun 27, 2025: Other event
Jun 13, 20258-K for Jun 10, 2025: Shareholder vote
May 2, 20258-K for May 2, 2025: Material agreement
Mar 20, 20258-K for Mar 19, 2025: Material agreement; Director or officer change; Bylaw change; Regulation FD
Nov 25, 20248-K for Nov 25, 2024: Material agreement; New debt
Oct 21, 20248-K for Oct 21, 2024: Director or officer change
Oct 17, 20248-K for Oct 17, 2024: Material agreement; New debt
Oct 3, 20248-K for Oct 3, 2024: Other event
Oct 2, 20248-K for Oct 2, 2024: Other event
Oct 2, 20248-K for Oct 2, 2024: Regulation FD; Other event
Jul 2, 20248-K for Jun 28, 2024: Director or officer change; Regulation FD
Jun 14, 20248-K for Jun 11, 2024: Director or officer change; Shareholder vote

Proxy statements 3

Other filings 8

Sep 30, 2020424B2
Sep 28, 2020424B5
Jun 18, 2020424B2
Jun 15, 2020424B5
Apr 30, 202010-K/A for Dec 31, 2019
Apr 29, 202010-K/A for Dec 31, 2019
Oct 11, 2019424B3
Oct 4, 2019S-4/A

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Feb 16, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Jan 31, 2028Maturity. CEI Revolving Credit Facility: $0mm outstanding comes due.
Jan 31, 2028Maturity. CEI Term Loan A: $609mm outstanding comes due.

Recent 8-K filings

Oct 27, 2026Reported results
Sep 23, 2026Shareholder vote
Sep 22, 2026Other event
Sep 17, 2026Director or officer change; Other event
Jul 28, 2026Reported results
Jul 8, 2026Director or officer change