Caesars Entertainment reported a net loss of $82 million for Q2 2025, an improvement from a $122 million loss in the same quarter last year. Despite ongoing losses, company leadership emphasized the outstanding performance of its digital division and reaffirmed its long-term financial strategy.
Caesars Entertainment Reports Narrowed Loss, Highlights Digital Growth
Caesars Entertainment reported a net loss of $82 million for Q2 2025, an improvement from a $122 million loss in the same quarter last year. Despite ongoing losses, company leadership emphasized the outstanding performance of its digital division and reaffirmed its long-term financial strategy.
“Our Caesars Digital segment delivered one of its strongest quarters ever,” said CEO Tom Reeg. “We remain on track to meet the financial objectives we set in 2021.”
Revenue Climbing, Digital Revenues Up 24%
Total revenue rose to $2.9 billion, slightly above last year’s $2.8 billion, fueled by a 24.3% increase in Caesars Digital revenues. That segment generated $343 million this quarter, up from $276 million in Q2 2024.
Adjusted EBITDA for the digital division doubled year-over-year, increasing from $40 million to $80 million, covering the three-month period ending June 30.
Reeg noted that while hotel demand in Las Vegas has softened, gaming performance remains stable. Meanwhile, regional operations posted a 4% net revenue increase, thanks largely to properties in Virginia and New Orleans.
Operational Challenges in Core Markets
Despite growth in digital and select regional segments, overall adjusted EBITDA declined 4.1%, from $996 million to $955 million.
- Las Vegas segment EBITDA dropped 8%, from $510 million to $469 million.
- Regional segment EBITDA fell 6.4%.
Las Vegas remains Caesars’ largest revenue contributor, with more than $1 billion generated in Q2, though this marks a 3.7% year-over-year decrease.
Debt Restructuring and Cash Flow Strategy
CFO Bret Yunker emphasized recent debt restructuring as a key component of Caesars’ financial recovery:
“On July 8, we fully redeemed $546 million of 8.125% senior unsecured notes due in 2027 using $225 million in proceeds from the WSOP sale and revolver borrowings. This move reduces our annual interest expense by $44 million.”
He noted the company’s next debt maturity has been pushed to January 2028, and its weighted average interest cost now stands at 6.35%.
“We intend to use free cash flow to further reduce debt and potentially repurchase stock,” he added.
As of June 30, Caesars reported $12.3 billion in total outstanding debt and $982 million in cash and equivalents, with total liquidity of $3.08 billion including its revolving credit facility.
Optimism Despite Net Loss
While Caesars still posted a quarterly net loss, the company views the reduced deficit as progress. First-half adjusted EBITDA remained flat year-over-year:
- $1.839 billion in 2025
- vs. $1.845 billion in 2024
