The earnings call highlighted significant achievements in the digital segment and successful debt management, as well as strong future group bookings in Las Vegas. However, these positives were balanced by soft market conditions in Las Vegas, one-time impacts in regional segments, and a decline in high-end gaming performance. While the digital segment's growth is promising, current challenges in the Las Vegas and regional markets temper the overall sentiment.

Company Guidance -

Q3 2025

During Caesars Entertainment's 2025 Second Quarter Earnings Call, the company provided guidance on several key metrics. Consolidated net revenues for the second quarter were reported at $2.9 billion, with an adjusted EBITDA of $955 million. The Digital segment achieved its best quarter ever, with $80 million in adjusted EBITDA, owing to a 24% increase in net revenues compared to the previous year. The Las Vegas segment reported a same-store adjusted EBITDA of $469 million, despite a slight market demand softening. Regional adjusted EBITDA was $439 million, impacted by several one-time items; however, excluding these, EBITDA would have been flat year-over-year. Caesars Digital recorded net revenues of $343 million, with sportsbook hold increasing by 170 basis points to a record 8.9%. The company remains optimistic about achieving the financial targets set in 2021, with expectations to deliver $0.5 billion in EBITDA by 2026. Additionally, Caesars has made strategic investments in new slot capital, and its regional operations benefited from the rebranding of Harvey Lake Tahoe to Caesars Republic Lake Tahoe. The company also highlighted a reduction in cash taxes due to the BBB, which will lead to significant savings in 2025 and beyond.

Record Digital Segment Performance

Caesars Digital delivered an all-time quarterly adjusted EBITDA record of $80 million, up 100% from last year, with net revenues increasing 24% year-over-year.

Successful Debt Management

Redeemed most expensive debt, resulting in annual free cash flow savings exceeding $40 million. Relationship bank facility is the next maturity in 2028 and nearest capital markets maturity is in 2029.

Asset-Light Opportunities

Plans to expand through asset-light deals, which could add nearly $50 million in incremental EBITDA through Indian management contracts and other ventures.

Strong Group Booking Outlook

A robust group calendar for the fourth quarter of 2025 and the first and second quarters of 2026, projecting a record group year in Vegas.

Caesars Entertainment (CZR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CZR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	0.06 / -	-0.04	―	―	―
Jul 29, 2025	2025 (Q2)	<0.01 / -0.28	-0.56	50.89% (+0.29)
Apr 29, 2025	2025 (Q1)	-0.20 / -0.54	-0.73	26.03% (+0.19)
Feb 25, 2025	2024 (Q4)	-0.13 / 0.05	-0.34	114.71% (+0.39)	―
Oct 29, 2024	2024 (Q3)	0.21 / -0.04	0.34	-111.76% (-0.38)	―
Jul 30, 2024	2024 (Q2)	0.12 / -0.56	4.26	-113.15% (-4.82)	―
Apr 30, 2024	2024 (Q1)	-0.08 / -0.73	-0.63	-15.87% (-0.10)	―
Feb 20, 2024	2023 (Q4)	-0.04 / -0.34	-0.7	51.43% (+0.36)	―
Oct 31, 2023	2023 (Q3)	0.29 / 0.34	0.24	41.67% (+0.10)	―
Aug 01, 2023	2023 (Q2)	0.33 / 4.26	-0.57	847.37% (+4.83)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CZR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$28.47	$27.89	-2.04%
Apr 29, 2025	$27.99	$27.06	-3.32%
Feb 25, 2025	$34.87	$34.56	-0.89%
Oct 29, 2024	$45.28	$41.56	-8.22%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.