Full-Year Same-Store Revenue Growth
Full year same-store enterprise net revenues increased $266 million, or 2% year-over-year, driven by portfolio diversity, omnichannel focus and guest experience enhancements.
Quarterly Revenue and EBITDAR Improvement
Fourth quarter consolidated net revenues were $2.9 billion, up 4% year-over-year, with adjusted EBITDAR of $901 million, up 2% year-over-year.
Digital Segment — Strong Growth and Record Performance
Caesars Digital set an all-time quarterly EBITDA record of $85 million in Q4 despite poor hold in October; Q4 net revenue was $419 million. Full year digital net revenue was $1.4 billion, up 21% YoY, and full year adjusted EBITDA was $236 million, up 100% YoY. Management reiterated a targetable long-term profile of ~20% top-line growth with ~50% flow-through to EBITDA.
Digital User and Product Momentum
Total monthly unique payers rose 19% in Q4 to 585,000. Mobile sports handle grew 4% and total parlay mix improved ~210 basis points YoY. iCasino net revenue grew 28% in Q4 driven by volume and higher monthly active users. Universal digital wallet and player account system now live in 26 jurisdictions, with full rollout expected soon.
Las Vegas Event and Slot Strength
Las Vegas benefited from a strong event calendar including a record F1 event and New Year's Eve, a 17% group & convention room night mix, and investment-led improvements (new presidential villas, Sky Villas, remodeled Palace Court) that helped set an all-time record for slot volume in 2025.
Regional Revenue Growth and Strategic Investments
Regional revenues rose 4% year-over-year, with strong returns noted in Danville and New Orleans. Strategic reinvestments in Caesars Rewards and marketing showed promising rated-play trends; near-term catalysts include Windsor's transition to owned (March), completion of a $200 million Tahoe renovation (summer), and the April 9 opening of Harrah's Oklahoma.
Balance Sheet and Cash Generation
The company continued to reduce debt in 2025 while executing opportunistic share repurchases. Management expects decreasing CapEx, lower interest expense, cash taxes well below $100 million, and strong free cash flow in 2026 to be used for a mix of debt paydown and buybacks.
Marketing and Cost Tailwinds for Digital
Significant fixed marketing contracts roll off (~$35M in 2026 H2 and ~$20M+ in 2027), the majority of which should flow to EBITDA; some proceeds will be reinvested into high-return marketing — a potential material booster to digital margins.
Technology and Product Enhancements
Ongoing product upgrades (in-house games, improved bonusing, elevated live dealer, shared wallet launches such as Missouri) and continued tech conversions underpin customer engagement and retention improvements.