Caesars Entertainment Inc (NASDAQ: CZR) is a gaming and hospitality company that owns, leases, and manages casino resorts, retail sportsbooks, online sports betting platforms, and iGaming operations across North America. Revenue comes from casino gaming, hotel stays, food and beverage, entertainment, retail sports wagering, online sports betting, and iGaming. As of December 31, 2025, Caesars operated 52 domestic properties across 18 states and conducted sports wagering across 34 jurisdictions in North America, 27 of which offered online sports betting, with iGaming active in five North American jurisdictions. The company operates the Caesars Sportsbook app, Caesars Racebook app, Caesars Palace Online Casino app, and Horseshoe Online Casino app under its Caesars Digital segment. Real property assets at several locations are leased from GLP Capital, L.P. (GLPI) and VICI Properties L.P., making Caesars an operating tenant rather than owner of all its real estate. The business is capital-intensive, carries significant lease obligations to GLPI and VICI, and organizes its operations around casino properties, digital gaming, and complementary hospitality businesses that cross-promote one another.

Revenue model

Transactional revenue from casino gaming, hotel stays, food and beverage, and entertainment at owned and leased resort properties, combined with online sports betting handle and iGaming net revenue through the Caesars Digital segment. The company also earns management and branding fees from third-party properties authorized to use Caesars marks.

Products and services

Casino gaming at 52 domestic properties (as of December 31, 2025); Caesars Sportsbook app (retail and online sports betting); Caesars Racebook app; Caesars Palace Online Casino app; Horseshoe Online Casino app; hotel accommodations; food and beverage operations; entertainment venues; casino management and branding services for third-party properties.

Customers and end markets

Individual consumers engaging in casino gaming, sports wagering, hotel stays, dining, and entertainment. End markets include regional gaming, destination resort gaming, online sports betting, and iGaming across 34 North American jurisdictions as of December 31, 2025.

Value-chain role

Vertically integrated gaming operator and hospitality provider. Operates as a tenant of real estate assets leased from gaming REITs GLPI and VICI, while controlling casino operations, digital betting platforms, and hospitality services.

Geographic exposure

Primarily United States, with 52 domestic properties across 18 states as of December 31, 2025. Sports wagering conducted across 34 North American jurisdictions, with online sports betting in 27 of those jurisdictions and iGaming in five North American jurisdictions as of the same date.

Source: SEC 10-K, filed 2026-02-17

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