Caesars Entertainment Inc

caesars.com

What Do They Do?

Runs casino resorts and offers in-person and online gaming to casino visitors and online bettors, with hotels and restaurants serving leisure and convention guests.

How Do They Make Money?

Casino brings in money from gaming and horse-racing wagers: gaming revenue is the difference between wins and losses, while racing commissions are earned when wagers are placed. Hotel, food and other services bring in customer payments as the stay or service is delivered.

revenue

Segment	Share	How money arrives
Casino Usage-based	58% FY2022: 55%	Usage-based
Food and beverage Sold outright	15% FY2022: 15%	Sold outright
Hotel Sold outright	17% FY2022: 18%	Sold outright
Other	11% FY2022: 12%

Who Are Their Customers?

Its properties host casino guests, vacation travelers and convention visitors, while online bettors use Caesars-operated sports, racing and casino apps.

Do Revenues Turn Into Profits?

Not on paper. It lost $502M in FY2025, but brought in more cash than it spent: $497M of free cash flow.

Operating income, FY2025

16% of revenue

▼ −19% vs FY2024 ($2.3B, 20%)

Net income, FY2025

−4% of revenue

▲ +81% (Loss) vs FY2024 (−$278M, −2%)

Free cash flow, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$221M, −2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +2%; vs $2.9B in Q3 FY2025
Net income: ▲ +124% (Loss); vs −$55M in Q3 FY2025

Casino share of revenue vs 57.2% in Q3 FY2025

May 28, 2026 Agreed to be acquired by Fertitta Entertainment The deal requires shareholder and regulatory approvals; Caesars shareholders are to receive $31.00 per share in cash.

Growing. Revenue grew 20% in 4 years, from $9.6B in FY2021 to $11.5B in FY2025, about 5% a year.

LINQ Promenade sale The earlier report describes the LINQ Promenade as an open-air dining, entertainment and retail development; the latest says Caesars sold it while continuing to operate the High Roller and Fly LINQ.

WSOP brand arrangement The earlier report describes Caesars leveraging and licensing the WSOP trademarks; the latest describes a licensing agreement made alongside the sale of the WSOP brand.

Digital wagering products The earlier report describes the Sportsbook and Racebook apps; the latest adds Racebook wagering within the Sportsbook app, a shared wallet, and Caesars Palace and Horseshoe online casino apps.

Revenue over time

Casino Food and beverage Hotel Other

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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