Caesars Entertainment falls 9% after Las Vegas properties see a Q3 slump

Caesars Entertainment (NASDAQ:CZR) fell in early trading on Wednesday after falling short of estimates with its third-quarter earnings report.

Revenue was flat compared to a year ago at $2.87 billion. Regional casinos saw a 6.2% increase in revenue during the quarter, while Las Vegas properties saw a 9.8% decline. Same-store adjusted EBITDA of $884 million was below last year's mark of $996 million. GAAP EPS was reported at -$0.27 vs. -$0.09 consensus.

Morgan Stanley analyst Stephen Grambling noted that a challenging hold rate for the digital business and weaker city-wide visitation weighed on results for Caesars' (NASDAQ:CZR) Las Vegas Strip properties.

During the earnings conference call, CEO Thomas Reeg said the casino company is seeing a recovery in visitors to Las Vegas in the fourth quarter after a soft summer. He also pointed to a strong event calendar in Q1 of 2026, including the return of the CONEXPO-AGG trade show.

Shares of Caesars Entertainment (CZR) fell 8.7% in premarket action.