Caesars Entertainment says 2025 could be record for group bookings, optimistic about 2026

Caesars Entertainment felt the summer slowdown on the Strip, reporting a nearly 10 percent drop in Las Vegas revenue for the third quarter amid softer demand and weak table-game results.

The Reno-based gaming company, which operates eight casinos on Las Vegas Boulevard, generated $952 million in revenue in July, August and September, according to public filings with the U.S. Securities and Exchange Commission. Net income from Las Vegas for the quarter fell to $132 million, down more than 40 percent from $221 million a year earlier.

“We told you on the last (quarterly earnings) call that Vegas was going to be a soft summer. It was a soft summer,” Tom Reeg, Caesars Entertainment’s chief executive officer, said Tuesday during the company’s third-quarter earnings call. “Our (average daily rate) was down a little over 6 percent, (and) occupancy was down about five percentage points. So, that’s about 90,000 room nights for us.”

Slot handle fell 2 percent, while table game hold percentage dropped sharply, which Reeg said weighed heavily on results.

“Hold was down almost 600 basis points in Vegas in the quarter…it impacted us a little over $30 million,” he said.

Even against the summer headwinds, Reeg said Las Vegas business improved throughout the period.

“July was the worst month of the quarter. August got better. September got better,” he said.

Year-to-date, revenue from Caesars Entertainment’s Las Vegas operations is down 5.1 percent compared to the same period in 2024. Through the first nine months of 2025, Caesars Entertainment reported $521 million in net income from Las Vegas, down roughly 24 percent from the same period last year.

Caesars Entertainment’s cash room revenue forecast for the fourth quarter is down only slightly compared with last year, a notable improvement from the 11 percent year-over-year decline in the third quarter. The company credited a more favorable group calendar and a strong lineup of events, including BravoCon and the Formula One Las Vegas Grand Prix.

“F1 for us is looking considerably better than it did last year…up from last year, though not as good as year one,” Reeg said.

Group and convention business is the backbone of the company’s optimism heading into 2026. Reeg said group bookings are expected to set an all-time record this year and again next year.

“Groups should be…a record in ’25 versus ’24, largely on the strength of the fourth quarter,” he said. “And then ’26 should be a new record for the full year ahead of ’25, largely on strength in the first quarter of the year.”

While leisure demand has softened, particularly among lower-tier Strip properties, Reeg said premium resorts have held up better.

“As you go down the customer spectrum, or move out from the center of the Strip, demand for those were soft. Premium has held up better,” he said.

Overall, Reeg said the underlying trend remains positive.

“What we told you when we talked to you in the beginning of the quarter was (summer) would be soft, (and) we would expect recovery in the fourth quarter. That is what we are seeing,” he said.

Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.