Caesars Entertainment’s third quarter, which ended September 30, 2025, shows that Las Vegas, the city that never sleeps, might be napping a little.
According to the latest filing, the casino operator’s Las Vegas revenue clocked in at $952 million in its Q3 revenue, a figure that represents a 10% dip from its performance in 2024. However, total net revenue sat at $2.9 billion, showing a 0.1% year-over-year decline.
This is not a panic situation, but it is certainly a moment where the accountants put down their celebratory cocktails and started asking questions. And the main villain in this story is simply not enough people showing up in Las Vegas.
The Airport Tells The Story
CEO Tom Reeg didn’t sugarcoat it. He admitted the company’s earnings dropped mostly because of a decline in foot traffic. There were fewer tourists—especially from outside the U.S. The problem wasn’t just about empty hotel rooms.
Reeg said there was less appetite for table games and slot play, meaning the Strip’s usual buzz just wasn’t there this summer. Canadian tourists, once a steady crowd in Vegas casinos, were particularly scarce.
If you want proof of the slowdown, just look at the airport.
- Harry Reid International saw only 4.45 million passengers in September, compared to 4.75 million the same month last year. That’s a 6.4 percent decline, and the year-to-date numbers aren’t much either—roughly 41.5 million total travelers, down nearly 2 million from 2024.
- International travel fell 13.5 percent, with the biggest drops from Canada.
- Air Canada traffic dipped 18.4 percent, and WestJet plunged by 44.3 percent.
- Even domestic travel fell 6.1 percent, with Spirit Airlines losing nearly half its passengers due to financial and route troubles.
The Numbers Behind The Dip
Here’s a breakdown of how the third quarter went.
- Net revenue: $2.87 billion (down 0.1% year over year).
- Net loss: $55 million (compared to a $9 million loss last year)
- Adjusted EBITDA: $884 million (down 11%)
- Las Vegas revenue: $952 million (down 10%)
- Regional revenue: $1.54 billion (up 6%)
- Caesars Digital EBITDA: $28 million (down from $52 million in 2024)
So while Vegas struggled, Caesars’ regional properties actually grew, and the digital side held its ground despite a tough sports betting market. Caesars CEO Tom Reeg said:
“Our regional portfolio delivered net revenues and adjusted EBITDA growth as a result of consistent operating trends and continued positive returns from our capital projects… Volumes in our Caesars Digital segment were strong, driven by continued product improvements, while adjusted EBITDA was negatively impacted by lower-than-expected sports hold during September.”
The company’s cash reserves ended the quarter at $836 million, against $11.9 billion in debt—not ideal, but still manageable.
CEO Reeg Promises To Bounce Back In The Fourth Quarter
Despite the sluggish quarter, CEO Reeg shifted his tone from being dismissive earlier in the year to one of cautious optimism. He admitted the summer was slow, but by the end of the third quarter, things started to warm up again.
September actually turned out to be one of the company’s strongest months. Caesars responded with a string of travel promos and package deals across its eight Las Vegas resorts, hoping to fill rooms and reignite foot traffic.
Meanwhile, the company also rolled out a pair of new games—Kingdom of Horus and Reign of Anubis—across both its physical casinos and digital platforms. Reeg followed up, saying:
“As we look to the fourth quarter, we anticipate improved operating performance given stronger occupancy in Las Vegas, continued momentum in our Caesars Digital segment, and stable operating trends in our regional portfolio.”
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