Caesars Entertainment: The Online-to-Offline Flywheel—How Rewards Integration Can Scale Digital Profitability!

Caesars Entertainment, Inc. delivered financial performance for its third quarter of 2025 with total revenues reaching $2.9 billion and adjusted EBITDA of $884 million, although these results were impacted by hold volatility. On a hold-normalized basis, the company reported an adjusted EBITDA of $927 million, reflecting underlying strength in many of its segments despite external challenges. The Las Vegas segment showed resilience with adjusted same-store EBITDA of $379 million and holdnormalized EBITDA of $398 million. Despite a slight decline in occupancy to 92% from last year’s 97% and a 5% drop in average daily rate (ADR), performance improved sequentially through the quarter, indicating recovery potential in the face of market-wide visitation softness. The company also invested in new capital projects to drive future growth, including the new Omnia Day Club by Tao at Caesars Palace.