At a glance
Caesars Entertainment Corporation is worth $5.82B. Revenue grew 2.1% to $11.49B in fiscal 2025, at a loss; over 5 years it has grown 25.9% a year. It pays no dividend; it spent $420.0M buying back its shares over FY2021–FY2025. The stock returned +29.3% over the past year with dividends reinvested and −23.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 75.9% in the 2020 crash (S&P 500: 33.7%) and 65.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Caesars Entertainment runs casinos, hotels and betting apps, mainly in the United States. It was founded in 1973 with the Eldorado Hotel Casino in Reno, Nevada, and grew through acquisitions. These included the original Caesars Entertainment Corporation in 2020 and William Hill PLC in 2021. As of December 31, 2025, it owned, leased or managed 52 properties in 18 states. It leases many of its casinos from landlords such as VICI Properties and Gaming and Leisure Properties.
Gambling drives the business. In 2025, casino revenue made up about 58% of total net revenue of $11.5 billion. That covers about 51,400 slot machines, 2,700 table games, sports betting and online casino games, with slots bringing in the most. Hotel stays in about 45,600 rooms added about 17%, and restaurants and bars about 15%. Shows and the Caesars Rewards loyalty program help draw customers to its casinos.
The company reports four segments. In 2025, Regional casinos outside Las Vegas brought in 50.1% of revenue and Las Vegas 35.3%. Caesars Digital brought in 12.3%. Managed and Branded, which earns fees for managing other casinos and licensing the Caesars brand, brought in 2.4%. Caesars Digital runs the Caesars Sportsbook and online casino apps. As of December 31, 2025, the company took sports bets in 34 North American jurisdictions, 27 of them online, and offered online casino games in five.
Price history
The interactive chart needs JavaScript.
CZR +29.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Casino | $6.62B | 57.6% |
| Hotel | $1.95B | 16.9% |
| Food and beverage | $1.71B | 14.9% |
| Other | $1.21B | 10.5% |
By business segment
| Regional | $5.76B | 50.1% |
| Las Vegas | $4.05B | 35.3% |
| Caesars Digital | $1.41B | 12.3% |
| Managed and Branded | $279.0M | 2.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.94B, up 2.5% from a year earlier, and net income was $-123.0M.
- For fiscal 2025, revenue was $11.49B (+2.1% year over year; +25.9% a year from FY2020 to FY2025) with a -4.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.9% good |
|---|---|
| Operating margin | 16.2% good |
| Free cash flow margin | 4.3% watch |
| Return on equity (FY2025) | -14.3% weak |
| Return on assets (FY2025) | -1.6% weak |
| Net cash (cash minus debt) | $-10.79B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.63B | $-1.76B | $-725.0M |
| FY2021 | $9.57B | $-1.02B | $679.0M |
| FY2022 | $10.82B | $-899.0M | $41.0M |
| FY2023 | $11.53B | $786.0M | $545.0M |
| FY2024 | $11.24B | $-278.0M | $-221.0M |
| FY2025 | $11.49B | $-502.0M | $497.0M |
Valuation snapshot
| Market value | $5.82B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Caesars Entertainment’s market value went from $800.8M at the end of 2016 to $5.82B on Oct 28, 2026, about 7.3 times as much; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.82B | +22.0% |
| 2025 | $4.77B | -32.8% |
| 2024 | $7.10B | -29.8% |
| 2023 | $10.11B | +13.3% |
| 2022 | $8.93B | -55.4% |
| 2021 | $19.99B | +29.3% |
| 2020 | $15.47B | +631.3% |
| 2019 | $2.12B | +101.3% |
| 2018 | $1.05B | -45.9% |
| 2017 | $1.94B | +142.7% |
| 2016 | $800.8M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CZR price data to Oct 28, 2026 | +22.1% | +29.3% | -10.0% | -23.8% | +14.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.1% |
| 2025 | -30.0% |
| 2024 | -28.7% |
| 2023 | +12.7% |
| 2022 | -55.5% |
| 2021 | +25.9% |
| 2020 | +446.1% |
| 2019 | +100.3% |
| 2018 | -46.3% |
| 2017 | +48.8% |
| 2016 | +7.7% |
| 2015 | -49.7% |
| 2014 | -27.2% |
| 2013 | +211.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.7% over that stretch · deepest drop along the way 75.9%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 61.4% over that stretch · deepest drop along the way 65.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($221K) and 16 sales ($18.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | Bret Yunker Chief Financial Officer | sell | $6.2M |
| Jun 9, 2026 | Edmund L Jr Quatmann Chief Legal Officer | sell | $2.4M |
| Aug 14, 2026 | Josh Jones Chief Marketing Officer | sell | $1.8M |
| Jun 10, 2026 | Michael E Pegram Director | sell | $1.5M |
| Jun 2, 2026 | Michael E Pegram Director | sell | $1.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.5% | Nov 30, 2025 |
| COHEN & STEERS, INC. | 7.15% | Mar 31, 2025 |
| Pentwater Capital Management LP | 5.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.1% | Mar 31, 2026 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| Capital Research Global Investors | 4.9% | Dec 31, 2025 |
| JANUS HENDERSON GROUP PLC | 3.3% | Dec 31, 2024 |
| Cohen & Steers, Inc. | 2.33% | May 31, 2026 |
ETFs with the most weight in CZR
| GENZ VanEck Digital Native Economy ETF | 2.34% |
| BETZ Roundhill Sports Betting & iGaming ETF | 1.96% |
| GVIP Goldman Sachs Hedge Industry VIP ETF | 1.6% |
| EVNT AltShares Event-Driven ETF | 0.99% |
| SPHB Invesco S&P 500® High Beta ETF | 0.96% |
| RPV Invesco S&P 500® Pure Value ETF | 0.54% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.52% |
| FLDZ RiverNorth Patriot ETF | 0.37% |
What could go wrong
- Heavy debt and rent payments. Caesars had about $11.7 billion of debt against $864 million of cash as of September 30, 2026. Interest, some at floating rates, and rent take up a large share of cash flow.
- Many casinos sit on leased property. Landlords include VICI Properties and Gaming and Leisure Properties. VICI leases have yearly rent increases tied to inflation. If Caesars defaults, a landlord could end the lease and take back the casino.
- Online betting is costly to grow. Caesars Digital needs heavy spending on marketing, promotions and technology. It also relies on outside providers such as Amazon Web Services and the Apple App Store, and new state launches may fail.
- Crowded competition, online and on land. Caesars competes with new casinos, Native American casinos that pay lower or no taxes, rival betting apps, unregulated offshore operators and sports prediction markets. The company says competition has hurt its results.
- Gambling spending shrinks in downturns. Casino trips, hotel stays and bets are optional purchases. Recessions, inflation, higher gas and travel costs or falling consumer confidence can cut visits and wagers.
- Regulators control licenses, taxes and expansion. State gaming authorities grant licenses, set taxes and oversee operations. Online growth depends on more states legalizing sports betting and online casinos, and on Caesars winning licenses there.
Recent events
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Executive or board change; Other company announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Caesars pays no dividend and paid none from 2021 through 2025, so the shares produce no regular income. Any return comes from the share price, and an investor who needs cash would have to sell shares. Instead, the company has returned some cash through buybacks, meaning it buys back its own stock. It spent $191 million on buybacks in 2024 and $229 million in 2025. Shares outstanding fell 4.7% between October 29, 2021 and October 22, 2026.
The stock has dropped sharply in past downturns. It fell 75.9% between February 20 and March 18, 2020, during the COVID crash. In the 2022 bear market it fell 65.5% from January 3 to September 30, 2022, and it had not regained that peak as of October 28, 2026. A single stock like this carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
Does Caesars Entertainment pay a dividend?
No. Caesars paid no dividends from 2021 through 2025 and does not pay one as of its latest filings, so shareholders' returns depend on the share price. Instead, the company has returned cash through buybacks, meaning it buys back its own shares. It bought back $191 million of stock in 2024 and $229 million in 2025. Shares outstanding fell 4.7% between October 29, 2021 and October 22, 2026. Dividend-paying stocks or funds may suit investors who need regular income.
How does Caesars Entertainment make money?
Mostly from gambling. In 2025, casino revenue from slot machines, table games, sports betting and online casino games made up about 58% of Caesars' $11.5 billion in net revenue. Slots bring in most of it. Hotel rooms added about 17% and food and beverage about 15%. By segment, Regional casinos outside Las Vegas brought in 50.1%, Las Vegas 35.3%, Caesars Digital 12.3% and management and branding fees 2.4%.
How much debt does Caesars Entertainment have?
About $11.7 billion of total debt as of September 30, 2026, against $864 million of cash and investments. That compares with a stock market value of about $5.8 billion as of October 28, 2026. Caesars also pays rent on many casinos leased from VICI Properties and Gaming and Leisure Properties. The company says a significant portion of its cash flow goes to interest and rent, and some of its debt has floating interest rates.
Is Caesars Entertainment profitable?
No, not after all costs. Caesars had a net loss of $502 million in 2025, or $2.42 per share, after a $278 million loss in 2024. From 2020 through 2025, its only profitable year was 2023, with net income of $786 million. The business does make an operating profit, which is measured before interest and taxes. It was $1.86 billion in 2025, a 16.2% margin. In the quarter ended September 30, 2026, Caesars lost $123 million on revenue of $2.94 billion, up 2.5%.
How has Caesars Entertainment stock performed?
Well over one year, poorly over five. As of October 28, 2026, the share price was up 29.3% over one year and 22.1% in 2026 through that date. It was down 27% over three years and 74% over five years, though up 302% over ten. The stock fell 55.5% in 2022, 28.7% in 2024 and 30.0% in 2025. Its worst drop from a high to a later low over about 15 years of trading history was 86.7%.