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what it is
Caesars runs casinos, hotel rooms, restaurants, and online betting across the U.S.
how it gets paid
Last year Caesars made $11.5B in revenue. Casino gaming was the main engine at $6.33B, or 55% of sales.
why it's growing
Revenue grew about 2.1% last year at the consolidated level, even as Las Vegas Strip demand has been softer—mix and regional performance can diverge from the headline growth rate.
what just happened
Caesars posted an EPS of about -$1.23 versus a $0.19 estimate for the same print, with quarterly revenue on the order of ~$2.8–3.0B (not ~$8.6B—that scale is usually TTM, YTD, or a mashed consolidated line versus the ~$11.5B FY total above).
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
trailing p/e not meaningful — recent GAAP EPS includes heavy losses
7.5% return on capital — nothing to write home about
xvary composite: 37/100 — weak
What they do
Caesars runs casinos, hotel rooms, restaurants, and online betting across the U.S.
Caesars wins on physical reach. It has 53 owned or leased properties, 45,900 hotel rooms, 51,900 slots, and 2,800 tables across 18 states. If you are already in its system, the stay, the casino floor, and the sportsbook sit in one place, and sports wagering is available in 33 states or jurisdictions.
How they make money
$11.5B
annual revenue · their business grew +2.1% last year
casino gaming
$6.33B
+2.1%
hotels
$1.50B
dn
food, beverage, and entertainment
$1.73B
flat
online sports betting and iGaming
$1.38B
+2.1%
retail, racing, and other
$0.58B
flat
The products that matter
operates casinos, hotels, and gaming floors
Casino Resorts
$11.5B revenue · 100% of sales shown here
it's the whole business in this snapshot. that concentration matters because the same consumer spending cycle drives the same $11.5B revenue base, and trailing net margin in the health panel is about 6.2%—thin next to $24.7B of debt.
100% revenue exposure
Key numbers
$24.7B
long-term debt
Debt → money owed for years → so what: it is about 5 times the company's roughly $5B market value.
16.2%
operating margin
Operating margin → profit after running the business → so what: Caesars keeps about 16 cents from each dollar before interest and taxes.
7.5%
return on capital
Return on capital → profit earned on money invested → so what: that is modest for a business carrying $24.7B of debt.
n/m
trailing p/e
P/E → price divided by earnings → so what: when GAAP EPS swings negative, a headline multiple misleads—use operating margin and debt service context instead.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- long-term debt $24.7B (83% of capital)
- net profit margin 6.2% — keeps 6 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in CZR 3 years ago → it's now worth $5,200.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
Caesars posted an EPS of -$1.23 versus a $0.19 estimate, with quarterly revenue on the order of ~$2.9B (q)—ignore ~$8.6B “quarter” feeds that imply a run rate far above the ~$11.5B FY consolidated total.
The miss fits the wider pattern. Quarterly EPS slid from $0.34 in Q3 2023 to -$0.27 in Q3 2025, and management commentary flagged soft Strip demand with hotel occupancy down to 92% from 97%.
~$2.9B
revenue (q)
-$1.23
eps (q)
16.2%
op. margin (fy)
the number that mattered
The number that mattered was -$1.23 in EPS because the market expected a $0.19 profit, and that gap keeps the turnaround story in the penalty box.
-
business appears to be improving at caesars entertainment’s las vegas properties.
-
in the 2025 third quarter, consolidated revenues dipped.
-
this was mainly due to soft demand on the strip.
-
hotel occupancy fell to 92% from 97% in the june period.
-
given inflation and a weak jobs market, customers have become cautious about spending.
source: company earnings report, 2025
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What could go wrong
the main risk is simple: strip demand slips again while the debt load stays this high. Caesars does not need a collapse to disappoint you. It just needs occupancy and spending to stay soft.
high
strip demand weakens again
the company already flagged soft strip demand, and hotel occupancy fell to 92% from 97% in the june period.
with 100% of revenue in the casino resort bucket shown here, a slowdown hits the same $11.5B revenue base all at once.
high
the debt load keeps overpowering the operating business
Caesars carries $24.7B in long-term debt, equal to 83% of capital, while trailing net margin in the health panel is about 6.2%—still a thin cushion if demand softens.
that means even decent operating results can still leave shareholders with thin earnings.
med
earnings keep swinging quarter to quarter
the predictability score is 10/100, and the latest quarter showed a -$0.27 EPS loss even with full-year EPS at $0.45.
when the earnings line whips around like this, the stock trades on confidence first and proof second.
a business with $11.5B in revenue, roughly 6% trailing net margin, and $24.7B in long-term debt does not have much room for occupancy to slip from 97% to 92% and call it noise.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key metric
hotel occupancy after that drop to 92%
if occupancy gets back toward 97%, the demand story looks steadier. if it slips again, the debt story gets louder.
earnings
the next quarterly print
watch whether quarterly EPS improves from -$0.27 and whether revenue keeps tracking toward the $12B full-year estimate.
balance sheet
whether debt starts looking smaller relative to earnings
$24.7B in long-term debt is the number sitting over every optimistic case. better operating results need to show up in net income, not just adjusted storytelling.
consumer trend
spending tone in las vegas
management already pointed to more cautious customers. that matters because casino trips are discretionary spending, not utility bills.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts do not see this as a near-term market favorite.
risk profile
below average
stability score 4 — this stock has been less stable than most, which fits the thin earnings cushion and debt-heavy balance sheet.
chart momentum
below average
technical score 4 — the tape still is not confirming a clean turnaround.
earnings predictability
10 / 100
predictability is extremely low. translation: one quarter can look fine and the next one can punch a hole in the story.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 241 buyers vs. 222 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$17
$43
$25
current price
$30
target midpoint · +22% from current · 3-5yr high: $60 (+145% · 24% ann'l return)
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