Net sales were flat and net profit fell slightly for one of the Strip’s biggest casino operators in the first quarter, as strong group and convention traffic helped offset weaker leisure demand, company executives said Tuesday.
Caesars Entertainment Inc. reported $1 billion in net revenue from its Las Vegas properties in the first three months of 2026, according to financial filings with the US Securities and Exchange Commission. During the same period, Caesars’ eight Las Vegas casinos and one non-gaming hotel generated $176 million in net revenue, down 0.6 percent from the prior year.
Caesars executives said performance in Las Vegas continues to be defined by a split market, with strong results during major event and convention-heavy weeks and weaker demand during periods without large group activity.
Hotel occupancy reached 95.3 percent during the quarter, with average daily room rates up 1 percent year-on-year. Anthony Carano, the company’s president and chief operating officer, described those data points as a “dramatic improvement over the second half of 2025,” during an earnings call Tuesday.
Group and congress activities accounted for 19 percent of the number of occupied room nights during the quarter.
“For the remainder of 2026, we continue to forecast sequential improvement in Las Vegas operating trends driven by a strong group and convention mix and stabilizing leisure trends,” Carano said.
CEO Tom Reeg said he was pleased with the quarterly results.
“Vegas is obviously in a much healthier place than it was in the middle of last year, starting in the summer,” Reeg said, before adding that April was “softer” than expected due to low gaming. “The (all-independent traveler) business continues to improve. Our bookings feel good. (Las Vegas) just feels like a healthier market than it did, say, 10 months ago for us.”
The company will continue to reinvest in its Strip portfolio, executives said. Upcoming additions include the new Omnia Dayclub at Caesars Palace, opening May 15, and Category 10, a country-themed restaurant and entertainment concept developed in collaboration with Luke Combs at the Flamingo, set to debut this fall.
Officials also pointed to the Augustus Tower renovations at Caesars Palace as one of the company’s primary capital projects on the Strip.
Management described these upgrades as central to their strategy in the face of increased competition expected when the Hard Rock hotel-casino and Guitar Hotel Las Vegas open on The Strip in 2027.
The earnings call comes as Caesars Entertainment continues to be subject to sale speculation. At the start of Tuesday’s earnings call, Caesars said it would not comment on rumors or speculation and would not take any questions on the matter.
The Reno-based company has been shopped around to potential buyers, including billionaire businessman and U.S. ambassador Tilman Fertitta. While no deal has been completed since the first reports surfaced several weeks ago, the possibility of a transaction remains as negotiations are reportedly ongoing.
Contact David Danzis at ddanzis@ theplayerlounge.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
