Net revenues were flat and net income declined slightly for one of the Strip’s largest casino operators in the first quarter, as strong group and convention traffic helped offset softer leisure demand, top company executives said Tuesday.
Caesars Entertainment Inc. reported $1 billion in net revenue from its Las Vegas properties during the first three months of 2026, according to financial filings with the U.S. Securities and Exchange Commission. Over the same period, Caesars’ eight Las Vegas casinos and one non-gaming hotel generated $176 million in net income, a 0.6 percent year-over-year decline.
Caesars executives said performance in Las Vegas continues to be defined by a split market, with strong results during major events and convention-heavy weeks and softer demand during periods without large group activity.
Hotel occupancy reached 95.3 percent in the quarter, with average daily room rates up 1 percent year over year. Anthony Carano, the company’s president and chief operating officer, described those data points as a “dramatic improvement versus the second half of 2025,” during an earnings call Tuesday.
Group and convention business accounted for 19 percent 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 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 spot than it was in the middle of last year, starting in the summer,” Reeg said, before adding that April was “softer” than anticipated due to low gaming hold. “The (fully 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 dining and entertainment concept developed in partnership with Luke Combs at Flamingo, set to debut this fall.
Officials also pointed to the renovations of the Augustus Tower at Caesars Palace as one of the company’s primary capital projects on the Strip.
Leadership described those upgrades as central to their strategy ahead of increased competition expected when Hard Rock hotel-casino and the Guitar Hotel Las Vegas opens on the Strip in 2027.
The earnings call comes as Caesars Entertainment continues to be the subject of 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 to prospective buyers, including billionaire businessman and U.S. ambassador Tilman Fertitta. While no deal has materialized since the initial reports surfaced several weeks ago, the possibility of a transaction remains as negotiations are reportedly ongoing.
Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
