New York, February 19, 2026, 09:25 (EST) — Premarket action underway.
- Caesars Entertainment held steady in premarket action, following a notable surge during the previous session.
- Caesars logged $2.9 billion in fourth-quarter revenue, with Caesars Digital hitting a record $85 million in adjusted EBITDA.
- Management pointed to reduced capex and cash interest for 2026, plus ongoing buybacks and debt reduction.
Shares of Caesars Entertainment, Inc. barely budged in premarket action Thursday. The move follows a jump in the previous session, when the casino operator rallied on earnings and its 2026 cash-flow outlook. The stock recently traded at $21.42, holding on to Wednesday’s roughly 13% gain. Reuters
This development is significant for Caesars, which is under pressure to show it can expand its online betting division even as Las Vegas demand softens and debt stays high. Investors often react to any hint that cash flow is picking up—or that the Strip is showing new signs of weakness.
Caesars turned in fourth-quarter GAAP net revenues of $2.9 billion, with same-store adjusted EBITDA coming in at $901 million. Over at Caesars Digital, the unit delivered a record $85 million in adjusted EBITDA. Adjusted EBITDA, a non-GAAP metric, excludes items like interest, taxes, depreciation, and certain one-time charges. Sec
Tom Reeg, the chief executive, described the “brick-and-mortar operating environment” as stable. He highlighted reduced capital spending and lower cash interest as factors that should help boost free cash flow in 2026. Caesars intends to use that extra cash on debt reduction and, when possible, buying back its own shares. Caesars
The company swung to a GAAP net loss of $250 million in the fourth quarter, after reporting $11 million in net income the previous year. It pointed to substantial asset-sale gains in last year’s results. Las Vegas net revenues slipped 3.4% to $1.04 billion, while Caesars Digital saw a 38.7% jump to $419 million, according to the release.
Chief financial officer Bret Yunker said, “we continued to opportunistically repurchase our common stock,” with buybacks now totaling 14.7 million shares for $420 million since mid-2024. Caesars closed out 2025 holding $11.9 billion in debt and $887 million in cash. Yunker added that capital expenditures are expected to drop as the big Virginia and New Orleans projects reach completion. Sec
Las Vegas remains the wild card. Visitor numbers fell by about 3.1 million in 2025, a 7.5% drop, Las Vegas Convention and Visitors Authority figures show. Caesars’ Las Vegas business took a hit as well, reporting declines in both profit and revenue for the year. CoStar analyst Michael Stathokostopoulos points to “inflation and economic uncertainty” as reasons travelers are staying home or downgrading their plans. Reuters
Shares of MGM Resorts, Las Vegas Sands, and DraftKings climbed alongside the group after Caesars posted results. Traders latched onto the “stabilizing demand” narrative, sending the names higher over that period.
During the call, Reeg noted “the booking window is not changing much” when it comes to leisure guests, though he pointed out activity from rated players has picked up since the summer. Toward the end of the year, executives turned to group bookings and event-heavy weeks to keep the Las Vegas story stable. Fool
The situation remains shaky. Should midweek travel drop more or if online rivals ramp up promotions, Caesars might have to delay its goal of using 2026 cash flow for quicker debt paydown and buybacks.
When the bell rings at 9:30 a.m. ET, traders will be looking for signs of momentum after Wednesday’s sharp swing. On another front, they’re keeping close tabs on the escalating fight over prediction-market betting. Nevada has filed a lawsuit against Kalshi, aiming to shut down sports event contracts in the state. Reuters
